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PPS Blog

Infusion: A New Initiative For Diversity In Pricing

PPS proudly rolled out a new initiative in Fall 2017 focused on diversity in the pricing industry, Infusion. We heard the strong request from our Professional Pricing Society Members to create a more inclusive space to discuss initiatives and issues surrounding diversity in the growing pricing industry. Infusion was created to foster diversity and inclusion in Pricing and help women and minorities develop fulfilling careers in Pricing. We held an inaugural Infusion Luncheon during the 28th Annual Fall Pricing Workshops & Conference event in San Diego. Organized by pricing industry leaders and executives at their perspective companies, Hillary Gretton (BD), Susanna Lopez (Medtronic), and Nolwenn Godard (Paypal), the women led a panel discussion around the need for the Infusion space within the pricing industry to further encourage professionals to achieve no matter their unique challenges.

CLICK to View Infusion video clips in the playlist on our Facebook Page

As this new initiative forms, we are depending on the feedback of our pricing community to make it the best and most valuable to members it can be. Interested in learning more or participating in fresh Infusion initiatives next year?

CLICK HERE to join the PPS Newsletter List for more information.

For additional questions about the formulation of Infusion, please contact our Director of Education and Certification Michael Tattonetti:

Michael@Pricingsociety.com

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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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Membership Has Benefits

Happy and successful team of colleagues sitting together to work out business plansIn today’s touch-and-go economy, it’s difficult to imagine anyone not investing in their professional future. Those that are treading water in their occupations are trying not to drown, and many people are scrambling to keep the jobs that used to pay exponentially more, only 5-10 years ago. The market is flooded with workers who will work cheaper and longer than you, and the reality is there aren’t as many jobs as there were before. Gone are the days that a college graduate starts and works for a company for 35 years, retires, and receives a gold watch; Forrester Research predicts the average person will now hold twelve to fifteen jobs in a lifetime! These concerns often raise questions and concerns about the future. For example, how can one increase value as an employee? Or, how can employees sell themselves as an asset to potential new employers? With a new graduates emerging into the marketplace each year, challenges will likely increase, forcing the business professional to find new ways to stand out. PPS membership is a way to distinguish amongst peers as a dynamic expert in your field! Take advantage of the opportunity to connect with other pricing professionals, take exclusive courses from pricing experts, and even receive a CPP Designation. There is also:
    • Access to Journals
    • Monthly Newsletter
    • Discount rates during Pricing Workshops and Conferences throughout the year
WATCH our Membership Manager Cherica Span share more information on Perisocpe: PPS Membership Image 1.0

We'd love for you to become a member!

Sign up your team to start the new year off with all-NEW professional development! For more information on starting a career in pricing, visit our MEMBERSHIP PAGE. Continue reading

Announcing NEW CPQ Tracks During The Fall Pricing Workshops And Conference

#PPSSF PR & Membership Special (1)

The Professional Pricing Society Launches “Biggest and Most Comprehensive” Pricing Conference Ever During The Fall Pricing Workshops & Conference In San Francisco, California

Annual Fall Conference Event, October 20-23, 2015

Marietta, Georgia -The Professional Pricing Society (PPS) is pleased to announce a new educational Track offering during the 26th Annual Fall Pricing Workshops & Conference in San Francisco, California. The Sales Operations / Configure, Price, Quote (CPQ) Track, will highlight the challenges and benefits impacting Sales and Sales Operations utilizing CPQ software. Track Offerings Include:
  • Accelerate Pricing and Quoting Excellence with Elliott Yama, Vice President, Apttus Corporation
  • Pricing and CPQ Transformation: Combining and Sequencing of Two Initiatives with Joseph Lackner, Partner – Advisory Services, Ernst & Young LLP
  • Crossing the Great Divide, Perspectives from a Sales Executive that Deployed Pricing Technology and Turned Pricing into a Career with Kevin Wholey, Sr. Vice President Americas Sales, PROS
  • Building Successful Deals Desks with Amit Dhir, Director, PwC
This will be PPS’s largest conference - loaded with interactive workshops and keynote presentations from world-renown pricing and revenue management experts. This year features a Pricing for Executives Summit with presentations from a variety of industry leading thought leaders. “I have attended more than 20 PPS conferences. If you are in pricing and don't go to PPS (conferences) you may be missing the one contact or the one idea that will literally transform your company or your career.” -Previous attendee, Augustin Manchon

We're ALSO offering 3 Months of FREE PPS Membership!

For a limited time, we are extending a SPECIAL OFFER! Become a PPS member and your annual membership will be extended to 15 months for the price of 12 months! That’s an additional 3 FREE months, or 25% savings! ACT NOW as this special promotion is available only until 31 August 2015! Membership Benefits Include:
  • Access to all live and on-demand webinars
  • PPS’s monthly newsletter & quarterly journals filled with exclusive pricing content
  • Members-only discounts to our conferences across the globe
  • Cutting-edge continuing education & training
  • Networking opportunities with peers in your industry
To become a member please visit: http://www.pricingsociety.com/home/become-a-member. Once you have joined, please send us an email and include the promotional code - PPST3. All members are added to our database to receive up-to-date pricing information and communication. Become a member of The Professional Pricing Society - one of the best decisions for YOUR career! For more information please visit PricingSociety.com. Questions: contact Cherica Spann - 770.509.9933 or cherica@pricingsociety.com. Continue reading

5 Benefits of Obtaining A CPP Designation

CPP Designation Image Our Certification Workshops & Online Course offerings are the foundation for the Certified Pricing Professional (CPP) designation. The multi-stage training curriculum is designed to support, educate and elevate the global pricing professional. The CPP program, has grown to become a mark of distinction for pricers worldwide, improving their knowledge and careers! Below are the Top 5 Benefits of Obtaining CPP Pricing Education:
  1. Learn Best Practices From Top Pricing Experts - Our faculty roster boasts the top minds in the business industry. All of our offered courses and course materials are based on industry best practices, extensive applied experience and practitioner success stories.
  2. Comprehensive Pricing Training - We offer courses that provide cover brad fundamental pricing strategies and others that provide in-depth studies of more advanced area topics. All of our materials are designed to equip departments and teams with the tools and concepts that will surely improve profitability.
  3. Develop Internal Pricing Culture - Learn to orient your employees and teams to the best pricing practices and help instill a structured approach to pricing within your company by creating a powerful internal culture of like-minded pricing experts!
  4. Rigorous Certification Process - In addition to earning 6 credits by successfully completing workshops and/or online courses, participants must go through a rigorous certification process that includes a study guide, online preparation sessions, and ultimately a CPP Accreditation Exam. The 4-hour comprehensive exam is just one of the many reasons a CPP certification is the most respected pricing credential in the world!
  5. Bring Your Pricing Function In-House - Your firm knows its product offerings, services, and strategies better than any external consultant. Empower your organization or business with the knowledge to improve and increase profits, minimize revenue leaks, and ultimately save on outside fees.
Any questions? Email:  cpp@pricingsociety.com or call 770.509.9933 Continue reading
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