Insider Secrets Every Strategic Pricing Specialist Wishes You Knew
Understanding the Importance of Pricing Strategies
Pricing is not just about setting a number on a product; it’s a strategic tool that can influence consumer perception, demand, and ultimately, a company's bottom line. A well-crafted pricing strategy can differentiate a business from its competitors and create a sustainable competitive advantage. According to a study by McKinsey, a 1% price increase, assuming demand remains constant, can lead to an 8% increase in operating profits1.