A pricing manager is full of self doubt.
‘Am I over charging too much or giving too much for free? The competition is being aggressive with its price. If I lower my prices what will happen to my brand positioning? Will the customers desert me if I increase my prices?’
I am sure you have been there. But how do you know for sure what the problem is ? A quick fix without proper diagnosis would be akin to quackery in medical science.
What is Pricing Audit? Our Pricing Audit service is a short , objective assessment that identifies the key price related improvement opportunities in your company. It takes just 2 weeks to conduct the audit.
How is it done? One of the first data points in the audit is the understanding of consumer preference. We like to know the products that a consumers considers before making a purchase. We are also keen to understand the decision making heuristics applied by the consumers. Which brand is preferred over the others? What kind of price premium is justified.
We then evaluate the internal data of the clients. This is done by mining the customer service requests. It tells us the key concerns that the client’s are facing. Additionally, we also look at the hard sales data to get a macro sense of the market.
These data points when calibrated against market best practices, throw up a list of improvement opportunities from pricing perspective.
How does it help the clients? At the end of the study we provide our clients with a list of Improvement opportunities. We also assess the cost benefit for each improvement initiative.
Based on the outcome of the pricing audit the pricing team can choose one or more initiatives to dive deeper into.
Want to know more? Contact Us