Analytics in Action: Pricing
Bringing additional precision to pricing
It’s widely known that changes to a pricing strategy can bring benefits with a relatively small amount of effort. On the other hand, the wrong moves in pricing can have an equally outsized effect. Which is why so many companies leave pricing untouched--even when they know a new approach may be needed. For them, pricing is an unknown and as long as it’s not completely broken, they feel that they can work around any pricing inefficiencies. As a result, they are likely leaving a lot of value on the table.
It doesn’t have to be that way – especially when companies are generating valuable data that could be used to guide their pricing efforts. Pricing analytics can complement the wisdom and experience of sales teams, partners and others, from transaction-level analyses and behavioral segmentation to logarithmic- or regression-based price analyses. For business leaders who are concerned that their pricing strategy is overly reactive and speculative, employing pricing analytics can be an effective new development. And Deloitte can help you put it to work today, bringing our leading pricing capabilities together with a deep analytics bench. Not only do we know pricing and analytics, we know business. And that can make all the difference.
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New Pricing and Profitability Management leader Ranjit Singh gives his take on using analytics to raise an organization’s pricing IQ.?
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|Do Something About it
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|Mining for insight
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|Pricing and Profitability Management: A practical guide for business leaders
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|Pricing and Profitability Management: A lever worth pulling
Tune into this episode of Deloitte Insights to learn more about how companies can increase profitability through an effective pricing strategy.
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