A business’s pricing strategy is a critical factor to its overall health and success. An effective pricing strategy can make the difference between achieving growth and languishing, and often these results are driven only by minor pricing differences. The pricing question is especially relevant today, as a result of the price comparison data available to the modern, connected customer and the increasing use of dynamic pricing through direct channels to reach those customers.
Ricardo Strategic Consulting (RSC) can provide companies with the tools and knowledge necessary to make growth-minded decisions regarding pricing. Our industry experts bring an understanding of the fundamental link between technical attributes and customer value perception and use their business acumen and experience to develop pricing strategies to benefit both the top and bottom lines. Development of a pricing strategy will differ for B2B (business-to-business) and B2C (business-to-consumer) environments, and RSC is able to help provide clarity and direction in both situations.
Our team works with clients in multiple industries on a variety of topics, including across the full value chain of the automotive and transport industry, and has a track record of improving profitability by multiple percentage points and leading detailed investigations into internal and competitor pricing breakdowns.
Some recent examples of pricing strategy client projects include:
- Utilizing complex data analysis techniques to analyse and improve profitability of 1000s of individual products within a client portfolio
- Modelling price elasticity to maximize profitability for a new product by optimizing technical product attributes
- Benchmarking competitor prices and researching customer ‘would-pay’ scenarios via surveys across global markets