{"id":10732,"date":"2022-10-17T08:24:07","date_gmt":"2022-10-17T08:24:07","guid":{"rendered":"https:\/\/koivusolutions.com\/?p=10732"},"modified":"2023-02-22T11:26:09","modified_gmt":"2023-02-22T11:26:09","slug":"sense-of-urgency-in-price-management-2022-a-study-and-the-surprising-results","status":"publish","type":"post","link":"https:\/\/koivusolutions.com\/index.php\/2022\/10\/17\/sense-of-urgency-in-price-management-2022-a-study-and-the-surprising-results\/","title":{"rendered":"Sense of urgency in price management 2022 &#8211; a study and the surprising results"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10732\" class=\"elementor elementor-10732\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9ce9882 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9ce9882\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ed9899b\" data-id=\"ed9899b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ab0e81e elementor-widget elementor-widget-text-editor\" data-id=\"ab0e81e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">We at Koivu Solutions wanted to understand what decision-makers really think about pricing currently. So, we tasked <a href=\"https:\/\/www.norcall.fi\/\">Norcall <\/a>to carry out an extensive study by calling decision-makers and interviewing them. The results were insightful.&nbsp;<\/p>\n<p>The following discusses some of the study&#8217;s insights, and at the bottom you&#8217;ll find a link to a presentation of the whole study.<\/p><p><br><\/p>\n<p><\/p>\n<p data-pm-slice=\"1 1 []\"><strong>The scope of the study<\/strong><\/p>\n<p>The study was conducted through phone interviews with 40 decision-makers in June 2022. The interviewed companies came from the retail, wholesale, and manufacturing sectors.<\/p>\n<p><\/p>\n<p>For over a decade, the so-called Amazon effect has increased the frequency of price changes. During the last three years, COVID, logistics problems, climate change, and the conflict in Europe has accelerated the price change cycle even more. How do companies react to all this?<\/p><p><br><\/p>\n<p><\/p>\n<p><strong>The key takeaways from the study are<\/strong><\/p>\n<ul>\n<li>\n<p>An increasing pressure to do price changes more frequently.<\/p>\n<\/li>\n<li>\n<p>The processes are regularly taking too long with the current headcount.<\/p>\n<\/li>\n<li>\n<p>The tools used to create the price changes are not designed for these market conditions.<\/p>\n<\/li>\n<\/ul>\n<p>While in many companies the situation is recognized and the difficulties have been experienced, pricing is still seen as a supporting function rather than a strategic tool. Thus, competing with more dynamic pricing practices gives leading businesses an advantage.<\/p><p><br><\/p>\n<p><\/p>\n<p><strong>The main conclusion of the study<\/strong><\/p>\n<p>Currently, improving pricing would potentially increase profit margin by even 10-25%.&nbsp;<span style=\"color: var(--the7-base-color); letter-spacing: var(--the7-base-letter-spacing); text-transform: var(--the7-base-text-transform); word-spacing: normal;\">For any company, this would be a significant result to the bottom line.<\/span><\/p><p><span style=\"color: var(--the7-base-color); letter-spacing: var(--the7-base-letter-spacing); text-transform: var(--the7-base-text-transform); word-spacing: normal;\"><br><\/span><\/p>\n<p><\/p>\n<p><strong>Surprising results<\/strong><\/p>\n<p>While seeing opportunities for improved profit margins, many companies did not have any clear organized and strategic efforts in progress to improve the situation.<\/p><p><br><\/p>\n<p><\/p>\n<p><a href=\"https:\/\/koivusolutions.hubspotpagebuilder.com\/sense-of-urgency-in-price-management-2022-study\">DOWNLOAD THE FULL STUDY HERE.<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>We at Koivu Solutions wanted to understand what decision-makers really think about pricing currently. So, we tasked Norcall to carry out an extensive study by calling decision-makers and interviewing them. The results were insightful.&nbsp; The following discusses some of the study&#8217;s insights, and at the bottom you&#8217;ll find a link to a presentation of the&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[16,208],"tags":[],"class_list":["post-10732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","category-pricing"],"_links":{"self":[{"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/10732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/comments?post=10732"}],"version-history":[{"count":27,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/10732\/revisions"}],"predecessor-version":[{"id":10762,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/10732\/revisions\/10762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/media\/10742"}],"wp:attachment":[{"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/media?parent=10732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/categories?post=10732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koivusolutions.com\/index.php\/wp-json\/wp\/v2\/tags?post=10732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}