Thursday Thoughts on Strategy: When we think about strategy we normally think about big picture objectives that set the trajectory of our organization. The big picture stuff is, no question, very important and valuable for your business. We also need to think strategically about all of our operations to be sure they support our overall business strategy.
Businesses are well served to have strategies, for pricing, marketing, sales, talent development, and so on supporting and integrating into the overarching business strategy. We also need to think strategically in all we do. Asking “why” as we start a new initiative is great practice. Does this new initiative make sense and does it support our function’s strategy as well as our overarching business strategy? Our team members should have the benefit of a well-articulated strategy to serve as the compass for their day to day activities.
Perhaps one of the most important pillars of a cascading strategy is pricing. The referenced article summarizes pricing strategies and is good to revisit regularly. The pricing team is all about probing customer value and determining their willingness to pay.