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Tamara Grominsky
VP Product Marketing & Lifecycle, KajabiSeptember 12

This will vary business by business based on your market position, your target customer profile, your go-to-market motion, and more.

But in general, I usually highlight a few areas of concern for folks to be aware of before they jump into a pricing project:

  1. Don't do everything alone. Pricing touches almost all parts of the business, and it's important to form a cross-functional stakeholder group to help guide the pricing overhaul. You still need one person to hold accountability, but it's best when you share responsibility. Otherwise you may end up both overwhelemed with work, and with a plan that no one else in the organization is bought into.
  2. Don't assume one size fits all. Your customers are diverse, and their pricing needs are diverse too. In order to successfully complete a pricing overhaul, you need to first understand which target customer you're pricing for. Spend time upfront refining your customer segmentation, and then focus all of your pricing research on the customer segments you want to win.
  3. Don't forget to test and experiment. Because so much research goes into pricing, it can be easy to forget that pricing is both art and science. Don't assume that just because you have qual and quant insights, you know all the answers. Get your hypotheses out in the market as soon as possible so you can test how customers and the market will respond.