Faced with the challenge of making a week-long vacation at Walt Disney World more affordable and maintaining share in an increasingly competitive theme park market, the principals of Integrated Insight, Inc. designed, developed, and implemented Magic Your Way, the most sweeping change in revenue strategy in Walt Disney Company history.
A well designed pricing strategy will provide inherent levers to help move consumers along the continuum of products and services available for sale. How pricing is communicated is critical to execution. Learn more about the importance of being: Clear; Consistent; and Compelling.
Many companies default to driving more demand when considering how to grow topline revenue. But rate improvement can be equally, if not more impactful, considering that a 1% increase in price realization often equates to a 5% to 10% improvement in net income. But beware. The same math proves why taking a permanent price reduction is almost always a risky proposition.
The discipline of pricing continues to evolve in many organizations, but often lags the insight and structure found in sales and marketing. Regardless of the size of your business or the amount of internal pricing expertise, having a set of principles to guide pricing decisions will prove beneficial.
Discounts and promotions, if executed well, are an effective way to help boost revenue. While you want to steer clear of making the “sales” price your everyday offer, discounts needn’t be feared either. It is all about the design, execution, and post period measurement.
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