Business Growth Ideas for CT Manufacturers – Part 3: Pricing

January 21, 2018

by Mark Paggioli

In this blog post, we look at the expansive pricing options available to buyers, evaluating the pricing of your product offering, and the importance of pricing that differentiates your business from the competition.

Buyers have more options than ever today. They have an unprecedented ability to search for vendors and to shop around these days. And at the same time, competing vendors never had it easier targeting buyers with tools like LinkedIn, email or software that tells them who is visiting their website. Are you sure your pricing is still competitive? Are you tracking your “win rate” on your RFQs? Are you winning less often than you used to? Maybe you are winning too often, telling you that your pricing may be too low.

Are you still priced based on a “cost plus” model or are you using a value-based pricing model? Has the market shifted or have competitors closed the gap on your product superiority position, leaving you in the precarious position of being higher priced and less differentiated than you were?

When was the last time you assessed the competitive landscape, gathered meaningful customer feedback in order to find out where your offering and pricing fits among the landscape of alternatives available to buyers. Competitive intelligence may be exactly what you need in order to get the answers you can trust.

High pricing could eventually jeopardize some of your business while setting prices to low may gain you customers but at the expense of little to no profit. A comprehensive review of your pricing models can keep your business one step ahead of the competition.

If you’re interested in learning how CONNSTEP can help you grow your business, simply complete the Contact Us form next to this blog and we’ll respond promptly. 

In our next blog post, Part 4: People of our Business Growth series, we look at the changing dynamics of the workforce, the functional roles of your staff, and the importance of planning ahead for the expected retirement of your knowledgeable and critical performers.

 

Links:

Part 1: Products of our Business Growth series

Part 2: Markets of our Business Growth series

CONNSTEP solved a huge problem for us and helped us bring our delivery rate to 100%. As a direct result of that, we have been awarded with an increase in business which, ultimately, will also benefit (our supplier) Har-Conn.”

CT manufacturer Pegaasus

Chris DePentima

CEO, Pegasus Manufacturing Inc.

“I see great value in the new experiences and perspectives CONNSTEP brings to our business, at reasonable prices. They’re not like consultants, they’re like partners in the business – willing to roll up their sleeves and help.”

AGRussell logo

Mark Burzynski

President, Arthur G Russell Co

“CONNSTEP has proved to be a tremendous resource for ESI. CONNSTEP has helped us to adapt to today’s marketplace and remain a quality minded, competitive global player. Our ISO/TS16949 implementation process was efficient and rewarding. I look forward to our future projects with CONNSTEP.”

esi CT manufacturer

Ron Delfini

President, Engineering Specialties Inc.

“CONNSTEP worked with FuelCell Energy to educate and facilitate Lean initiatives and to help meet our needs to establish an overall production improvement plan. This plan has been utilized over a period of time as a ‘guiding light’ to spur numerous improvements that dramatically reduced our product cost.”

Tom Lucas

Manager, Fuel Cell Energy

“CONNSTEP is a valuable partner to Hologic, providing the expertise and ‘outside eyes’ everyone needs to keep their continuous improvement on track. We are now well-positioned on a dynamic growth path and look forward to a long-term relationship with CONNSTEP.”

Greg Safarik

VP Manufacturing Operations, Hologic

“Our experience working with CONNSTEP has brought us benefits we never expected. It’s a great team to work with!”

Bruce Wheeler

VP of Operations, Metal Finishing Technologies Inc.

“The goals of the team were to reduce manufacturing lead-time, reduce floor space utilized, and increase worker productivity. All the goals were met. CONNSTEP helped us to better compete.”

Tornik CT manufacturer

Dan Rubbo

General Manager, Tornik LLC

“The Business Growth Program is working well for us. We enhanced our website following the meetings to improve our SEO and become more visible to search engines. The segment on negotiating …  promoted changes in our thinking and improved how we interact with customers. The mentoring between sessions was helpful in boosting our progress.”

CT manufacturer Colonial Spring

Bill Lathrop

President, Colonial Spring Co.

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