Even in today’s challenging economy, plagued with high inflation, increasing costs, and supply chain challenges, pricing issues can be easily avoided if you know what to look out for. In this article, the author presents eight common pricing mistakes that companies often make and should work to prevent, especially in light of current challenges.
This essay focuses on eight tips that will set you on a path to building organizational capabilities through an outstanding pricing team, which improves not only the bottom line but the combined abilities and contributions of each of the major functions in the organization.
After two years of disruption, organizations need to adapt an agile mindset to be flexible and dynamic to grow margin and revenue. What are pricing teams and revenue managers doing to stay ahead? Below are the four key pricing tactics you cannot afford to ignore.
In this article, the authors posit that the term “pricing” does not do justice to the nature and extent of the work done by professional pricing teams, and suggest it is time to rethink the word and expand it to formally include value management and other peripheral activities which are increasingly becoming part of the functional scope.
Price is not a static value. Price is a dynamic range. Prices are, according to the author, points that shift dynamically back and forth on a given scale. This scale represents the market price range, or the customer's willingness to pay. In order to manage prices effectively, we need to learn from the stories behind each price point to understand why a price is where it is on that scale, as the author explains.
Hearing about the struggles of other pricers at last month’s Professional Pricing Society 2021 Fall Virtual Conference reminded this author of obstacles that he has encountered in his own pricing projects through the years, and it made him reflect on the fact that cultivating persistence can only benefit professionals in their pricing careers. It seems that persistence is an essential characteristic for pricing, as the author explains.
Pricing professionals have many tools in their toolboxes, but in this article, the author reminds pricers to not underestimate the power of storytelling in pricing projects. Shepherding a management decision can be difficult. Without a story that goes beyond presenting pricing analysis and clearly communicates the results of the analysis, it is nearly impossible.
Pricing professionals must be adaptable in general and, more importantly, must be prepared to adjust pricing in response to changing market conditions. And market conditions just keep on changing. And it appears as though the changes are coming more frequently, as the examples in this article demonstrate.
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.
In this article, the author presents a scenario of an all too common lifecycle that plays out consistently in pricing management groups in mature companies: new pricing managers are hired for growth, they immediately lower prices while ignoring other key indicators, and when this doesn’t work they scramble for other solutions or leave before creating a black mark on their resume. This article describes how to break this cycle and provides strategies for new pricing managers to help improve their chances of success.