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How to Choose the Proper Pricing Strategy

 
  Sherry Rahbar, Partner, CFO Edge, LLC  
   
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  Article Summary  
Knowing how to choose the proper pricing strategy is a significant challenge for executives leading Los Angeles and Southern California businesses.

Their ongoing pricing evaluations include questions on matching prices of competitors, specific offerings and timeframes for discounting, and how discounts will impact profitability.

A large number of internal and external variables need to be taken into consideration when developing pricing strategy, and there is no magic formula.

Five pricing strategy guidelines are grounded in your business’ economics, your differentiators, customer motivation, discount duration, and projecting costs in advance.

Also reviewed are three popular discounting programs and their trade-offs.

Executives looking at their pricing strategies can benefit from talking with a CFO services professional who has a proven track record of evaluating pricing strategies, forecasting their impact, and then implementing them with an eye to how outcomes match projections.

You may be interested in our related articles:

Wholesaler & Manufacturer Challenges: Pricing & Credit Management

Driving Profitable Growth: How to Set Prices Throughout the Product Life Cycle

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