Are you leaving money on the table?
This course was previously titled Pricing: Frameworks and Applications.
The world is changing, and customers are repeatedly redefining value. Companies of all sizes and in all industries are experiencing pervasive impacts from these changes...and they don’t always respond with well thought-out strategies. Learn how to systematically define, capture, and reinforce customer value in this compact two-day course.
During this course, you'll learn how to:
Stop short-term, bottom-line efforts from doing long-term damage to your brand
Although you face unique pricing considerations with every product and service, a pricing methodology makes the process more consistent and efficient. Our step-by-step approach provides the framework you need to right-price your products, integrate pricing decisions with business objectives, and increase your ROTI (Return on Time Invested).
Solve your company's unique pricing challenges
Go beyond pricing theory to pricing solutions. We'll use real-world examples as case studies and encourage you to bring specific pricing problems for potential review. By focusing on your own issues, it is easier to dispel some of the myths and ambiguities in setting prices. Our interactive course format encourages everyone to be actively involved. And you will have the chance to learn from and adapt pricing methods from straightforward consumer goods, complex business products, and intangible services.
Jolt customers into considering (or re-considering) the value of your offerings
Learn from real-world success stories…and cautionary tales! Create an edge for your organization. Try experimentation. Consider atypical ideas. Look ahead to differentiate yourself...and maybe even find a completely new audience.
Create policies that streamline decision-making
Too many companies find themselves setting prices on a transactional basis. Time-consuming, inefficient, and potentially illegal, it's a practice we'll show you how to avoid.
Who should attend?
We've designed this course for professionals who are
involved in making and implementing strategic pricing decisions, including:
- Senior-level marketing and
sales executives
- Pricing directors, managers, and analysts
- Product planners and product
managers
- Sales managers and top salespeople
- Controllers, CFOs
Day 1: The Framework of Pricing Strategy
Strategic logic
No question about it: there some fundamental truths about pricing...but there are also many situation-specific decisions to make. We look at both and help you build a dynamic (and hopefully flexible) framework for determining prices.
- Assess the impact of the three levels of price management
- Weave pricing logic into your marketing strategy to create an overall framework
- Examine financial drivers in the pricing equation
- Define customer willingness-to-pay
- Identify components of a typical waterfall analysis
Tools and techniques
Build your own toolbox of tactical ideas that you can experiment with on a test-and-learn basis. We’ll provide the “starter kit” that you can begin building today and add to in tomorrow’s session.
- Use customer knowledge to develop price variations based on segments, consumption, and engagement
- Add product knowledge to examine versioning and product-line pricing options
- Assess channel value to refine channel pricing
- Leverage marketing communications to refine perceived value
- Seize competitive positioning
Day 2: Streetwise Pricing Management
Reengineering the pricing process
Pricing is both art and science, and it’s sometimes difficult to bridge the gap between the two. However, it can be done with a careful examination of corporate structure, objectives, and an understanding of roles and responsibilities.
- Recognize common management problems and the need for change
- Rethink pricing policies and internal operations
- Diagnose the roles of sales, marketing, and management
- Structure and manage your company’s pricing initiatives
Critical skills in price optimization
In the final analysis, pricing effectiveness continues beyond strategy to execution. Gain tips on improving pricing execution.
- Manage the sales role in worth-driven pricing
- Improve the inevitable price-negotiation process in many sales and contractual situations
- Change the customer's frame of reference
- Cultivate ongoing management of pricing