--- title: How Manufacturers Can Avoid Three Common Pricing Pitfalls description: Learn how to avoid common pricing pitfalls in manufacturing with this informative blog. image: https://4864103.hs-sites.com/hubfs/Avoid%20Three%20Common%20Pricing%20Pitfalls.jpg --- - [ Hospitality ](https://www.revenueanalytics.com/hospitality/n2pricing) - [ Manufacturing & Distribution ](https://www.revenueanalytics.com/md/pricing-as-a-service) - [ Private Equity ](https://www.revenueanalytics.com/md/pricing-as-a-service) - [ Media ](https://www.revenueanalytics.com/media/rateoptics) - [ Passenger Rail ](https://www.revenueanalytics.com/rail/farevantage) [ #### N2Pricing™​ The above-property RMS. ](https://4864103.hs-sites.com/hospitality/n2pricing) [ Hotelier Gets the Pricing Power it Needs to Beat the Competition ](https://4864103.hs-sites.com/hubfs/Case_Study_Hotelier_Gets_the_Pricing_Power_it_Needs_to_Beat_the_Competition.pdf) [ #### Pricing-as-a-Service™ Profitable pricing decisions at scale. ](https://4864103.hs-sites.com/md/pricing-as-a-service) [ Packaging Giant Slashes Deal Cycle Time 69% & Boosts Margin 4% ](https://4864103.hs-sites.com/hubfs/Case%20Stories/PAPA/Packaging%20Giant%20Uses%20Price+%20to%20Slash%20Deal%20Cycle%20Time.pdf) [ #### Pricing-as-a-Service™ Precision pricing for industrial portfolio companies. ](https://4864103.hs-sites.com/md/pricing-as-a-service) [ Does Your Portco Have a Pricing Problem? ](https://www.revenueanalytics.com/resources/pe/does-your-portco-have-a-pricing-problem) [ #### RateOptics™​ Modern ad pricing and sales analytics. ](https://4864103.hs-sites.com/media/rateoptics) [ Sales Managers Get Their Valuable Time Back at Top Radio Broadcaster ](https://4864103.hs-sites.com/hubfs/Case_Study_Sales_Managers_Get_Their_Valuable_Time_Back_at_Top_Radio_Broadcaster.pdf) [ #### FareVantage™​ Next-gen Revenue Management for Passenger Rail. ](https://4864103.hs-sites.com/rail/farevantage) [ Rail Operator Exceeds Revenue Goals and Lofty Customer Expectations ](https://4864103.hs-sites.com/hubfs/Case_Study_Rail_Operator_Exceeds_Revenue_Goals_and_Lofty_Customer_Expectations.pdf) # How Manufacturers Can Avoid Three Common Pricing Pitfalls Jared Wiesel Pricing projects are complex and can require some organizational agility to achieve the results desired. Unfortunately, many of these projects fail to deliver the expected results, and the reasons for these failures are varied. Pricing projects are not just about numbers and formulas; they involve people and their attitudes towards change. The support people receive and how informed they are of the changes coming their way have a great impact on the project’s success. So, lets examine some tips for avoiding common pricing pitfalls with a bit of change management techniques. ### Practice Good Data Hygiene Inaccurate or incomplete data can lead to pricing decisions that are not optimal, resulting in lost profits or missed opportunities. Gaps in the data or unreliable reporting can cause pricing strategies to fail. Manufacturers must have reliable data to support their pricing decisions, including data on costs, customer behavior, and market trends. By investing in data hygiene best practices and technology that handle disparate data streams, manufacturers can avoid this pricing pitfall and make more informed pricing decisions that drive profitability. ### Watch for the Untrusted Black Box In some cases, using a pricing models are seen as a "black box" that cannot be fully understood, leading to skepticism among stakeholders about if the right pricing is being generated. This mystery element of how the calculations are made can cause users of the output to not trust every output, leading to poor adoption. ### In the Dark Projects die in the dark. No matter who’s in charge. No one can embrace a new process if they are unaware. An email notice might not be enough to get stakeholders to understand how their procedures might need to change. So getting leadership support and developing a great communications plans is essential to the success of any pricing project. Leaders must communicate and ensure that those involved understand the need for change. Additionally, continuous communication is necessary throughout the project, providing stakeholders with regular updates on progress and changes. Pricing projects are complex, and they require careful planning and execution to avoid common pitfalls. If you want to learn more about how to make pricing projects successful or how dynamic pricing can help, [schedule a call](https://4864103.hs-sites.com/md/demo/pricing-as-a-service) with us today. Want more information on best practices in pricing strategy? Watch this short video to learn how a nationally recognized manufacturer and distributor of building products [overcame a 400% variance in their pricing](https://4864103.hs-sites.com/md/resources/building-products-video-case-study). ### Jared Wiesel Jared Wiesel is a Senior Vice President at Revenue Analytics. In this role, he serves as the practice area lead for Manufacturing and Distribution. Jared has led and executed project work across four continents with experience in multiple industries including retail, consumer goods, automotive, manufacturing, amusement and entertainment, freight, and specialty services. Jared Wiesel is a Senior Vice President at Revenue Analytics. In this role, he serves as the practice area lead for Manufacturing and Distribution. Jared has led and executed project work across four continents with experience in multiple industries including retail, consumer goods, automotive, manufacturing, amusement and entertainment, freight, and specialty services. × ## Get the latest resources By signing up, you agree to our [Privacy Policy](https://www.revenueanalytics.com/privacy-policy). ## Recommended Reading [ Get the latest resources ](https://www.revenueanalytics.com/resources/md) [ Guide [Guide] Do You Have a Pricing Problem? Pricing problems can be difficult to identify on their own, but starting by probing into their symptoms makes it easier to connect the dots. ](https://www.revenueanalytics.com/md/blog/do-you-have-a-pricing-problem) [ Video Building Products Video Case Study When a nationally recognized building products company had a pricing challenge, they knew they had to figure it out – and fast. See how this star company ... ](https://www.revenueanalytics.com/md/resources/building-products-video-case-study) [ Video Your Pricing is a Mess! How’d that happen (and how to fix it)? Inconsistent Pricing is Costing You Big. High-value accounts that are above market are at risk while other accounts and orders are receiving unnecessary ... ](https://www.revenueanalytics.com/md/resources/your-pricing-is-a-mess) [ Video Inaccurate, inconsistent, and insidious. #StopGutPricing “Millions lost!” is a major story for any company. Has this criminal practice infiltrated your organization? ](https://www.revenueanalytics.com/md/resources/stop-gut-pricing) ## Start selling faster and more profitably today. You didn't create your nightmare price exception process, but it needs to be put to bed. Be the one to revolutionize how your reps price and sell today. [![Connect with an expert](https://no-cache.hubspot.com/cta/default/4864103/dc3589a6-4106-4d48-a9e3-6ab7e7ba210f.png)](https://cta-redirect.hubspot.com/cta/redirect/4864103/dc3589a6-4106-4d48-a9e3-6ab7e7ba210f)