Study the current pricing process, all the transformations that occur with the price, and all the factors that affect the price: discounts, coupons, incentives, competition, and the financial situation of customers. You need to evaluate the entire system within your business (marketing, sales, finance, logistics, and so on); again, everything that affects pricing. This data will help you in the audit process and the formation of a further pricing strategy.
This process should include:
- Interviewing the management team;
- Interviewing the sales team;
- Reviewing pricing across distribution channels;
- Benchmarking your company against direct and indirect competitors;
- Analyzing historical data.