Going on a trip? Don’t forget your Pricing Roadmap (and bring snacks)!

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Are we there yet? Are we there yet?? Anyone who has traveled with kids will groan audibly when hearing that question. However, being able to show a map and allowing them to follow the progress will make the trip much more pleasurable for everyone. So too can this approach be used in your pricing journey. Better pricing can add millions to the bottom line; thoughtful planning of your pricing journey is the key to its success.  It is the foundation of pricing excellence in your organization.

A pricing roadmap will show you where you are today, a year from now and onward. It will outline the route you plan to take and the challenges you mean to solve. It will be a place to capture great ideas that need work to develop. It will ensure today's decisions are compatible with tomorrow's vision. It will even show the metrics to ensure success and monitor progress. Most importantly, it will help you carefully manage scope and expectations.

Elements of an effective pricing roadmap include:

• Vision - Articulate what you want to achieve. What does and doesn't it look like?
• Need - What are the drivers for change?
• Functionality and Process - What does the solution do and what processes have to be in place to support it?
• Stakeholders - Who is going to use it or benefit from it and why? What skills will they require? What change management is needed to ensure adoption? How will you bring others on board?
• Metrics - How do you know you achieved the vision?
• Dependencies - What can help, hurt, start or stop the process? What is the resource plan - people time and money
• When - Date you arrive.

Document for each milestone and include where you are today. Treat this as a living document. For example, you may find that one element of your plan greatly exceeded your expectations; update the roadmap to bring the element out to others faster.

So get started on your pricing journey today! Just remember to buckle up and bring plenty of snacks and don't forget your Roadmap for Pricing Success. Soon you'll be seeing the benefits of your careful planning.