Preparing for the Unknown: Scenario Planning for Pricing
This article originally appeared on Manufacturing.net. Even in the most stable of economies, the modern enterprise operates in extremely complex environments. But when markets reflect today’s current turbulence, it seems impossible to think of what MIGHT happen. The trick is, if you don’t make time to understand the impact of your range of options before you’re […]
Design a Digital Negotiation System in 5 Steps
While traditional face-to-face meetings might return to normal at some point, virtual and online sales is the new standard today. But despite rapid digital transformation, B2B e-commerce often fails to deliver a better customer experience than traditional channels. Insufficient product descriptions, lack of transparency into product availability, and slow response times are among the most […]
The Hidden Cost of Pricing Errors
“We should not look back unless it is to derive useful lessons from past errors, and for the purpose of profiting by dearly-bought experience.” – George Washington If you’re still setting and managing your customer prices with Excel or some other sort of home-grown system that requires a lot of manual input, you’re inevitably making […]
Get Your Price Optimization Project Moving With ‘The Expert Salesperson’
If everyone was an expert on everything no one would make mistakes.” – Ben Franklin, 1785 If you put a bunch of pricing professionals in a room, one thing they’d all agree on is that replacing manual or Excel based pricing systems with price optimization software would lead to substantial revenue gains and measurable profit […]
Leveraging Analytics During a Downturn
The economic impact of COVID-19 brings back memories of recent crises. We find ourselves asking: When have we seen this before? How long will the downturn last? What is the best response to a drop in demand? Understanding the above allows businesses to make more informed decisions and reduce risk. Due to its interconnectedness, the […]
All Things In Constant Flux: Dynamic Pricing
Uncertainty. Impact. Change. Speed. Risk. Loss. Fear and anxiety have taken over the comfort zone of our personal lives. Throughout the pandemic, making any simple decision has been a difficult, if not nearly an impossible balancing act if we want to frame them within a short/medium/long term perspective. We’re all in this unrecognizable survival mode […]
How to Avoid Price Optimization Pitfalls
If you’re reading this, you’re probably wondering why some dude on the internet whose company sells price optimization software is going to throw cold water on price optimization. Honestly, I’m wondering about it too, and whether I can sneak it past the editors and management. (I guess if you ARE reading this, they didn’t catch […]
The Importance of People, Process and Technology in Digital Transformation
I have always been amazed at what a price optimization and sales execution project can do for enterprise profitability. The lift is significant. As a long-time management consultant, I’ve had experience bringing real value to enterprises through such pricing projects. Many organizations knew there were benefits to be had, but never thought that optimizing price […]
If You Want to Transform Pricing, You Need to Assess Your Pricing Culture
Any transformation demands a cultural transformation. This is especially true with pricing. A cultural transformation is the only way to evolve mindset and embed pricing processes into the fabric of an organization. Most pricing transformations do a good job of addressing the technical and process side of pricing. While this is a good start, it […]
The Opportunity in Value-Based Pricing
Does this sound familiar? A Pricing Fairy Tale An ambitious, recent college grad starts their first pricing job. In week one, they are told to dive into the pricing project for which they were hired: to implement a dramatic change in the company’s pricing strategy. After studying the status quo and learning the layout of […]