Full article: https://www.pricingsociety.com/post/five-ways-pricing-teams-can-shape-sustainability-strategies
Sustainability is becoming a primary concern for top-level executives. As companies prepare for a surge in regulations and requirements, they face a decision: adopt sustainability measures solely for compliance or use them to gain a competitive edge. This decision is crucial, with significant implications. Stakeholders, including consumers, investors, shareholders, and regulators, are closely monitoring companies' actions.
For businesses that view sustainability as a strategic differentiator, collaboration with all go-to-market teams, including the pricing team, is essential. The article highlights five ways pricing teams can influence sustainability strategies:
Engage Other Teams: Pricing teams should involve other departments in sustainability discussions, ensuring a focus on customer implications and go-to-market strategies. This approach ensures sustainability isn't solely an internal matter but connects with marketing, pricing, and sales.
Customer-Centric Strategy: While many sustainability programs emphasize technology, reporting, and materials, the strategy should be customer-centric. It should address how sustainability benefits customers and contributes to their bottom line.
Showcase Monetization and Pricing Tools: Tools like segmentation, business model innovation, pricing research, and value-based selling, already in the pricing toolbox, can be adapted to sustainability topics and integrated with go-to-market strategies.
Lead ROSI Calculation: Return on Sustainability Investments (ROSI) is a new metric that justifies sustainability programs to top executives. Pricing teams can help customers understand their ROSI using Total Cost of Ownership (TCO) and EVE® models.
Create a Monetizing and Pricing Sustainability Workstream: The sustainability strategy should emphasize monetization and pricing. Pricing teams can advocate for this focus with key company leaders, either through a dedicated workstream or a taskforce.
In conclusion, while pricing teams were often sidelined during digital transformations in the past, they now have a unique opportunity to lead sustainability monetization strategies. Proactivity and assertiveness are crucial for these teams to make their mark.
Thought-Provoking Questions:
How can companies ensure that their sustainability strategies are not just for compliance but also provide a competitive advantage?
In what ways can pricing teams adapt their existing tools and strategies to the realm of sustainability?
How will the introduction of ROSI as a metric change the way companies view and invest in sustainability initiatives?
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