A product of man, our corporate society possesses a human desire to identify winners and losers. It is not enough to play the game—we crave constant knowledge about how we are doing—and that results in an undying passion for benchmarking success.
Since the quantification of performance so prominently shapes our conception of success and failure, the metrics we choose must be carefully aligned with the core business objectives.
According to Dawn Reagan, strategic pricing leader at GE Healthcare, these crucial "indicators are going to be derived from what do our customers want, what are they facing, and then how do we deliver that in a way that makes sense for them.
"If we’re only looking at those internal benchmarks, [we’re] likely doomed to fail…We need to build our strategies around that so that when we’re working with our customers, we really understand the elements that they’re going to be considering in their purchasing."
Which metrics are relevant for effective pricing strategies in 2012? Which pricing models and measurements have fallen from grace? And how does one intersect qualitative instinct and intuition with quantitative measurements of success?
To explore the answers, join Dawn Reagan, a speaker at the 2012 Pricing Strategy & Revenue Optimization Summit, in this exclusive Customer Management IQ podcast.