Bringing new innovations to market poses significant challenges, especially when it comes to pricing. Without benchmarks, historical data, or clear price elasticity models, businesses often struggle to determine the right price for a groundbreaking product. Let's explore the key aspects of pricing new innovations and strategies to overcome these hurdles. What Makes New Products [...]
Why Take on a Pricing Transformation Initiative…Is the Juice Worth the Squeeze? By: Roberto Rivera, VP, Pricing Strategy Many business leaders intuitively understand that disciplined pricing can boost profits. This could involve streamlining pricing processes or empowering the sales team to reduce the need for sharp discounts. However, despite the strong ROI of investing [...]
Mastering Pricing Confidence: Empowering Your Team for Profitable Sales Growth. In today’s business environment, pricing is more than just a number —it serves as a strategic tool that can steer companies towards their financial objectives or hinder their progress. Yet, a common challenge persists across industries: the struggle to implement higher prices and realize [...]
How do you Successfully Commercialize Artificial Intelligence Technology? AI in Healthcare Artificial Intelligence (AI) is revolutionizing numerous industries, including healthcare. In this dynamic sector, AI streamlines tasks, enhances operational efficiency, and elevates patient care. Particularly notable is AI’s role in diagnostics, where it enables more accurate assessment and better patient outcomes. Moreover, AI integration [...]
By: Benjamin Garden, VP, Pricing Analytics In the rapidly evolving business landscape, effective price management is a critical factor in determining a company's success. Mastering this skill involves a blend of strategic insight and adherence to ethical pricing practices, both of which are pivotal for achieving sustainable profitability and ensuring customer satisfaction. Customers recognize [...]
By: Ed Heskins, Head of Pricing, Europe To be in business is to be in competition. Few, if any, businesses operate in a vacuum, and even if your products and services are highly differentiated, customers will often seek alternatives to compare you with. In this way, pricing against your competition is as challenging as [...]
Background Our client is a $1 billion revenue Products and Solutions provider, offering customized support to customers across many different industries. With a high-value, solutions-based offering the client had a significant degree of pricing power that was underutilized. The client had already made a significant investment in a segmented pricing strategy to include a [...]
Last year we asked the question Can You Protect Your Business and Clients from Cost Shocks? While we may have all hoped that the surge in the cost of raw materials and Pandemic-related disruptions would dissipate, the truth is that we're now in a significant period of inflation with most companies needing to increase [...]
Cost pressures and an increasingly competitive market have resulted in severe price increases across the restaurant industry. Research by the National Restaurant Association has found that menu prices on average have increased 4.7% percent last year, and quick service has increased by 6.7% - which was the highest increase U.S. consumers experienced in over [...]
Iris Pricing Solutions has launched a special report entitled ‘Pricing and Digitization: Parallel Journeys to Success and Survival’, demonstrating how pricing, marketing, and sales can benefit from better data capture and use that data to increase customer segmentation, improve value propositions, and better understand consumer behavior. Companies in the B2B sector are increasingly employing [...]
