How To Price in a Post-COVID-19, Post-Inflationary World

Insight Exchange by L.E.K. Consulting

Consumer businesses have faced dramatic increases in input costs over the past 24 months, primarily due to the lingering impact of COVID-19. To avoid profit erosion, most businesses responded by passing cost increases on to consumers in the form of higher prices. But consumers, concerned with a potential recession, are adjusting their spending habits. With the worst of inflation hopefully behind us, now is the perfect time for business leaders to reflect on their 2022 pricing actions and consider a holistic reevaluation of their pricing strategies in light of current market conditions. As consumers are forced to stretch their dollars, companies can drive value by reassessing their pricing strategies to make them more reflective of the current macroeconomic environment. Business leaders should begin by reviewing pricing principles and considering how to make pricing a strategic lever that drives revenue and margin growth.

In this episode, our experts will discuss:

• Why pricing is important for your business
• The benefits and importance of value-based pricing
• Evaluating benefit/trade-off features and how it informs strategic decision making
• The best practices to adopt to optimize promotional effectiveness

To provide insights on these topics, we hear from Rob Haslehurst, Managing Director and Office Head of L.E.K. Consulting’s Boston Office; Alison Schilling, Managing Director and Partner at L.E.K. Consulting’s Chicago Office; and Claire Morgan, Managing Director and Partner at L.E.K. Consulting’s Boston Office.

Connect with our experts on LinkedIn:
Rob Haslehurst: https://www.linkedin.com/in/haslehurst/
Alison Schilling: https://www.linkedin.com/in/alison-schilling/
Claire Morgan: https://www.linkedin.com/in/claire-morgan-37596734/

Visit L.E.K. Consulting at https://www.lek.com/