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Kevin Mitchell To Speak During ACCELERATE 2016

Industry - Kevin Mitchell - LinkedIn Our friends at Apttus are hosting the ACCELERATE Conference April 12-14th 2016 in San Francisco and PPS President Kevin Mitchell is a featured Speaker! On April 13 at 4:25 PM Kevin Mitchell will present:

"The Rise and Impact of Pricing Excellence In The Communications, Media, & Financial Service Industries"

When it comes to pricing, companies across diverse service industries share common challenges as well as universal truths. Communications, Media, and Financial Services companies have become increasingly focused on optimizing pricing decisions and revenue management processes to drive innovation and maximize profitability. In this session, learn about the basis of pricing decisions, such as customer value and willingness to pay, and how your business can “creatively borrow” pricing strategies from different industries to succeed.

Attendees will gain knowledge on the pricing strategies exclusive to these industries from a leading, global expert.

Interested in attending? We have an exclusive discount code for the first 10 readers that email after reading this post! Simply send an email to Meagan@PricingSociety.com, mention this blog post and reading about Kevin Mitchell's upcoming presentation, and we'll make sure you receive a special PPS discount to the ACCELERATE Conference!* Join PPS this May in Illinois during the 27th Annual Spring Pricing Workshops and Conference! Registration is open and rooms are going fast! Chicago Banner #PPSCHI 2.0 Continue reading

Kevin's Corner - Why NOT Pricing?

1 copy "What is pricing?!" "How does pricing work with my business structure?" Pricing opportunities are everywhere, yet they sometimes seem to be completely ignored when they could easily make or break a business. Everywhere I look, I see these opportunities. My dry cleaner uses pen and paper for its order tracking system, and I wonder why they don’t offer price/product differentiation. Instead of a single price offered to get clothes dry cleaned, they could offer a tiered service at a premium. My gym next door is usually empty on weekdays at 10am, so they could offer a weekday 8-5 membership at a discounted rate. Consider the travel industry, where PROS has many airline, hotel and cruise customers. Larger hotels leverage revenue management solutions to better their business, but boutique hotels can take advantage of this too. Online travel agencies or global distribution systems all have access to these boutique hotels’ inventory information. Why haven’t they offered to handle their revenue management needs for a fee? There are many opportunities within various industries to leverage the power of pricing solutions, but many do not. Why? A primary reason is the concern about complexities of pricing education. That can be quelled with knowledge about education offerings and the many available pricing solutions. Small changes in price can lead to huge increases in profitability, which has been demonstrated and well documented numerous times. What is the risk involved in offering a better product at a higher price? You can also estimate the potential gain from offering speedier dry cleaning services for a fee by gathering information about customers who request quicker turnaround times. In the case of the gym membership, it should be very easy to observe from check-in data that your gym floor is fairly empty on weekdays. Understanding the value in mitigating risk may require investing in new technologies and pricing education, but the investments reap large rewards in the end (revenue increase). Companies only need vision, a continued interest in the changing technologies and data analysis, and the understanding that pricing is a critical component in business success. How is your company levering the power of pricing? Leave us a comment below! About Kevin Mitchell: Kevin Mitchell is President of The Professional Pricing Society (PPS) and Publisher of The Pricing Advisor monthly newsletter and the quarterly Journal of Professional Pricing. Kevin is a frequent speaker at pricing conferences and events in North America and Europe, where he often discusses trends and demographic changes within the pricing discipline. Before joining PPS in 2007, he worked for 11 years in various financial management fields with Colgate-Palmolive and General Electric. He earned an MBA in marketing from The William E. Simon Graduate School of Business at the University of Rochester, and a B.A. in economics and english from Duke University. Mitchell resides in Atlanta. His hobbies include music, cooking and sports. Continue reading

3 Ways Companies Overlook Pricing

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Everyone in business knows it’s all about maximizing profits. And nothing has as much potential impact on the bottom line than smart pricing; the majority of incremental revenue from a price increase flows directly to the bottom line. Indeed a one percent increase in price for most companies often results in a 10% or greater increase in profits. Yet most companies fail to give pricing consideration the time and dedication needed for optimum effect. We believe there are three reasons why many companies give pricing decisions insufficient attention:
  1. They often wrongly believe there is not much flexibility in price decision making; that they need in almost all cases either to match competitive pricing or mark-up a fixed percentage from cost of goods to meet pre-set gross profit goals. Many companies have a built-in inertia and resistance to innovative pricing thinking, as well as a lack of awareness as to what tools and techniques are available for measurability and smart decision-making.
  2. Companies with strong sales-driven cultures often, by default, place paramount importance on revenue and unit volume to the detriment of profitability. This is typically because sales quotas are based on revenue and volume, not profitability. Sales people can often aggressively push through their points of view in the absence of a smart strategic-pricing dialogue.
  3. Consumer marketing thinking infects B2B pricing decisions. Many firms in all types of industries recruit marketing talent from large “academy” consumer marketing giants. These companies typically market commodity products like soap or diapers with unique brand narratives. These high turn, heavily advertised products generally are more sensitive to pricing swings and operate in a more complex environment involving coupons, premiums etc. It’s a far different world than most B2B environments, and the pricing experience to higher ticket or service businesses may not translate well.
So what can be done to create the right environment that will support optimal pricing decisions in B2B companies? It begins with leadership from the top, of course, and a good place to start is with the creation of a senior position dedicated to pricing strategy. Some firms already have this position, but a high majority of companies with under $500 million in sales don’t. This person would make himself knowledgeable on the very latest pricing tools and strategies, and serve as a counterpoint to the three pitfalls noted above. Enrollment in regular pricing industry conferences — such as those produced by the Professional Pricing Society — is a good place to start. There the pricing executive could share experiences with hundreds of other dedicated pricing professionals and become well versed in leading-edge diagnostic tools that can monitor the impact of pricing changes in real time. He or she could also learn how to segregate different market segments for optimal pricing and profitability. And perhaps most importantly he could learn interpersonal tactics on how to change corporate culture with regard to pricing, without ruffling too many egos. Short of attending a conference there are webinars, case studies and white papers to be devoured and digested. Pricing is too important to get passed over. While some companies have more latitude than others, you don’t have to have the brand cache of an Apple to get the maximum value for your products. What’s needed first and foremost is a respect for the benefits of an optimal pricing strategy, a curiosity for the latest pricing tools, and the willingness to affect change in your company. Paying attention to pricing can have a profound effect on profit, without the cost or risk of adding new product lines or entering new markets. About Kevin Mitchell Kevin Mitchell is President of The Professional Pricing Society (PPS) and Publisher of The Pricing Advisor monthly newsletter and the quarterly Journal of Professional Pricing. Kevin is a frequent speaker at pricing conferences and events in North America and Europe, where he often discusses trends and demographic changes within the pricing discipline. Before joining PPS in 2007, he worked for 11 years in various financial management fields with Colgate-Palmolive and General Electric. He earned an MBA in marketing from The William E. Simon Graduate School of Business at the University of Rochester, and a B.A. in economics and english from Duke University. Mitchell resides in Atlanta. His hobbies include music, cooking and sports. Continue reading

Kevin Mitchell's Radio Interview On The Soul Of Enterprise

1 copyPresident of the Professional Pricing Society Kevin Mitchell, appeared on The Soul Of Enterprise Radio Show for a special radio interview about enterprise within the Pricing industry.

Click the link to hear the FULL interview:

http://www.voiceamerica.com/show/2347/the-soul-of-enterprise-business-in-the-knowledge-economy                                             A bit more aout PPS President Kevin Mitchell: Kevin is the Publisher of The Pricing Advisor monthly newsletter and the quarterly Journal of Professional Pricing. A frequent speaker at pricing conferences and events in North America and Europe where he often discusses trends and demographic changes within the pricing discipline, he's worked for over 11 years in various Financial Management fields with Colgate-Palmolive and General Electric. Kevin holds BA degrees in Economics and English from Duke University and an MBA in Marketing from The William E. Simon Graduate School of Business at the University of Rochester. Since joining PPS in 2007, he resides in Atlanta, Georgia, USA and enjoys music, cooking, and sports. Check out The Soul Of Enterprise show and their LIVE interviews every Friday on VoiceAmerica.com  (#VoiceAmerica). Learn more about the interview series by visiting TheSoulOfEnterprise.com. Continue reading
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