ACTvantage for NAW: How to Reinvigorate Your Pricing Strategy in 6 Steps
Many in distribution are focused on their revenue streams right now, but don’t let your efforts to reinvigorate revenue be a detriment to your margins. Make sure you have a strategic pricing process that empowers your teams to make informed decisions in the next normal.
To do this, you must first determine your strategy, then give your people the tools and training they need to execute on it with confidence.
For the best results, we recommend taking these six steps:
- Assemble a dedicated pricing team.
- Balance the value of suppliers, customers and inventory.
- Use data to segment customers.
- Stop automated chaos.
- Test and refine your pricing process.
- Educate your team and review performance.
Ready to start your journey to reinvigorating your pricing strategy? We explain these six steps in a recent article for the National Association of Wholesaler-Distributors.