24 THE DISTRIBUTOR’S LINK Nelson Valderrama Nelson Valderrama is the CEO of Intuilize, a software Service platform that specializes in helping mid-sized distributors transform data into profits. With more than 22 years’ experience as P&L manager executive for major PE firms and industrial distributors. Nelson has dedicated his career to help business uncover hidden competitive advantages and unleash the power of data in the new Digital Economy. For more information contact by email nelson@intuilize.com or visit www.intuilize.com YOUR PRICING IS THE KEY TO UNLOCKING FASTER GROWTH - PART 1 Imagine for a second that you had the opportunity to step back five years in time and have dinner with Jeff Bezos. You would probably pick his brain about eCommerce or his vision for expedited worldwide shipping…but Jeff might have another idea in mind. What if during that very dinner, Jeff openly said to you, “your margin is my opportunity”? As Amazon gets ready to hit Billion in revenue this year, you’d be crazy not to be paying attention to how they REALLY got there. Now let’s imagine that while having dessert, Jeff shared with you the chart below and asked you which product segment you think his team should focus on, based on gross margin? Imagine source: McKinsey CPAnalytics CONTRIBUTOR ARTICLE Now don’t worry, this is not another article about Amazon Business, this article is about you and what you can do for your company. As owners, executives and sales leaders all over our industry are thinking about growth, they’re all hustling to get more customers or sell more products to current customers, but very few of them are leveraging pricing to improve their business - which has the highest impact on growth. So let’s talk about how YOU can maximize your pricing power. Pricing is the Proven Lever That No One is Pulling Understanding the real opportunity in front of us is as simple as comparing the outcome for businesses when you increase 1% volume vs. a 1% increase in price. Luckily for us, Harvard Business Review has done the math for us back in 1992. As you can see in the next graphic on the next page, when a growth strategy is only focused on increasing volume, operating profits increase by 3.3% (assuming price remains the same). But if you increase prices by 1% (assuming the same volume), your operating profit will increase 11.1%. CONTINUED ON PAGE 130
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