Neema Gray

Transforming B2B Pricing and delivering double-digit profit growth | Passionate about value and pricing

[Neema Gray @neema_gray]

What is PRICE?

What does price mean to you in your business?

For some it is just a number generated in a spreadsheet based on cost. But it means SO much more.

#pricing #manufacturing #manufacturinguk #pricingstrategy

https://t.co/tEPfhTrmgy

[Neema Gray @neema_gray]

Over the years, I’ve worked closely with many manufacturing companies and I've discovered 3 common themes that drive their success:

1️⃣ Customer-Centric Approach: Manufacturing companies understand the importance of building their brand, innovating and d…https://t.co/6E0tJKspr0

[Neema Gray @neema_gray]

Everyone will have an opinion on price, be it within your organisation, channel partners, customers or competitors.

The price is either going to be too high, or too low, or margin should be x%, or competition is selling at £x.....etc etc.

But it’s just…https://t.co/7c0x0fu9pg

[Neema Gray @neema_gray]

During tough economic times, we respond in a variety of ways.

Many will turn to cost cutting, but the effectiveness of this and the size of the opportunity is declining.

Companies should focus on revenue and the opportunities that PRICING offers to i…https://t.co/eUqL9Z3rw3

[Neema Gray @neema_gray]

Does your business have a pricing problem?

Poor pricing practices will damage your business, resulting in loss of revenue and profit, dissatisfied customers and demotivated staff.

If your business is struggling with low profit margins relative to comp…https://t.co/YpujmFKlNC

[Neema Gray @neema_gray]

Are you maximising your manufacturing success by monetising your innovations?
💡➡️💰

With 70% of new products failing, don't let your innovations fall into that statistic.

🔓 It's time to bridge the gap between ground-breaking ideas and profitable ventu…https://t.co/sYZKsnJ4Qa

[Neema Gray @neema_gray]

What is your WHY for price discounting?

Apparently, the reason why 50-80% of price discounts are granted is entirely behavioural.

Very often businesses offer price discounts to their customers to achieve their sales target, due to perceived competitiv…https://t.co/0krb4f0nf5

[Neema Gray @neema_gray]

3 qualities manufacturing companies (in my experience) have in common:

1️⃣ They work so hard and tirelessly to build their business, develop their brand, innovate, make new products and delight their customers

2️⃣ They know that if they want to achieve…https://t.co/uR28TnkNBG

[Neema Gray @neema_gray]

How do you DETERMINE the PRICE for your products and services?

Many companies use COST-PLUS pricing where a fixed percentage (mark-up) is added to the product cost per unit.

It is a straightforward calculation and information required is readily availa…https://t.co/k0t9AGPqi9

[Neema Gray @neema_gray]

7 signs that your #pricing is NOT working:

1️⃣ Every customer has a “special” price

2️⃣ Using price discounting to “win” the deal

3️⃣ Price setting based solely on product costs plus an expected margin

4️⃣ Each salesperson maintaining individual sprea…https://t.co/bkfBMankik

[Neema Gray @neema_gray]

Are you comfortable with being uncomfortable?

With pricing, if your organisation does not have a strategy, policies, procedures and tools in place, you have to be prepared for some unexpected surprises and unfavourable results, unfortunately.

Where pric…https://t.co/ZxRrl6WqAl

[Neema Gray @neema_gray]

📢 Attention Innovative Manufacturers! 🚨

Are you struggling to set the right price for your new product? 💰

It's not just about comparing your prices with your competitors. 🤔

You need to ask yourself if you're really comparing apples with apples. 🍎?…https://t.co/FmIkxqSavD

[Neema Gray @neema_gray]

One of the outcomes of value pricing that I absolutely love is that the whole organisation transitions to OUTSIDE-IN thinking.

Often businesses are focused on processes, systems and products that are designed and implemented with their own business in mi…https://t.co/MJg5Obf6sC

[Neema Gray @neema_gray]

How much time does your business dedicate to pricing?

Is there a person or team responsible for managing pricing and margins in your business?

Pricing supports your business in achieving its corporate and marketing objectives. It requires cross-functi…https://t.co/hcWT7IscGx

[Neema Gray @neema_gray]

Are your pricing practices holding back your business from achieving its full potential?

18 months ago, I started working with a leading manufacturing company that felt exactly this way.

There were several key challenges:

🔽 No pricing policy, procedu…https://t.co/JKgh3FYkez

[Neema Gray @neema_gray]

Very few businesses UNDERSTAND how much value their products create for their target customers.

VALUE CREATION is the foundation of any pricing strategy and requires a deep understanding of how products and services create value for your customers.

Und…https://t.co/RGgNH4Wj9D

[Neema Gray @neema_gray]

Do you have a 30% margin expectation for your products?

Your expectation could be 40% or 35% or any other percentage. The crucial point is, have you considered what impact this approach is having on your customers, the industry and your business?

A com…https://t.co/LK1rvWqYfP

[Neema Gray @neema_gray]

Have you launched a new product only to later realise that you under-priced it hugely and left significant money on the table?

This happens a lot and to many businesses. It happened to an automotive supplier to a well-known car manufacturer too. They pri…https://t.co/4TQWC8WiJ3

[Neema Gray @neema_gray]

Does your business have a pricing problem?

Poor pricing practices will damage your business, resulting in loss of revenue and profit, dissatisfied customers and demotivated staff.

If your business is struggling with low profit margins relative to comp…https://t.co/HpA5634uip

[Neema Gray @neema_gray]

When setting the PRICE for your NEW PRODUCT, you probably review COMPETITOR prices of similar products.

But are you really comparing apples with apples?

Are the products even that similar?

Very often businesses don’t thoroughly EVALUATE their competi…https://t.co/OaI3SSZnZL