Elite organizations know that it takes more than mere hunches and guesswork to develop a successful pricing strategy. There is a method to the madness, a "science" to pricing, and successful professionals must hitch their strategies to that wagon. When it comes to attracting and retaining customers through pricing, instinct is insufficient.
By the same token, data-driven pricing views often neglect relevant context about the target audience and the target audience’s behavior, and if the "scientific" pricing strategy cannot align with those crucial factors, it will prove just as limited and ineffective. Pricing might be a science, but it still must be constructed uniquely for your organization and its forward-thinking strategies.
Sealed Air’s global pricing vice president Brian Sharp, a speaker at the 2012 Pricing Strategy & Revenue Optimization Summit, reveals how to reconcile the data-driven and contextual conclusions to achieve a pricing strategy that overcomes limitations and maximizes results.