New Year, New Prices

The end of the year is a good moment to take stock of a company's pricing strategy and assess possible changes.

Friday, November 24, 2017

Ariel Baños, specialist in price management, explains the main steps to follow in order to successfully define the most appropriate pricing strategy for every organization.

1.  Create a team to lead Pricing  

Companies leave a lot of money on the table when they don't scrutinise price management with a magnifying glass. Traditional areas of the organization face a lot of problems when taking control of this critical and elusive variable.  

Convinced of this situation, Bancolombia, one of the largest financial groups in Latin America, decided to start a project to professionalize price management, forming a unit specialized in the subject. Thus, at the beginning of 2015, the bank formed a team to lead this initiative: the "Department of Revenue Optimization in Personal Banking".

Read full report (in Spanish).

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