According to a McKinsey study, The Hidden Power of Pricing, on average, a 1% price increase translates into an 8.7% increase in operating profits, assuming no loss of volume. Nevertheless, the same study finds that up to 30% of the thousands of pricing decisions companies make every year fail to deliver the best price. These statistics make you think twice about your pricing decisions.

In essence, pricing strategies are different approaches to setting the right prices for your offerings to accomplish specific business objectives while considering the ongoing market situation. According to the CEO of a marketing outsourcing agency, BBSA, Anna Stella, there are many things to consider when creating your pricing strategy

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