“As global challenges continue to unfold, nearly every business will need to adapt to sharp shifts in demand, low consumer confidence and the effects of social distancing.” –KPMG
KPMG: Foresight is 20/20 – Revising Pricing Strategy for Resiliency
Are you taking effective steps to protect the resiliency and sustainable growth of your business?
Being proactive now can create several long-term competitive advantages during the aftermath of COVID-19. In a recent KPMG Advisory document, Sudipto Banerjee details four go-to-market approaches to help your business refine its current pricing discipline and thrive during periods of uncertainty:
1. Take stock of the new environment.
Conducting a comprehensive review of the current landscape will provide your business with the insights it needs for upcoming demand planning and scenario forecasting.
2. Refine pricing.
How does your pricing need to evolve to be competitive in today’s environment? Pricing shifts for each product, customer segment, and channel should be the foundation for addressing individual nuances.
3. Move quickly, but with caution.
Making frequent price changes quickly can capitalize on opportunities, but establishing clear pricing governance is the most effective way to monitor risk, especially with a remote sales force.
4. Communicate.
Remember, your customers are struggling too. Your communication is vital for helping clients plan their purchasing decisions.
This blog features insights originally published by KPMG. For KPMG’s full insights surrounding pricing, read “Pricing strategy: Foresight is 20/20″ by Sudipto Banerjee here.
