Pricing Perogative: Most Companies Call Pricing a High Priority, But 85 Percent Say They Have Significant Room for Improvement

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NEW YORK, June 13, 2018 (GLOBE NEWSWIRE) -- Poor pricing practices can haunt a company and go unnoticed for years while they slowly chip away at profits.  According to new research from Bain & Company, , most companies agree pricing is a high priority, but 85 percent say they have significant room for improvement. With substantial margin upside at stake, companies cannot afford to continue pricing by guesswork or rules of thumb.

Bain & Company conducted a global survey of sales leaders, vice presidents of pricing, CEOs, CMOs and other executives at over 1,700 companies, collecting their self-rating of 42 pricing capabilities and outcomes to understand which pricing capabilities matter most. The analysis showed that top performers are more likely to exceed their peers primarily in three areas:

“Companies across industries tend to underinvest generally in pricing but, regardless of a company’s starting point, our analysis reveals that excelling across these three pricing capabilities can pay off,” said Ron Kermisch, Bain & Company’s global pricing leader.  “Among the companies that excel in all three areas, 77 percent are top performers.”

Bain & Company explains why these three areas have such a strong effect on pricing:

“Companies that address pricing on an episodic or project basis often fall well short of making pricing a genuine competitive advantage,” said David Burns, a pricing expert within Bain & Company. “Pricing is one of the most valuable levers a business can pull to increase its overall profitability.”

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Globe Newswire: 17:16 GMT Wednesday 13th June 2018

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