From the course: B2B Marketing: Pricing Strategies
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Outlining the B2B pricing process: Five steps
From the course: B2B Marketing: Pricing Strategies
Outlining the B2B pricing process: Five steps
- [Instructor] Setting prices is as easy as writing a number on a price tag, right? (laughs) Well, not exactly. And B2B pricing, you need to follow a disciplined process that has five steps. First, create a cross-functional team. Hey, pricing is hard, so it makes sense to harness the brain power of others to make sure you do it right. You'll need talented people from many parts of your organization, including finance, marketing research, your operations or engineering partners, and possibly some partners from outside your company, like an advertising or digital marketing agency. Next, define your marketing strategy. Now, you don't want to be guilty of setting prices and then asking, "Hey, based on our prices, what must our strategy be?" No, it needs to be the other way around. With an overall marketing strategy in place, you can now create a pricing strategy that is completely aligned around it. All aspects of the…
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