Traditional pricing practices can rob you of the dollars you need to compete and prosper. How competitive are your pricing practices? Can you increase margin by focusing on sales where you’re just not getting the price you should?
- Are your smaller customers really profitable?
- How much more do small customers pay?
- Is there enough difference vs. your large customers?
- When customers make a spot buy, do they pay more?
- Are you sufficiently compensated for special orders?
- How often do sales people override your pricing?
- Do your sales people fear a conversation about price?
- Do they often price based on “potential”?
- How confident are you in these assumptions?
- Do your sales people often use a blanket markup or discount?
- When you increase a price, do you measure what happens?
- If you personally priced every item your company sells, would you make more margin?
- If so, if you had more day-to-day influence over pricing … could your company earn more?
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