South Africa, April 23 -- "And thus, our marketing investment has made our brand 10% less price sensitive and contributed to a profit increase of 57%", Mola paused, letting the weight of the numbers sink in. Over the last year, Pricing Power - one of their reported KPIs - had become a regular in the boardroom. Through it, they observed how their brand strength and price sensitivity were trending, then timed a price correction with minimum losses. How did Mola, the CMO of the midrange UK skincare brand, raise the profile of Pricing Power and so redefine her team's relationship with finance? They followed five steps:

The power of pricing is no new news: get pricing wrong and you will forfeit 8% of your operating profit, McKinsey revealed m...