Amazon announced recently they will no longer offer price match refunds on televisions. That follows Amazon’s decision last year to eliminate price matching on other items. They are not the first and they won’t be the last to start or stop matching prices. It raises a question we hear often – should your pricing strategy include the promise to meet or beat competitor prices? From our perspective, the answer is generally no, but it depends on the circumstances.
Far too often we see organizations who say they want to improve their margins through better pricing, but their actions belie their statements. Effective pricing does not occur by chance, and it does not result from following trite slogans. Likewise, it is not an outcome of a one-time initiative from pricing consultants. Effective pricing comes from a disciplined and strategic approach; one that can be learned. You can be much more effective in your pricing by following the 7 Habits of Highly Effective Pricing (with thanks to Stephen Covey). Read more