OnDemand WTP Pricing Research

7 cornerstones for implementing successful pricing initiatives in Singapore | Singapore Business Review

The price has more influence on a company’s profits than any other factor. Manufacturing companies, as a key pillar of Singapore’s economy with almost 25% of the GDP, were very successful in reducing costs in the past but have little experience in optimising their prices.

Thus, money is left on the table in almost every deal due to poor pricing. A recent pricing study conducted by Simon-Kucher & Partners revealed that 85% of companies in the Asia-Pacific region are suffering from strong price pressure. 36% of the respondents were unable to improve their margins in the last few years.

As these figures underline, it is essential for the local businesses to successfully implement profit-boosting pricing initiatives. To do so, smart managers in Singapore need to factor in seven cornerstones:

1. The pricing lever
Devise an approach to boost returns: Successful pricing initiatives run according to plan from day one. This requires first identifying and prioritising the main action areas.

Next, you need to analyse your previously achieved transaction prices and then compare them with industry benchmarks. Based on the results, you can create a customised roadmap with the most important pricing levers.

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7 cornerstones for implementing successful pricing initiatives in Singapore.

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