A new report from PwC argues that manufacturers must make changes at every level of their commercial operations in order to keep up with increasingly sophisticated customers.
The report — titled "What is driving the commercial agenda for global manufacturers?" — outlines six strategies that companies should implement to succeed in a changing marketplace.
PwC analysts particularly emphasized that companies should focus on selling solutions, rather than simply products, to customers.
"Solution selling challenges companies to reconsider who they serve and why they win, and engage strategic buyers with industry- and issue-specific insights earlier in the buyer journey," the report said.
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PwC said companies’ sales representatives must be able to react to customer demands with the full support of the organization.
The report also said manufacturers should utilize customer data and digital tools, as well as focus on improving internal collaboration and workforce strategies.
In addition, PwC said companies should use customer and market data to provide "value-based pricing" rather than establishing prices based on the cost of product. The report said top-line revenue can increase by up to 4 percent by using improved pricing practices.
"Astute commercial leaders are implementing new pricing models that reflect customer value drivers, cost to serve the customer as well as geographical, segment, and channel variations," the report said.