Are You Ready for Raw Material Inflation?

By Terry Oblander on April 12, 2017

The Federal Open Market Committee released their most recent inflation forecast for 2017 and beyond. And while inflation remains historically low, it’s also on the rise, with 1.9% projected in 2017 and 2% for 2018. We have already seen raw material inflation edging up the costs of metal, rubber and other industrial commodities. To quote a recent Bloomberg article, these prices have been “on a tear” since the second half of 2016.

When you run a business, talk of inflation typically translates into fear and angst. Here’s how we suggest you prepare for what’s coming…

Improve your Quoting Process...and Win Rate!

By INSIGHT2PROFIT on March 15, 2017

Getting to the "right" price for your customer can be difficult and time consuming. How do you know you are pricing correctly? How do you create consistency across your organization? And more importantly, how do you maximize your profitability without losing business? 

Navigating your way through these challenges usually requires taking a step back to level-set your current processes. So, where do you start?

Knowing your PI Score is the First Step to Profit Improvement

By INSIGHT2PROFIT on February 15, 2017

Striking the right balance between effective pricing strategies and company performance is often an issue because there are so many factors involved. With price being the most important lever impacting your bottom line, one major pricing mistake could risk your company’s profit potential.

3 Areas to Tackle Now for Immediate Bottom-Line Impact

By INSIGHT2PROFIT on February 14, 2017

Several years ago, an Ohio-based specialty metal business made the decision not to charge for freight costs, even though their products were extremely heavy. The rationale? None of their competitors were charging, so they couldn’t either.

New Year, New Plan…Will You Meet Your Goals?

By INSIGHT2PROFIT on January 5, 2017

Annual budgeting is the roadmap for strategic planning, and analyzing results is how you track progress toward your goals. When results differ from plan, you find yourself asking why. Month after month you may equate these discrepancies to the hearsay you get from the field — or as market-based — and move on. Then the cycle starts again: new year, new plan, new expectations.

But for every business there is a concrete reason for the gap, and there’s a way to remove it: companies need more detailed plans they can accurately measure against.

So, how do you get there?

INSIGHT2PROFIT Named to the Inc. 5000 List for the Fifth Year

By INSIGHT2PROFIT on August 17, 2016

For the fifth year in a row, INSIGHT2PROFIT has been named an Inc. 5000 company, #2487 fastest growing private company in the United States and #21 Top Cleveland companies.

Sustainable Pricing Starts with Your Sales Force

By INSIGHT2PROFIT on July 7, 2016

Achieving significant pricing gains can feel like a long, hard-fought battle. This makes it all the more satisfying when the numbers start to roll in, validating your efforts and proving without a doubt that profitability is attainable.

The thought of losing those gains may keep you up at night. What safeguards can you put in place to protect the gains you’ve achieved and prevent your company from sliding back into past poor pricing habits?

It all starts with building a confident sales force.

50 Most Common Price Leaks [INFOGRAPHIC]

By INSIGHT2PROFIT on June 9, 2016

Whether it’s from pricing, freight, rebates, or payment terms, price leaks can have a detrimental effect on your company’s profitability. In the infographic below, we’ve outlined the 50 most common price leaks across multiple business areas.

4 Common Price Leaks, Explained [VIDEO]

By INSIGHT2PROFIT on June 2, 2016

We interviewed pricing expert Keith Hohman about the four most common price leaks facing B2B companies today. Watch as he explains the underlying causes behind—and ways to fix—price leaks like freight costs, payment terms, expedited delivery, and rebates.

How to Build Your Pricing 'A' Team

By INSIGHT2PROFIT on May 19, 2016

One of the questions we’re asked most frequently at INSIGHT2PROFIT is “How do I structure my pricing team?” The quick answer is that it depends. Small companies may only need a single person focused on pricing, whereas larger businesses may need a team. Regardless of size, it’s important that someone at your company has clear responsibility and accountability for managing pricing.

Profit Insights | Insight2Profit