Taking advantage of shortages to sell at high prices and visualizing the benefits to companies of strategies that demonstrate social empathy in difficult times are some of the lessons learned during 2020, which was highlighted by the health and economic crisis.
The spread of covid-19 suddenly transformed the global business landscape. Ariel Banos, founder of Fijaciondeprecios.com, has identified five lessons that companies learned in terms of price management, in this context of changing commercial reality.
Demonstrating solidarity with customers through reasonable prices and preventing monopolization to ensure greater market coverage are some of the strategies that experts recommend to companies in contexts such as the current one.
Ariel Banos, specialist in price management and founder of Fijaciondeprecios.com, explains three strategies generating responsible behavior in an environment of high uncertainty as the current crisis of the coronavirus.
Avoiding hurried discounts, managing price increases according to costs and improving cash flow are some of the strategies that companies can resort to protect their profitability in contexts of inflation and recession.
Ariel Baños, a price management specialist and founder of Fijciondeprecios.com, explains four strategies for maintaining profitability when companies face scenarios of rising prices and low dynamism in economic activity.
Applying segmentation techniques, making comparisons with the prices of other products, and applying discounts to customers who have eco-friendly practices are some of the strategies that can help maximize the sales profitability.
Ariel Baños, a price management specialist and founder of Fijciondeprecicios.com, explains how simple techniques completely applicable to any business can be turned into intelligent and creative pricing strategies to maximize profitability.
In the context of a drop in production, in Costa Rica the government decreed a rise from $36.18 to $37.65, the price of a 73.6 kg sack of rice in bulk placed in the industrial plant.
The agreement modifying the price to the rice producer was published on June 5 in La Gaceta, and the government's action is taken in a context of low local production, because between the 2016-217 and 2017-2018 harvests, the volume produced decreased by 21%.
Identifying a segment that values the differentials of the product or service and charging a price aligned with the company's strategy are essential to avoid competing with the lowest prices in the market.
Ariel Baños, specialist in price management and founder of Fijaciondeprecios.com, explains how through the implementation of an appropriate strategy, it is possible to compete in a market where there are suppliers who charge derisory prices.
The carrot strategy is to implement the right incentives for everyone to be committed to the same goal: the culture of profitability.
Ariel Baños, price management specialist and founder of Fijciondeprecios.com, explains how through the "carrot strategy", companies can move from the "culture of volume" to the "culture of profitability."
Price is a variable that firms can and must act on, because the impact of the outcome greatly exceeds traditional variables like costs or sales volumes.
5 immediate actions to take control of the price of your business
By Ariel Bathrooms, Fijaciondeprecios.com economist. Author of " Los secretos de los precios” (Secrets of prices)
Companies can walk the path towards the professional management of prices, following a few simple steps, and in addition it only requires a small investment.
There is no faster and more effective way of dooming a good product to failure, than by choosing the wrong pricing strategy.
Companies often put great effort and investment into launching new products. However, everything can go wrong when the pricing strategy fails. Let's look at five examples that can ruin a good project, according to Ariel Baños, economist at Fijaciondeprecios.com and author of "The Secrets of Prices" (Ed. Doubleday, 2011):
Owing to the poor performance of traditional methods, more and more companies are discovering the importance of having a professional approach to pricing strategies.
Ariel Baños, economist and author of " Los secretos de los precios” (The Secrets of prices), writes in Fijaciondeprecios.com:
"’Why worry about prices, if ultimately everything depends on the market? It is better to allocate resources towards reducing costs and increasing sales, which are actions within our grasp and have a direct impact on the outcome.’ This is how a CEO of a major company justifies the neglected place that pricing strategies hold within their organization.
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