We’re kicking off the new year with a special episode of Power to the Pricing People as Cath Brands from Flintfox is joined by Mark Stiving, founder of Impact Pricing.
We’re kicking off the new year with a special episode of Power to the Pricing People as Cath Brands from Flintfox is joined by Mark Stiving. Mark is the founder of Impact Pricing, a pricing consultancy and training company that specializes in educating companies about value-based pricing. As always Cath’s exploring the stories that are trending but this time, she’s getting Mark’s hot take on the pricing news of the day.
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Navigating Post-Holiday Price Drops and Inflation Trends
Coming out of the holiday season, reports show that prices in the U.S. have fallen for the first time in three years. After a long period of climbing inflation and significant price hikes, this turnaround in the market landscape will need a change of tack from businesses. But according to Mark, companies should be wary of reacting too quickly. Instead, they should watch what’s going on in their marketplace, particularly what competitors are doing, before starting to bring their prices down.
CNBC has reported that businesses from FedEx to airlines have reached the limit of how high they can raise their prices and still maintain volumes. With the post-pandemic spending boom slowing and forecasts of slower sales growth, Cath and Mark discuss how companies can maintain revenues without relying solely on price hikes. They also explore the risks of bringing down prices to drive volume back up and the importance of innovation.
Strategies in Response to Rising Commodity Prices
Finally, in this episode, is the news that sugar has reached its highest price point since 2011. The duo discusses the ongoing challenge of commodity price volatility and the role of Cost Plus pricing strategies in protecting margins throughout the food value chain.
Massive thanks to Mark Stiving for joining us on Power to the Pricing People. To find out more about his work at Impact Pricing, you can head over to the website, tune into Mark’s own podcast or follow him on LinkedIn for all his updates.
