PHASE 4: BUSINESS OBJECTIVES AND STRATEGIES
Match the business objectives of your growth strategy to your pricing strategy.
Aligning your pricing strategy to the growth strategy will enable you to accomplish growth objectives. A pricing strategy in conflict with a growth strategy does not work. Seemingly complementary business objectives can be contradictory when it comes to pricing. To succeed, you must understand the relationships, make trade-offs and prioritize the business value that your pricing strategy will facilitate in both the short and long terms.
1. You have documented your company’s strategies (e.g. product, service or price leadership).
2. You have documented your company’s business objectives by segment.
3. You have identified and documented strategies to penetrate new markets.
4. You have identified and documented strategies to increase customer spend (price increase, cross-sell, up-sell).
5. You have identified and documented strategies to transition products to different segments (premium, mid-market, low-cost).
6. You have documented pricing strategies.
7. You have assessed your pricing strategies against your business strategies and identified gaps.
8. Your pricing strategies are aligned with all your business strategies.
9. Your pricing strategies align with future business trends.
10. Your pricing strategies are as sophisticated as your business strategies.
• Identification of Pricing-Supported Business Objectives
• Identification of Pricing-Supported Business Strategies
• Prioritized Business Objectives & Strategies