- Don’t Panic. See how pricing advice – even if it is lifted from HHGTTG – is working already and feels pretty good.
- Realize that you don’t need to know all the answers. You just need a pricing expert who does.
- Don’t have a pricing expert? Call one ….
Only 4% of execs got a simple pricing question correct: 92% weren’t even close. So what can you do about it?
February 2, 2016 by ·
Pricing still a mystery to most people: 9 out of 10 executives strongly underestimate or do not know the impact of price reductions
September 24, 2015 by ·
In a study by IE Business School & Simon-Kucher & Partners, 1,225 executives from all industries were asked: “With a profit margin of 20%, how much does the volume of a product need to increase in order to compensate for a price reduction of 10%?” Only 4% estimated the answer correctly. 74% strongly underestimated the answer and 17% didn’t know.
Presented at a Professional Pricing Society webinar on 14th September, 2015 by Philip Daus of Simon-Kucher Partners.
Which category do you fall into?
