Join Karen Chiang and Steven Forth on Wednesday November 29 for a PeakSpan Masterclass: Impacting 2024 Growth Through Pricing and Packaging. Join us at 8:00 AM Pacific, 11:00 AM Eastern.

The third and final step in planning pricing for 2024 is to explore the actions you could take in 2024 and build a pricing action playbook. This will allow you to move quickly as you execute on How to Win decisions. Speed is life.

The second step in planning pricing for 2024 is to align pricing with strategy. Pricing needs to support key performance indicators (KPI) and a direct connection should be established. Pricing should also take into account the growth motion and packaging pattern. Choice of a pricing method should also take place. Some companies are making ESG part of their pricing goals.

The first step in planning pricing for 2024 is to establish a baseline. A baseline is not a static number. It represents a trend. Do you want to maintain that trend in 2024 or change it? The trends you care about are both internal and external.

Pricing needs to be at the center of business planning. It’s where all of the key parts of a business come together and asking hard questions about pricing should be central to business planning for 2024.