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According to Fuel By McKinsey pricing research, these are the five best practices that are most critical to maximizing pricing effectiveness. Rate how often your company adheres to them to get your free assessment compared to similar peers.
5 questions series
We have a well-articulated pricing strategy which is followed throughout the organization.
We understand the value of our product vs. alternatives, and have set our price levels and messaging accordingly.
Our pricing is value-based, setting different prices for different needs and willingness-to-pay, including clear packages and price meters.
We track our pricing performance regularly, and understand average realized price, discount levels, and mix across packages and segments.
Ownership for pricing is clear and owners are held accountable for pricing performance (compensation, performance reviews, etc.).