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The PricingChat: Learning On Twitter

#PricingChat Join the Professional Pricing Society on Twitter to chat pricing information and strategies with featured experts in real time! So, what IS a #PricingChat? Twitter is the VERY popular Social Media platform that operates in real-time connecting millions across the globe. Twitter chats, or #TweetChats occur when a group of people collectively tweet about the same topic using a specific hashtag (#). This allows the conversation/ topic to be found or searched by millions, at any time. Twitter chats are often repeated bi-weekly or weekly, and can be found using the same hashtag (#). PPS uses the Twitter chat format to discuss pricing industry information in our weekly #PricingChat! Join the conversation Wednesdays at 3:00 PM EST. It's a great way to discuss pricing topics, network with new people and learn new strategies. It is EASY to follow along and chat with us during a #PricingChat! Here are (3) basic steps to participate:  Step 1. Sign up for a Twitter Account - Log on to Twitter.com and create a profile! Add a picture of yourself, or a favorite photo as an avatar, and begin following accounts that peek interest. Personal friends, favorite brands, news outlets, etc. all have a presence on Twitter. Step 2. Follow @Pricing Society  In order to get the best in pricing news, updates, Conference and Workshop details, and of course our #PricingChats, you must follow the Professional Pricing Society Account on Twitter (@PricingSociety). All of the #PricingChat tweets and recaps can be found searching the hashtag #PricingChat. Step 3. Follow Along and Join the Conversation! 
  • Follow as the moderator (@PricingSociety) asks questions to participants. Every Tweet should use the #PricingChat hashtag (#) so that everyone can follow along and search for the content later.
  • Questions are often labeled, (Q1: , Q2:, Q3:, for example) and will include the hashtag (#PricingChat).
  • When answering questions, always include the hashtag (#PricingChat) so others can view the contributions to the conversation.
  • It is OK to greet new people within the chat as they join or "check-in."
  • RT-ing (re-tweeting) the posts of another user within the chat is a great way to show support for a statement or share them with your network of followers. The shares encourage others to participate as the chats are open to the public!

NEXT #PRICINGCHAT: 4.5.18  @ 2:00 PM EST

Peter Drucker said, “what gets measured improves.” It’s a simple concept that becomes infinitely more complicated when dealing with revenue management.  In our experience, regardless of being B2B or B2C, most pricing metrics are underutilized.  The lack of visibility and active management leads to lost sales and profit.  During our discussion, we will cover and answer the questions about revenue management KPIs that every organization needs to evaluate. 

About Featured Expert Avy Punwasse: Avy Punwasee is a founding principal of Revenue Management Labs, a boutique consultancy dedicated to realizing sustainable bottom line improvements through developing and executing innovative pricing strategies. With over 15 years of senior experience spanning pricing, strategy, and analytics, Avy has transitioned from being an in-house practitioner with large companies such as Anheuser Busch InBev, Ford Motor Company etc. to consulting for leading global companies. Remember this is a fun, open space for knowledge, sharing, and learning!

We welcome your thoughts!

Please join us on TWITTER for a NEW #PricingChat!

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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

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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Price Optimization Pricing Chat With BlackCurve

PricingChat with BlackCurve pricing software company on price optimization We chatted "Price Optimization in 2017" with Philip Huthwaite of BlackCurve.com - view the full #PricingChat recap! A new year of #PricingChat content kicked off with the CEO of BlackCurve.com Philip Huthwaite. Philip is by far one of the most enjoyable interviewees we've had and he's a wealth of pricing knowledge! Check out our exchange on Twitter discussing Price Optimization in 2107, how businesses should be using new strategies, which companies are failing, and ways everyone can benefit from optimization. Click the image & link below to view the full #PricingChat RECAP:
About Black Curve:
BlackCurve is a cloud-based price management and price optimization platform, which helps businesses to fine-tune their pricing. Philip has been using software to solve pricing challenges since 2012. Before BlackCurve, he was a Technology Consultant at Accenture, he worked with multinational companies such as The Royal Bank of Scotland, ITV, Royal Mail and EDF Energy. Join us this Spring in Chicago, IL to learn directly from the Pricing experts and obtain your CPP Designation. Learn more by clicking the image below:
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3 Ways CPQ Transforms Pricing Business

The term "CPQ" is tossed around, but we have the pricing tips proven to master the software.
  • What can CPQ do for pricing business?
  • How can pricing businesses avoid quote errors?
  • How can pricing businesses efficiently (quickly) create quotes?
  • How can pricing businesses attract customers with tailored offers using IMPROVED quotes?
  3-2 Configure Price Quote (CPQ) software can aid in core stages within business to set, control and quote pricing. CPQ software typically comes with a price engine that can assist businesses to keep their prices more in line with current market conditions – and to keep abreast of the competition.

CPQ software automatically pulls together all the necessary pricing information, allowing you to produce a quote promptly and accurately. Pricing data becomes streamlined, time is saved - and ultimately, more sales can be made.

It can be applicable in business-to-consumer (B2C) sale interactions, but is more commonly adopted in business-to-business (B2B) situations.

The Configure or configuration element, essentially refers to all the products or services that you want to include in the quote.

3_reasons_why_you_need_configure_price_quote_software

Click HERE to read the full article by Moira McCormick on BlackCurve.com!

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9 Factors That Affect Willingness To Pay

Companies should better understand "customer willingness-to-pay" concepts before starting or negotiating new products. 9 Factors That Affect Willingness To Pay Prices How important is Willingness To Pay (WTP) in business? How can pricing strategies impact the desired result? Below are (9) Factors That Affect Willingness To Pay from our friends at BlackCurve Pricing. The article was originally posted on BlackCurve.com and authored by Moira Cormick. 1. PRICE V. QUALITY EFFECT Buyers will be more willing to pay if they believe that a higher price signals higher quality. 2. UNIQUE VALUE EFFECT If the buyer values the unique attributes of your product they they will be more willing to make a purchase. In a nutshell they value your product above others in the marketplace. 3. EXPENDITURE EFFECT Buyers are less willing to buy an item the higher the total expenditure, both in pounds and pence terms and as a percentage of their income and/or budget. 4. THE EFFECT OF CUSTOMER CHARACTERISTICS Several pricing studies have found that customer characteristics may influence WTP. These differences in WTP may depend on demographic, psychographic, or behavioral characteristics. The demographic variables include age, sex, race, income, marital status, education, and geographical location as well as psychographic variables such as activities, interests, opinions and life-style. 5. ENVIRONMENTAL EFFECT Macro environmental factors such as the overall state of the economy could influence customer willingness to pay. For example in a down turn in the economy the customer's willingness to pay may be lower as compared to a period when the economy is booming. 6. FASHION EFFECT Fashions increase the demand for certain products and services and consequently increase the customer willingness to pay for those products. Helping Pricers Understand Willingness to Pay 7. FAIRNESS EFFECT If the customer perceives the price to be fair in comparison to similar products on the market they will be more inclined to buy. 8. CUSTOMER RESEARCH EFFECT If the buyer perceives that the current price is temporarily lower or higher than it will be in the future this will influence the timing of their purchase. 9. 2-FOR-THE-PRICE-OF-1 EFFECT Or, 3 for 2 effect etc. The buyer wants a bargain of course, to believe they are getting something for nothing. They are statistically less likely to buy a single item than a 'bundle' of items.

CLICK HERE to read the full & original post!

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Types of Change Management Surrounding Pricing Software

Ben Blaney, CPP from PROS shares best types of change management software and benefits for pricers and business. We chatted on Twitter with Ben to gain more insight for integrating these practices. Types of Change Management Surrounding Pricing Software We had a great talk online (Twitter) in a recent #PricingChat featuring pricing expert Ben Blaney, CPP, a Strategic Consultant at PROS. Ben shared valuable lessons on the best ways to ease departments into a new era of pricing software. Read the #PricingChat recap below:
About Ben Blaney: Ben Blaney, CPP, is a featured pricing expert, currently serving as a Strategic Pricing Consultant at PROS. A former Director of Commercial Excellence for ESAB, he was responsible for strategy, execution, and measuring all aspects of commercial excellence. Ben has a Bachelor's degree from the University of Exeter, PRINCE2 and PMP certifications in Project Management and is a certified Lean Six Sigma Black Belt. Ben is a featured speaker at the 13th Annual European & Global Pricing Workshops & Conference this December in Barcelona! Click the image to learn more and register your team This Fall, learn more about Change Management and Pricing during our 28th Annual Fall Pricing Workshops and Conferences in San Diego, California! Learn more about our upcoming Pricing Conferences and register your team by clicking the image or visiting the Conferences section on our website! Continue reading
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