By Patrick Lefler Published April 11, 2012 11:00 a.m.
“Pricing is critical, and short-changing your pricing strategy is the fastest way to leave cash on the table—money that will be lost forever and never recovered.
So after that initial spark of innovation and the completion of the design, development and marketing phases that follow, don’t screw up the process by treating price as an afterthought. Have you spent as much time and resources on price as you have on your latest social media campaign? (Probably not.) The most successful organizations know that pricing is strategic and that it can affect top-line growth and bottom-line profitability faster and more directly than anything else.”
About Patrick Lefler | Patrick Lefler is the founder of The Spruance Group, a management consultancy that helps companies grow faster and dramatically increase profits through smarter pricing strategies and execution. He is a former Marine Corps officer, a graduate of both the U.S. Naval Academy and The Wharton School of the University of Pennsylvania, and has held leadership positions at a number of different firms including Goldman Sachs, Citibank and Wall Street Systems. He is a member of Innovation NJ, a coalition of New Jersey’s leading businesses, trade associations and universities who share a commitment to fostering and encouraging innovation throughout the state. Patrick also serves as an advocate and mentor to returning veterans in conjunction with American Corporate Partners. To read more about pricing excellence, visit Pat's blog, Intrepid ideas and other musings...www.spruancegroup.com