The Future of Personalised Pricing
Key Themes in Revenue Management
Friday, 22 March 2024Article
As an approach to price management, personalised pricing accounts for the fact that each customer has a unique set of needs and behaviours, with their own specific decision-making journey that will differ from person to person.
Great personalised pricing optimises price on a one-to-one basis, to acquire the right customers at the greatest level of overall profit and deliver them the best experience for them.
We have identified six priorities for more personalised pricing:
1) Start with strategic segmentation
2) Embed linkages beyond revenue management
3) Be customer-centric in how you define the competitor set
4) Leverage channels and products as tools to personalise
5) Embed total profit mentality
6) Harness the opportunities from AI
The starting point for every operator will be different, with opportunities to advance the approach to pricing at every turn. Well-designed, it can add value to operators in several ways:
· Maximise revenue potential and brand share
· Enhance profitability
· Increased richness of data
· Improve customer experience and loyalty
· Optimise existing resources
If you would like to talk through our findings or are looking for more information, we'd be delighted to talk. Contact:
Katy Fiander, Partner
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