Posts of: Paul Greifenberger
A true path to optimized pricing
There is a growing focus among pricing practitioners to use price science to drive pricing decisions. It’s a fabulous trend with many recent innovations in the use of advanced techniques such as machine learning and AI. It is important however to consider behavioral economics because our economic decision making is often shockingly irrational. Naturally, we are not referring to your personal decisions, dear reader, because you are always rational, right?
How to look good in a Trilby Fedora hat with Wayfarer glasses… “hit it Jake”
Many thanks to those who joined Vistaar at the PPS conference in Chicago. There were many interesting pricing topics discussed, with lots of opportunity to socialize. We took note of the topics that surfaced most frequently.
Short answer: YES!
Commodity market fluctuations that whipsaw product margins are a persistent downstream pricing challenge.
- Should you take price now, incrementally, or eat the cost change?
- What will your competitors do?
- How many times can you change customer pricing this year?
Get it right or you risk locking your margins into that corporate “unhappy place”.
For a pricing strategy to be truly successful, it must be a “win-win-win” for sales, marketing, and finance. This calls for a revenue and margin balancing act consistently performed over time. Vistaar’s SmartQuote pricing software enables pricing strategies and tactics to efficiently and rapidly adapt as market conditions change. SmartQuote is powered by advanced machine learning techniques which ensures that your pricing strategy is continuously aligned with market conditions as well as internal financial goals.
Want to learn more? We will be at the Spring 2018 Professional Pricing Society (PPS) conference in Chicago on May 1-4. Visit us at our booth for an update on Vistaar’s SmartQuote, the world’s leading price management software solution.