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In Times of Crisis, Data and Communication Prevent Panic

In Times of Crisis, Data and Communication Prevent Panic

 This Guest Blog Post was written by our Sponsor partners at Zilliant. 

With U.S. jobless claims at an all-time high, hospitals in large cities becoming overwhelmed with COVID-19 cases and supply chains in disarray, a natural human response is to panic. We’re all feeling a mix of uncertainty and fear, two emotions that can lead to rash decisions in our personal lives and in business.

Among B2B companies, the automotive and high-tech industries were hit first and are harbingers of things to come in other sectors. The “Big Three” American automakers have temporarily shut down all factories in the U.S. and more industries are now feeling the sting of supply chain disruptions as March trudges on.

Constant communication with our customers has shown us that the impacts of this pandemic vary depending on the sector. Some industries have seen a collapse in demand, while others are having issues keeping up with demand spikes. Supply is uncertain in many areas. One thing is for sure: everyone is feeling it and facing major change.

“When considering huge, impactful, yet sudden changes, we need to keep in mind: There are lots of other parties – competitors, suppliers, customers – involved when we make decisions, and nothing happens in a vacuum,” Kevin Mitchell, President of Professional Pricing Society, told Zilliant.

“We have to consider how other parties will act, take into account the long-term causes and effects, and avoid short-term overreactions. Change requires consideration and thought, but not panic.”

This crisis reminds us that no company is an island. Open communication and collaboration must be a priority up and down the supply chain.

To that end, Zilliant released a whitepaper that diagnoses the wide scope of supply and demand shocks B2B companies are grappling with and how a measured, data-led response will chart the way forward. 

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Addressing B2B Pricing Strategy During The COVID-19 Pandemic

Addressing B2B Pricing Strategy During The COVID-19 Pandemic

The Coronavirus pandemic has increased business uncertainty around the world. We partnered with PROS to share curated content featuring Craig Zawada providing perspectives on how effective pricing can help businesses weather the economic storm.

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We Celebrate 1000 CPP Alumni

We're excited to announce that we've awarded 1000 members their CPP Designations! We proudly celebrate the 1,000th CPP Alumni, Marianne Gynde, of Medtronic! The Professional Pricing Society (PPS) is pleased to announce our 1,000th Certified Pricing Professional (CPP). Marianne Gynde is a Senior Manager, Pricing of Contracting & Tender Management for Nordics, Baltics & Poland at Medtronic, and has earned the designation of CPP through her hard work and diligence. Based in Denmark, Marianne has been with Medtronic since 2004 and has joined the ranks of the best and brightest in Pricing.
“The CPP experience has been great. The program was professionally setup, and gave me new knowledge, new tools, and inspiration for how to do my daily job even better.The face-to-face training I was lucky to participate in has given me a broader network within my own country, and I now have peers in different industries that I can share ideas with, and get further inspiration.” - Marianne Gynde, Medtronic
Since 2003, individuals like Marianne have joined the elite designation of the Certified Pricing Professional and used their knowledge to impact the field of Pricing. The CPP certification program is the standard for advanced knowledge and expertise in the field of Pricing. Carrying this designation indicates knowledge and skills in pricing across industries, and is achieved through any combination of online courses and live workshops at our yearly conferences. The certification is maintained by completing 2 credits every 2 years after the initial certification. The re-certification helps PPS maintain the integrity of the program and keeps each alumni informed on current trends and best practices. About The Professional Pricing Society: The Professional Pricing Society (PPS) is a member association of professionals committed to distributing pricing expertise throughout the business world. We provide leading-edge pricing and revenue management best practices. PPS produces up to five major annual pricing conferences in Europe, North America, South America, and Asia. PPS also offers more than two dozen, full-day training workshops every year, taught by leaders in the pricing community. These workshops serve as the foundation for PPS’s Certified Pricing Professional (CPP) designation. For more information about the CPP Certification Program, please contact: Michael Tatonetti +1-770-509-9933 michael@pricingsociety.com Continue reading

Crapido: A New Responsibility Assignment Matrix

Why is there a need for CRAPIDO? Discover why one pricing professional strongly believes the industry can use another Responsibility Assignment Matrix. Businesses must clearly define roles, especially within pricing, and without organization, they become inefficient, ineffective, underperforming and a drain. CRAPIDO is a way to impart a bit of discipline into the current system. Learn more by clicking the article image below: What are your thoughts? Continue reading

The Chicago Spring Pricing Conference Town Hall Event

During the Spring Pricing Workshops and Conference event, attendees can connect with the Keynote Speakers like never before in the #PPSCHI18 Town Hall! You asked, and we delivered! For years, the Pricing Workshops and Conference attendees have requested to better connect with the Keynote speakers. We're providing the chance to deep dive into the topics that concern your business during the Town Hall Forum! This year, we're delivering two days, Thursday, May 3 and Friday, May 4th, of Town Hall opportunities. Speak with one of eight Keynotes from (4) Pricing Tracks of your choice and ensure takeaways to implement back at the office.

Tools & Techniques

Data Science

Pricing Experts

Pricing Practitioners

View the Facebook Live video below about our new Town Hall Forum!

Click the image to learn more & register your team:

We'll see you in Chicago!

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Harnessing Big Data For Better Pricing Results

Pricing strategies, like big data, can be key to improving profits in business. According to a study conducted by McKinsey & Company, even a 1 percent price increase can translate into an 8.7 percent boost in operating profits (assuming no loss of volume). However, companies continue to fail to price their products and services appropriately, and as a result, take a hit to their bottom line. Watching companies lose revenue in this manner is particularly troubling considering the flood of data now available to assist businesses large and small. For those able to simplify big data's complexity, the reward is substantial. Now we're not suggesting leveraging artificial intelligence is easy. In fact, the explosion of digital customer touch points has made it quite challenging for companies operating in a range of industries to keep their price points on pace. However, by failing to uncover and act on the opportunities big data presents, many businesses are leaving millions in profit on the table. Want to know the secret to increasing your organization's profit margins? Harness big data to find the best price for your products and services. Is your business overwhelmed by big data? For example, if your company is comparable to Amazon, you have thousands of products to competitively price. As the company's pricing professional, it is your responsibility to help determine the optimal price a customer is willing to pay for those products. Maybe you've considered leveraging big data to gain insight into customer behaviors and market trends, but sifting through such a significant amount of data is overwhelming. Therefore, you continue using manual price-setting methods. We have all used manual pricing processes, but the problem is that these methods are tedious, time-consuming, and at times ineffective when compared to the robust analyses and lucrative cross-selling opportunities you can uncover with big data. With artificial intelligence, you can determine a consumer's specific needs, the value they place on particular products and use that information to equip sales representatives to close more deals. 3 Steps To Turn Big Data Into Profits If you're a part of a company that has massive product numbers, then getting comfortable with big data is critical. These three steps can help you get started. 1. Listen To The Data - With artificial intelligence you can analyze a consumer's purchases, predict their future buying decisions and use the data to price your product higher based on value consumption. By listening to the data, you can also analyze buying behaviors to determine the willingness of your consumers to pay X price for a particular product or service. 2. Embrace Automation - Analyzing price points for thousands of products is too expensive and time-consuming. By using automated systems, you can explore narrow customer segments, determine what drives value for each one and match your findings with historical transactional data. With automation, you can also replicate and tweak data analyses, so you're not starting from square one every time. 3. Collaborate and Communicate Regularly - Setting new prices is as much a communications issue as an operational one. It's important that your pricing team works with sales representatives to explain the reason behind price recommendations and to show them how you leverage a particular price. By doing so, your sales representatives will trust the prices enough to sell them to consumers. Equally important is developing clear communications plan to provide a pricing rationale that highlights product valued and then tailoring those arguments to the customer. Bottom line: to get the price right, we suggest helping your organization explore the advantages of big data to avoid suffering the high cost of lost profits. To learn exclusive tips on ways to prevent your organization from leaving millions of lost profits on the table, click the link below to learn about our Virtual University just for CPP Alumni!
Interested in learning more about our CPP Designation program?
Click the link below!
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Take A FREE Price Optimization Assessment With Vistaar!

One of our Corporate Sponsors, Vistaar is offering friends and members of the Professional Pricing Society a FREE Price Optimization Assessment! Vistaar provides solutions that enable companies to optimize prices and drive profitable growth through improved planning, selling and tracking processes. Learn how to price long-term agreements that meet revenue, margin, and customer specific objectives with an Agreement Price Optimization (APO) SaaS Solution! B2B organizations and sales professionals: take advantage of the FREE APO Value Assessment, designed to identify 200-400 bps of actionable value in just weeks! Click the image below to start the FREE Assessment for YOUR company today! pathupdated Thanks to our friends at Vistaar and happy pricing! Continue reading
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