Read more about this topic in the second pricing strategy handbook prepared exclusively by IQPC.
Download the interview for free here.
Rafael Farres of Agfa presents a step-by-step process for identifying the right pricing strategy and implementing it correctly for businesses looking to adopt Value Pricing models for their product or service. The model is explained in general terms for universal applicability, but Farres notes in which ways these strategies would differ in B2B/B2C.
Download the presentation to find out if value pricing is the right strategy for your organization, and what considerations you have to take in order to be applied effectively:
Industry leaders continue to push the envelope about pricing capabilities and strategies—yet, the science remains inexact. Even in the face of innovations in automation and analytics, pricing experts often struggle to identify and implement the appropriate procedures on a circumstantial level.
A few select industries spearheaded the development of value-based pricing as a regional strategy, most notably in the medical device industry. Over time, this strategy proved effective in reflecting local consumers’ willingness to pay.
This article provides an analysis of the benefits and trends in regional pricing, and the factors that need to be considered in order for this strategy to be executed effectively.
Regional pricing can be an organic, spontaneous process of discovery - and the underlying signal mechanism is regional data. It is an extremely effective (and cost-effective) use of the divisions of dispersed knowledge among the company workforce. It is the quality of the resultant data which determines the future efficacy of otherwise abstract or loosely related information.
Experienced regional merchants and managers should review strategic decisions with regards to price, product selection, promotion and competitive intensity. It is important not to rely too heavily on any one manager in a region, given the potential for cognitive biases or personal agendas.
Prof. Miguel Serrano Kieckebusch, Senior Director Global Pricing Strategy at MEDTRONIC gives answers about the following topics:
- What has worked in the value-based pricing?
- Insights into the marketing mix and the trade-off between product quality and price
- Insights into the competition
- The internal collaboration within MEDTRONIC
Willingness-to-pay is not a conscious concept: How to measure value perception directly from the buyer's mind
By Kai-Markus Mueller, The Neuromarketing Labs and Loon Lee, Philips Healthcare
Given that any behaviour is based on processes in the brain, the next logical step from behavioural pricing is bringing neuroscience into the field of pricing.
But how does the brain react to price bundles and what that means for sales and profitability? How to raise profitability with neuroscience-based insights and research-approaches?
Learn more about this approach to pricing, from this exclusive article from Kai-Markus Mueller, The Neuromarketing Labs and Loon Lee, Philips Healthcare.
Download the article here.
Expand your knowledge within this area, with this exclusive free presentation by Loon Lee, Senior Pricing Manager at Philips Medical Systems on the topic of: "Beating competitive pricing pressure".
The presentation included the following:
- How competitive portfolio analysis works at Philips
- Getting buy in from the various departments: Communicating the impact of the project
- How to use competitive intelligence to train the salesforce to optimise on price
- The challenges in the process and directly attributed success measures
Download the full presentation for free here
Expand your knowledge within this area with this exclusive free report written by Finance IQ on the topic of: "Adopting Best Practices in Geo-Regional Pricing".
The report covers the following:
- Why is regional data so important
- Collect and transfer relevant data from regional salesforce to pricing experts
- Value-based pricing: Best practices
- Who are the leaders in Geo-Regional pricing
- Charge what your customers are willing to pay
Download the full report for free here
Expand your knowledge within this area, with this exclusive free presentation by Jessica Fradier, Head of Pricing at ZF on the topic of: "Do's and don'ts for implementing a Successful Pricing Organisation".
The presentation includes how companies can recognize the positive impact to be gained through pricing improvements on profitability, brand image, marketing and distribution effectiveness, as well as customer relationships management.
Also included are:
- Common mistakes when setting a pricing infrastructure
- Best practices to adopt
Download the full presentation for free here:
Expand your knowledge within this area, with this exclusive free interview by Ernst Jan Bouter, Pricing Director at Sandvik Mining & Rock Technology in Sweden.
In this interview he discusses:
- Why is IoT disrupting many industries
- How does IoT affect the way pricing is being done
- Typical pitfalls to avoid for IoT solution for your business and particularly in relation to pricing
Download the full interview for free here
There are only three ways to increase profits – sell more, cut costs or raise prices! The first two are difficult whilst the third one is, in of itself, easy. The real challenge is ensuring that you introduce your price increase in a way that balances the perceived value of your product or service with the amount that customers are willing the pay for it. But even if you manage this, how do you stop sales representatives lowering their prices out of fear that price increases will drive customers away?
Learn more about this topic area, with this exclusive eBook written by Finance IQ: “Pricing Strategy eBook 2018”.
The eBook covers the following:
• Benchmark against your competitors and drive revenue through innovative strategies, data, and pricing automation
• Amazon’s dynamic pricing strategy
• Mcdonald’s counter-intuitive stairway pricing strategy
• The psychology behind Apple’s prestige pricing
• How does American Airlines leverage dynamic pricing
• The foundations of an effective pricing strategy
• Dispelling pricing myths
• Understanding pricing analytics
• Prince elasticity analysis
Download the full eBook for free here
Value-based pricing has returned to the fore. Some pricing specialists, like Patrick Campbell, co-founder and CEO of Price Intelligently, deem value-based pricing to be in fact superior to what he calls “sub-par pricing strategies,” such as cost-plus pricing.
But to what extent does value-based pricing work as an affective profit lever? Is it really worth the effort?
Learn more on this topic area, with this exclusive report written by Finance IQ: "Pricing it Just Right".
The report covers the following:
- Modern Technology and Price Comparativeness
- Is It A Workable Profit Lever or Not?
- What of Price Commoditization?
- Why Value-Based Pricing Remains the Favourite
Download the report for free here
Interview on how to raise profitability with neuroscience-based insights and research-approaches pricing
“Price according to value!” is a common battlecry of pricing strategy consultants. Obviously, when it comes to value, in most cases it is less relevant to consider mathematical value but rather perceived value. Given that any behaviour is based on processes in the brain, the next logical step from behavioural pricing is bringing neuroscience into the field of pricing.
Learn more about this approach to pricing, from this exclusive interview from Prof. Dr. Kai-Markus Mueller, CEO at The Neuromarketing Labs.
Download the full interview for free here.