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Sure, you want to tempt, persuade and influence your shoppers to make their purchases with you, increase those purchases and stay loyal to your company.  However, just how far are you prepared to go down the ethics route to entice your shoppers?

You're the seller and naturally, you want to get the maximum amount possible for your products.  The simplest way would be to just increase your prices and see what happens. 

It's May 23rd and that means Release Day! The Marble Arch release includes:

Revenue Management is the application of analytics that predicts consumer behaviour at the micro-market level to optimise product availability and price to maximise revenue growth.

Are you already employed as a pricing analyst, looking to employ someone to this post – or perhaps thinking about embarking on a career in this field?  If you are currently employed in this post there is always room for improvement. 

Have you already decided on the base price of your products or services?  Congratulations!  However, what about your policies regarding discounting?  There are many different forms of implementing price reductions, each designed to accomplish a specific purpose. 

You probably don't want to hear this but using spreadsheets to manage your pricing is not sustainable. It might be that you already suspect that Excel is limiting the return you and your pricing team deliver to your company, but you have decided to "hang on in there" with the spreadsheets because you've always done it this way and are wary of the consequences of change. 

This blog was written and first published by Dr Ian Tidswell, a 15-year pricing expert and Co-Founder of een Consulting. een Consulting is focused on helping to improve B2B pricing.

Have a long hard think about the following questions:

Price has a massive impact on your business. When setting your prices you must make sure that the price and sales levels you set will allow your business to be profitable. You must also take note of where your product or service stands in comparison with your competition.