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PRICING BEST PRACTICES, RESEARCH REPORTS, TRAINING COURSES AND WEBINARS

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INSIGHTS & TIPS

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


PRICING SHOULD AVOID AVERAGES LIKE THE PLAGUE

Most of the time, talking about averages tells you absolutely nothing. Consider:

 * The average person has one Fallopian tube.
 * If three people are in a room and one of them is Mark Zuckerberg, the average
   person in the room is a billionaire.
 * The average day of the year is called July 2.
 * The average U.S. citizen lives in Lebanon, Kansas.
 * Infant mortality was so high in the Middle Ages that average life expectancy
   was 35. But if you remove infant deaths from the equation, average life
   expectancy was 50.
 * Half of the people you know are below average.
 * Mathematician Benoît Mandelbrot loved to joke, “I was born in Poland and
   raised in France; therefore, on average, I am a German.”

You see, in each of these examples, looking at the average actually hides the
most important part of the truth.

The same thing often happens in pricing. For example, you might be very happy to
tell senior management, “On average, prices were up 8% last quarter.” But you
could get to an 8% average increase if prices decreased on all your products but
one, which had a tremendous increase. You could also get to that average 8%
increase by closing only one deal all quarter. The average increase just isn’t
all that important if overall revenues tanked.

Good pricing practitioners don’t just report on averages. They look deeply into
their data to find the hidden trends, anomalies, outliers, and key indicators
that provide the most relevant information. Your job is not to be a computer
that simply does the math and creates a spreadsheet. Instead, your job is to
take in all the data, find what is most important, and present it in a way that
leadership can understand it. Your goal should be to find actionable truth to
help guide future operations.

This responsibility also carries with it a tremendous temptation. Once you see
how easy it is to tell different stories by picking and choosing which metrics
you share with the boss, you’ll want to cherry-pick the stats that support your
point of view.

Don’t do it.

Ultimately, your firm — and your career — will be best served by you doing the
most honest and unbiased analysis you can. Don’t take any negative news in the
metrics as a sign of personal failure; instead, use it to shape future
decision-making to obtain more favorable outcomes in the long run.

If you’re not sure how to do this kind of analysis — or if you’d like to improve
your skills — we have a couple of resources for you. The webinar Using Pricing
Analysis to Drive More Growth explains how to ask questions that can lead you to
greater profitability. It shows how to get beyond the tactical analysis most
pricing practitioners regularly do to the more strategic thinking that is most
beneficial for B2B firms.

A second webinar, The Fundamentals of Effective Pricing Analysis, provides a
broader overview of pricing analytics. It covers the difference between
reporting and analysis and offers suggestions and examples for improving your
capabilities.

The average B2B firm is so-so at pricing analytics. But you don’t have to be
average.


USING PRICING ANALYSIS TO DRIVE MORE GROWTH

Pricing analysis capabilities are usually only focused on pricing. But pricing
isn't the only thing the analytical processes and underlying data can be used
for. In this on-demand webinar, you will learn how answering other powerful
questions can increase your impact and internal profile.

View this Webinar


THE FUNDAMENTALS OF EFFECTIVE PRICING ANALYSIS

In this on-demand training webinar, we share the fundamental concepts and
principles behind effective pricing analysis, expose the critical building
blocks that need to be in-place, and walk through a basic pricing analysis
example to pull everything together.

View this Webinar



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RELATED RESOURCES

 * Myth Vs. Reality in Pricing Technology
   
   This special report exposes seven of the most common and costly pricing
   technology myths and misconceptions we've encountered in our research. Find
   out if outdated beliefs are causing you to fall further and further behind.
   
   View This Research
   

 * The Price Segmentation Self-Assessment
   
   Simply answer the questions in this self-assessment (objectively) to gauge
   the likely quality, accuracy, and efficacy of your price segmentation model.
   You can assess overall quality, as well as pinpoint specific opportunities
   for improvement.
   
   View This Tool
   

 * Isolating the Impacts of Price, Volume, Cost and Mix
   
   Using this straightforward tool, you can finally put an end to the second
   guessing and skepticism by isolating and quantifying the contributions of
   price, volume, cost and mix to period-over-period revenue and margin
   differences.
   
   View This Tool
   

 * The Negotiation Tactics Cheat Sheet
   
   Study and internalize these descriptions to better understand and identify
   many of the most common negotiation strategies and tactics your team will
   likely encounter in the field.
   
   View This Tool
   


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Making Price Increases Stick

How to Capture What You Really Need From Your Price Increases

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