Your pricing team can set great pricing targets and recommendations for pricing moves but in the end success comes down to marketing & sales ability to execute these recommendations. Each negotiated deal has the potential for price to be dropped. While at times dropping price is appropriate, often it is dropped unnecessarily or far deeper then needed. Additionally, when a business decides to raise price, the execution skills of marketing and sales along with the actions of the business leaders are critical to success. Too often price increases fall short of expectations. The business assumes the market dynamics were not favorable for the increase when the real reason was unskilled execution.
This course covers the business, marketing and/or sales skills needed to successfully negotiate a deal with no or minimal price decreases and to effectively implement price increases. Smith has led or overseen hundreds of successful pricing moves across highly diverse businesses using these approaches. Smith, former head of DuPont Company’s pricing transformation, also discusses these practical strategies and tactics in her book “The Pricing and Profit” Playbook.
Pricers will learn:
· How to decide whether to drop price for a specific deal, market or product segment.
· Best practices, when price drops are needed, to minimize the impact on profits.
· How to effectively implement price increases for a specific deal, market or product segment.