What is it about pricing that appears daunting? Is it that it seems a strange mix of art and science which itself is intimidating? Is it a challenge because we lack the data from customers and competitors required to make high confidence decisions? Is it because we don’t have the courage to match our pricing with the value we provide? Or is it because we fear making a decision which may have unfortunate negative consequences on our business?
An effective pricing strategy may appear like the holy grail, but businesses need competitive pricing which matches their value propositions and is effective in their core markets.