Pricing can be one of those topics that is often ignored. No matter whether your profits and revenues are growing, or your business is declining, you can always fine-tune your pricing to increase your margins.
If you’re at the start of your pricing journey, and have an inkling that you need to get better at pricing, but do not know where to start, it can be a daunting experience. In this post, you will find out how to take the initial steps towards a fully optimised pricing strategy.
1. Check out our resources and guides
Our team have pulled together some great content to arm you with everything from learning basic pricing terminology, to in-depth pricing analysis for a number of industries. Here you will be able to build up your pricing knowledge to assess what other businesses are doing and learn what might work for you.
2. Benchmark Your Pricing Operation
Using the BlackCurve Find Your Pricing Score Tool, you will be taken through a 5-minute self-assessment. This online tool will ask you questions such as "how do you manage the impact of currency fluctuations", "how are updates in your costs handled", "to what extent do you monitor your competitor prices" - and much more.
At the end of the questionnaire, you will be given a score to determine whether the pricing function within your business is basic, developing, progressive or advanced. By reading through the answers to each question, it will also help you spot gaps in your pricing process.
3. Book a Free Pricing Audit
If you would like a more in-depth analysis of your pricing operation, our Pricing Consultants are on hand for a free 60-minute phone audit. This phone-based interview will allow us to understand your business and the current state of your pricing strategy.
Following the phone call, we will share a report with you that highlights areas where you may wish to make changes in order to increase revenue and profitability. This will include some quick wins, as well as starting a conversation around medium to long-term opportunities you may wish to explore.
4. Profit Finder Tool
If you’re looking for a way to assess whether there is scope to move prices in order to drive revenue and profitability, our Profit Finder Tool may be just the ticket. We will take a sample of your sales data, and upload it into the BlackCurve Price Analytics Engine. This will then form the backdrop for discussions around areas where you can improve your pricing by highlighting, e.g. your price elasticity of certain products or services.
We hope these tools and offers come in useful. If you’d like to talk to us directly, there are a number of ways to contact us here.
Best wishes for the start of your pricing journey!