“Don’t blame the marketing department. The buck stops with the chief executive.” (John D. Rockefeller)
What are the key levers to pull within the organisation that chases a better revenue strategy? Clearly, the first issue is one of attitude: there are certain myths about prices and pricing that must be spotted and eliminated. Next come the basics, including agreeing on objectives, obsessing over customers and what they value, and adopting the right scope. Third, implementing the key frameworks. Fourth, understanding and monitoring progress with the proper diagnostic tool. Fifth, the question of structure, as management needs to decide how far down the organisation to push responsibility and how many different functions to involve. Clearly, there is no “one-size-fits-all” solution. Sixth, people and incentives. What is the ideal job description? What is the beast way to compensate those responsible for the “health” of prices in the market? Last, management has to appreciate and exploit the impact that technology can have on the way organisations turn value into revenue.