Although inflation rates are down, businesses should resist the urge to ease up on pricing management. With deft and adaptable pricing strategies, companies can thrive through economic uncertainty, as the authors explain.
AI is changing the nature of the pricing game. But pricing is a special kind of game with unique characteristics that make designing pricing AIs a challenge. In this article, the author explores the elements and contributing factors of the pricing game and explains the critical capabilities pricing AIs need to have in order to be successful.
Price elasticity models provide valuable insights into consumer behavior and market dynamics. By quantifying the responsiveness of demand to price changes, businesses can develop more effective pricing strategies, optimize promotional efforts, and drive revenue growth with dynamic pricing. Understanding and applying price elasticity concepts empower businesses to make informed pricing decisions in an ever-changing marketplace, as the author explains.
In this article, we explore how innovative pricing models are becoming the new source of competitive advantage. The pay per use / wash / mile pricing model is used as an example to deep dive the topic. Several cases have been taken from the book “The Pricing Model Revolution” to present how companies of different industries and regions successfully applied the model to reach a competitive advantage.
The current retail environment is demanding and optimizing promotional activities involves a tricky balance. Promotion strategy is a ground where every brand must tread carefully. In this article, the author presents a framework for analyzing past promotions, optimizing your promotions process, and building an approach for success and revenue growth. Although targeted to B2C and retail markets, this article contains insights that can be employed by pricers in multiple industries.
Despite the wealth of evidence to prove how valuable price, margin, and revenue management are, businesses are still struggling with implementing successful programs and strategies. In this article, the author combines his nearly two decades of pricing experience to share a few thoughts as to why these programs fail and a few suggestions on how to successfully embed these programs into your business.
In this paper, the author explores the concepts of carbon pricing, true pricing and their relationship with product pricing highlighting its benefits, challenges, and potential solutions.
The future of industry-leading companies is the value-based organization. Those companies will have an ongoing process of understanding customer needs, using that understanding throughout the organization, understanding competitors’ capabilities, and having a process to absorb that and know how to react to those things – and how to build and go to market relative to those changes, as the author explains.
World-class price optimization solutions need a sophisticated rules engine. They provide a path for retailers to enhance their pricing maturity, regardless of their current maturity. In this article, the author explores the importance of a sophisticated rules engine and outlines capabilities that any such engine must have.
Artificial intelligence can have huge impacts on business operations, but only when it’s quality and used effectively. In this article, the author covers some of the top takeaways from Gartner’s report on “How to Build a Data Strategy in Manufacturing Organizations” – many of which apply to any organization.