Never a Greater Need For Strategic Price Increases
As commodity costs skyrocket, there has never been a greater need for companies to implement strategic price increases. Unfortunately, many organizations are afflicted with Price Increase Rigor Mortis (PIRM), an insidious disease that paralyzes their ability to raise prices and ravages their bottom line.
How to Ensure the Price is Right
When I started working as a pricing consultant more than 20 years ago, I became really excited about the development of “conjoint analysis”, which is a method of measuring price elasticity.
Is Your Sales Force Sucking You Dry?
If your company’s sales department is in charge of pricing, that’s like putting Dracula in charge of the blood bank!
Need a Pricing Strategy? Fire a Customer
If your client is sipping champagne when they paid for beer, it's time to establish a pricing strategy.
Solving The Puzzle of Irrational Consumer Behavior
Why on earth did they buy that there? Sometimes, it seems customers act irrationally when it comes to their buying behaviours. But that is never the case. Customers always behave in ways they perceive are in their own interest. And yet, the rationale behind these decisions is often puzzling.
How to Determine Your Price Point: Priced to the Nines
How to determine the price point of your product? First: the number “nine” really can make a difference. Second: when you exceed a pricing threshold such as 99¢, you need to find the next threshold above that price point. Otherwise, you will be leaving a lot of money on the table.
How to Avoid a Price War
Our article was recently displayed on The Pricing Advisor, which is the Professional Pricing Society’s Newsletter. You can find out how to avoid a price war here.
How to Increase Profit: the 1% Solution through Pricing
Your boss gives you a seemingly impossible task: Increase profits by 12.5%. How do you respond? Some managers might spend a great deal of time trying to persuade the boss to reduce her expectations. A more productive response would be to improve management of prices by just 1%.
Forum for Pricing Managers
Pricing Solutions will be hosting an event on the 17th of September exclusively for Pricing Managers to gather and exchange ideas as well as approaches to difficult pricing challenges.
Input Prices on The Move Up Again
Many input prices seem to be starting to inflate again. Allow yourself some options to adjust list prices if commodity costs continue to inflate.
3 A’s of E-Book Pricing: Amazon, Apple, and Antitrust
This article touches upon an interesting pricing model for E-Books, which the author believes will not benefit the publishers that wanted to enforce it.
Ford Explorer Pricing
A curious note about Ford Explorer's new pricing strategy on their 2011 model. They are offering a premium for an upgrade to a smaller motor with an EcoBoost engine.
New “Pay What You Want” Pricing Strategy
A new pricing strategy that allows buyers to dictate prices can lead to higher profits; if some of the proceeds go to charity. The strategy is called “pay what you want,” and has gained a foothold in several markets in the last few years.
How to Unleash Massive and Overwhelming Force Via Price Reductions?
Why companies must more zealously execute their business strategies by focusing on turning their competitive advantage into clear decisive advantages.
Pricing for Long Term Profit and Growth
Jim Saunders recently wrote an interesting article published in the 2010 Journal of Professional Pricing from the Professional Pricing Society. The introduction sums it best.
Marketing Science Conference: Award Announcement
We are proud to announce that Vinay Kanetkar was awarded “Best Presentation” at the 32nd INFORMS Marketing Science Conference held from June 17th to June 20th in Cologne, Germany.
Value On the Road: 2 Lessons on Value Proposition
I stayed at a hotel this week that I had heard about, but never stayed at. I can understand why I had heard good things about this hotel. It has a distinct value proposition. There is original art throughout the hotel. It is beautiful art and engaging.
How Artificial Intelligence Contributes to Personalized Pricing?
I was speaking with an executive today whose company provides AI software applications. They recently developed one for pricing. Essentially, it crawls the web and provides information on the best prices in retail electronics. I took a look at the site and thought there were some compelling elements to it.
The Magic of $59.95
Last week, I had two pricing experiences that got me thinking about how to price. One was a scam that was effective. The other ended up feeling like a scam and was ineffective.
Welcome to Our New Website!
Welcome to our new and improved Pricing Solutions website. I look forward to sharing my thoughts on pricing strategy and pricing management with you on a regular basis in this space.