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PRICING BEST PRACTICES, RESEARCH REPORTS, TRAINING COURSES AND WEBINARS

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BECOME A SUBSCRIBER AND UNLOCK AN INFORMATION ARSENAL FOCUSED ON MAKING YOUR
PRICING EFFORTS MORE EFFECTIVE.


THE WRONG KIND OF PRICING IMPROVEMENT

You can divide pricing process improvements into two big categories: strategic
and tactical.

Strategic process improvements are those things that help you achieve better
prices. For example, if you improve your segmentation model, you will improve
the actual prices that your customers pay, so that’s a strategic process
improvement. Other examples would include pricing analytics, value
communication, customer research, negotiation training, and a lot of the other
things that we talk about a lot here at PricingBrew.

Tactical process improvements are those things that help you do a better job
delivering prices to the market. For example, improving your process for
updating price lists, your handling of pricing exceptions, policy compliance,
etc. All those things can help improve efficiency and possibly save money, but
they don’t affect the actual prices your customers pay.

To someone who isn’t intimately involved in the pricing discipline on a
day-to-day basis, it might seem obvious that pricing teams should spend most of
their time on strategic improvements. After all, this is where the big financial
gains are. Everyone wants to be able to achieve those small improvements in
overall prices that yield big financial rewards.

In practice, though, a lot of B2B pricing teams spend almost all of their time
on tactical things.

How does that happen?

It usually starts innocently enough with the pricing team hoping to pick off
some low-hanging fruit. Strategic improvements typically take a lot of time, and
the team often has to get buy-in from a lot of different groups within the
company to pursue them. Strategic efforts are hard.

So the pricing team decides to start with something easy — one of the tactical
improvements that they can handle all on their own without involving anyone
else.

When that effort succeeds and actually saves the company some money, the team
pats themselves on the back and looks for some more low-hanging fruit.

Over time, however, the strategic functions start to languish because the team
is spending all its time on tactical activities. And that leads to a vicious
cycle that requires the team to focus even more strongly on the tactical.

For example, we have seen teams that are spending almost no time refining their
segmentation models. As a result, their customers and salespeople are asking for
a lot of pricing exceptions. So many exceptions are flowing through the
department that the team decides to improve the exception-handling process.

But they haven’t addressed the root issue — the inadequate or faulty
segmentation model — so more and more exceptions kept flowing in. That leads the
team to look for even more ways to improve the exception-handling process.

Eventually, they get trapped in this cycle where they are spinning their wheels
faster and faster, but they still aren’t really making any progress on improving
their prices.

If you recognize that your team is in danger of getting caught in this cycle —
or if you’re already well and truly trapped — there is a way out.

The key is to start focusing more on strategic initiatives. Maybe you start
small by just focusing a few hours per week on a strategic change. You don’t
actually have to make a huge, overnight shift in the way you do things. Just a
small modification will eventually yield some rewards.

Strategic initiatives take time and effort. But with time and effort, they can
yield dramatic results that can lead to a different type of cycle. Strategic
changes reduce the need for tactical work, which in turn, frees up even more
time to focus on strategic efforts. Eventually, you will find that you are
spending more effort on strategic improvements, which will ultimately pay off in
terms of financial benefits for the company and career benefits for your team.

If you aren’t sure where to start with a strategic initiative, check out these
webinars:

 * Pricing Process Improvement
 * From Tactical to Strategic Pricing
 * Developing a Winning Roadmap for Pricing Success

If you’re caught in the vicious cycle of tactical process improvement, now is
the time to start making the small shifts that will help you focus on the much
more profitable strategic improvements.


PRICING PROCESS IMPROVEMENT

In this session, we discuss the critical differences between process types, how
to use end-to-end process mapping for diagnostics and prioritization, pricing
technology considerations, and common mistakes to avoid.

View this Webinar


FROM TACTICAL TO STRATEGIC PRICING

Some teams are so mired in tactical grunt work and daily firefights that they
never make progress on strategic pursuits. How have other pricing teams
transitioned into more strategic functions? What steps did they take?

View this Webinar


DEVELOPING A WINNING ROADMAP FOR PRICING

From our research, leading pricing functions go through key evolutionary phases
in becoming more effective and strategic. In this 3-part training webinar, learn
how to develop a roadmap that streamlines that evolution with a plan to be a
more valuable and strategic function.

View this Webinar



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