Nothing ventured, nothing gained: Companies need to innovate not just to stay ahead, but to even survive competition. Despite this however, the failure rate for innovations is shockingly high: Nearly three out of four new products or services miss their revenue and profit goals. How can you make sure your innovations succeed?
In this article, the author prevents the findings from his recent pricing industry research study implemented to determine the growth of pricing in large organizations.
Machine learning and artificial intelligence have become very popular topics in the pricing community. However, many perceive these tools as overly complex and not practical to implement quickly into their existing processes. In this article, the author presents a machine learning technique called regression analysis and demonstrates simple applications that can be readily employed by pricers in any industry.
The use of behavioural pricing tactics to influence customer buying behaviour is not a new phenomenon, but it is being increasingly implemented by traditional B2C and B2B companies in recent years. In this article, the authors identify and examine three specific opportunities for pricers to employ behavioural pricing tactics.
Long thought of as a commodity to build relationships, trade finance has significant, latent profit potential that commercial banks are now unlocking with a new, balanced approach to pricing, as the authors explain. This industry specific article provides pricing insights and principles that can be applied in multiple industry sectors.
Despite the increasing industry-wide move towards and focus on value-based pricing, it is still clear that cost plus has its role as a pricing strategy in a number of instances. But even when a cost-plus pricing strategy is used, be careful about what the real advantages are, and what alternative strategies exist.
In the Q2 2019 edition of the Journal of Professional Pricing, Professional Pricing Society presented an article from PPS board member Stephan Liozu, PhD, regarding the state of the pricing management software industry. This month, we present a response to Liozu’s analysis from pricing management software provider Vendavo.
In this article, the authors examine three types of sympathetic pricing - painkiller pricing, compassionate pricing and purposeful pricing – and demonstrate how companies have used these pricing tactics to increase both brand trust and brand loyalty. By applying sympathetic pricing, you can turn a negative experience for a customer into a positive one, thereby giving the customer a positive contact moment with your company, as the authors explain.
Executive dashboards are valuable tools for coordinating across disciplines as well as for communicating critical business metrics to executives. Since pricing impacts these key business metrics, which elements should the pricing team include in their pricing dashboards? In this article, the author provides a list of items to consider when building a pricing dashboard.
In this digital age, an increasing number of both business-to-business and business-to-consumer companies are engaging in a pricing transition from traditional outright purchase or perpetual pricing model to a subscription-based pricing model. In this article, the author lays out key steps to take when switching from perpetual software licenses to subscription pricing models. He also addresses common objections to this pricing transition and solutions to address these concerns.