4 customisable OKR examples for Pricing Team
What are Pricing Team OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Creating impactful OKRs can be a daunting task, especially for newcomers. Shifting your focus from projects to outcomes is key to successful planning.
We've tailored a list of OKRs examples for Pricing Team to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Pricing Team OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Our customisable Pricing Team OKRs examples
You will find in the next section many different Pricing Team Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).
Hope you'll find this helpful!
1. OKRs to optimize pricing strategies for increased revenue and market share
Optimize pricing strategies for increased revenue and market share
Use data insights to lower churn by 10% due to pricing changes
Implement and monitor pricing adjustments to reduce churn- Analyze data to understand reasons for customer churn
- Identify pricing structure improvements based on data insights
- Gain an additional 5% market share through competitive pricing
- Implement targeted promotional campaigns for pricing strategy
- Analyze competitors' pricing strategies and market trends
- Develop an attractive, competitive pricing model
- Increase overall revenue by 15% through pricing strategy adjustments
- Conduct market research and competitive analysis
- Evaluate and adjust current pricing strategies
- Implement upselling and cross-selling techniques
2. OKRs to increase gross profit margin to 10% in MICE
- Increase gross profit margin to 10% in MICE
- Decrease overhead expenses in MICE by 10%
- Reduce non-essential business travel
- Implement energy-saving measures for lighting, heating, and cooling
- Negotiate lower prices with suppliers
- Improve pricing strategies to enhance per unit profit in MICE by 15%
- Analyze and refine current discounting strategies
- Adopt value-based pricing to maximize profit margins
- Implement dynamic pricing model based on demand and competition
- Boost MICE sales revenue by at least 20%
- Train sales team in effective upselling techniques
- Implement aggressive marketing campaigns on digital platforms
- Design lucrative package deals for MICE clients
3. OKRs to negotiate better pricing with vendors early in the project
- Negotiate better pricing with vendors early in the project
- Finalize early-project contracts with all vendors securing reduced rates by week 8
- Negotiate contracts and reduced rates with each vendor
- Finalize and secure all vendor contracts by week 8
- Identify all vendors necessary for early-project completion
- Build relationships with 5 key vendors by the end of the week 3
- Identify and shortlist 5 key vendors relevant to our business needs
- Initiate contact and arrange meetings with the selected vendors
- Follow up post meetings to solidify relationships and discuss potential collaborations
- Achieve at least a 10% reduction in pricing from each vendor by week 6
- Analyze current expenditure with each vendor
- Obtain written commitment to new prices
- Initiate negotiation talks for discount rates
4. OKRs to secure optimal pricing from third-party vendors
- Secure optimal pricing from third-party vendors
- Identify and initiate discussions with 3 new lower-cost vendors
- Kickstart negotiations around cost and terms with each potential vendor
- Research and list potential lower-cost vendors in marketplace
- Reach out to each vendor for initial consultation or pitch
- Implement cost monitoring system for real-time tracking of vendor pricing
- Initiate real-time tracking of vendor pricing
- Research and choose suitable cost monitoring software
- Train staff on using the software for price tracking
- Negotiate with 5 existing vendors to lower costs by 10%
- Identify and review current contracts with the five existing vendors
- Prepare a clear, compelling case for cost reduction with supporting data
- Initiate negotiation meetings with each vendor to discuss cost lowering
Pricing Team OKR best practices to boost success
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the OKRs.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tability's audit dashboard will highlight opportunities to improve OKRsTip #2: Commit to weekly OKR check-ins
Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.
Being able to see trends for your key results will also keep yourself honest.
Tability's check-ins will save you hours and increase transparencyTip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to turn your Pricing Team OKRs in a strategy map
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
Tability's Strategy Map makes it easy to see all your org's OKRsIf you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Pricing Team OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to enhance performance in the top two targeted areas for improvement
- OKRs to understand audience perception and reaction to a certain event
- OKRs to implement effective OKR framework for document management
- OKRs to build a robust data pipeline utilizing existing tools
- OKRs to enhance our SaaS reference base
- OKRs to enhance leadership abilities for a novice team lead
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
What's next? Try Tability's goal-setting AI
You can create an iterate on your OKRs using Tability's unique goal-setting AI.
Watch the demo below, then hop on the platform for a free trial.