Five Areas to Explore Before Embarking on Value-based Pricing Programs
In this article, Stephan Liozu, PhD, CPP, presents best practices for initiating an organizational transition towards value-based pricing.
Competition-Based Pricing: Should Competitors Guide Your Prices?
How does competition-based pricing work? And when does it make sense to use it? In this article, the author analyzes the pros and cons of competitive pricing and its application, especially in the context of rising global inflation. In the current environment, the majority of companies will need to examine how they can increase their prices rather than drop them to match the competition, as the author explains.
Pricing and Digitization: Parallel Journeys to Success and Survival
Digital transformation is a broad term used to refer to significant technological changes across human resource, supply chain, customer service, marketing, and finance systems. As a company digitizes, they can increase their capability to monetize assets and optimize their existing data to better inform pricing decisions (and value capture). This in turn makes pricing a prospective part of the transformation journey, as the author explains.
Pricing Studies – Then What?
Many companies fail to earn the full value of their profits because their pricing strategy is not based on the actual decision-making process customers attribute to the product. Pricing studies can provide some help, but they are only the first step on the path to behavioral pricing, as the author explains.
Measuring the Impact of Pricing Initiatives
Pricing professionals are most often hired to accomplish a singular goal: improve profits. But how do measure the impact of pricing initiatives on profitability? In this article, the author provides an explanation of how a profit bridge with proper attribution can be used to both guide pricing efforts and measure pricing performance.
When to Price Predictive Analytics
Many companies are adding some form of predictive analytics to their offers. This is true across all sorts of businesses that collect a lot of data in the normal course of operations. At the same time, the rapid advances in machine learning since 2007 have made it much easier to develop predictive learning applications, and many companies are rushing to take advantage. But how do you package and price this new functionality?
SCIENTIA POTENTIA EST
Back in 1597 Sir Francis Bacon opined that knowledge itself is power. And with the correct data, analytics, and a framework of key processes, it’s possible to leverage the knowledge of what a market competitive price should be to avoid overspending, as the author explains.
What Skills and Training Do Pricing Professionals Need?
Pricing can mean various things in various industries and companies. Similarly, the tasks that different pricing professionals require at different stages in their career vary considerably as well. However, there are certain commonalities in the type of skills that pricing professionals use at different levels of maturity, as the author explains.
Quick Test: Will Your Business Strategy Work Post-COVID?
As companies emerge from the COVID-19 lockdown into a new business reality, the winners will be those who remain attuned to sound strategies. As you’re developing your adapted business and pricing strategies, you’ll be looking to play to your core strengths, pivot to exploit competitor weaknesses, and take advantage of new white spaces in the market. In this article, the author presents a 3-step game-plan to fuel your post-pandemic strategy.
Is Customer Research During Uncertain Times Reliable?
The COVID-19 pandemic is causing global economic uncertainty and pricing challenges that are changing daily. One of these challenges is the need to continue to engage with customers to answer near and long-term pricing strategy questions. But will customer research be reliable during this time? The answer is yes, according to the author, who believes that customer research during the COVID-19 crisis can still produce reliable results when carefully implemented.