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How Machine Learning Works In Pricing - PricingPodcast

In this #PricingPodcast Alex Shartsis of PerfectPricing details how machine learning will impact the pricing industry and improve business. The term "machine learning" is popular within the pricing industry at the moment, but what do pricing professionals need to know? How can this trend translate from a buzzword to improved business for various industries? In this new #PricingPodcast we talked with expert Alex Shartsis to learn:
  • What is machine learning?
  • How does it currently impact companies?
  • Will artificial intelligence soon replace pricing professionals?
  • Where can pricers turn for training?
  • ...and more!

Click the image below to listen to the #PricingPodcast interview:

About Alex Shartsis: Perfect Price was founded by former Drawbridge colleagues, Alex Shartsis and Youngin Shin. Youngin had spent years optimizing billions of ads and search results and was looking for a problem to solve that affected nearly everyone. Alex had led pricing efforts at TripIt, Drawbridge, and other early-stage companies and thought he could do better. Pricing is hard because unlike nearly everything else on the internet, there's no easy way to infer demand from the scattered and often limited information on customers. With a unique understanding of the business challenges and technical know-how, Alex and Youngin built the framework for a first-of-its-kind price optimization solution. The Internet and retail business leaders liked what they saw and became customers and investors even before the company had the chance to incorporate. When their first customer saw a 23% increase in revenue, they knew they were onto something. Visit PerfectPrice.io to learn more information.

Learn more about our Pricing Conference & Workshops event and register to attend by clicking the image below:

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Partnering With Sales Featuring Joanne Smith

In this #PricingPodcast, expert Joanne Smith shares strategies to improve partnering with sales within pricing partnerships. Joanne Smith is a featured Workshop presenter during our Winter European Global Pricing Workshops and Conference in Berlin, Germany. Before sharing exclusive insight with attendees, she shared best-practices to improve price execution in our #PricingPodcast series! Click the image below to listen to the audio recording: 1

**We've transcribed the full audio interview below:

Why is this an important topic that should be considered? J.S.: This topic is so important since most companies that embrace pricing focus on price setting, but that is just half the battle. Price execution is the other 50%. The best price setting does you little good if sales can’t successfully negotiation the price. So it is imperative that pricing work closely with sales to support or guide them in the execution. I continue to see weak execution skills in virtually every business I work with; from highly experienced sales professionals and leaders through pricing leaders & professionals. Unfortunately, so many pricing groups think the execution is the sole responsibility of the sales force and thus they don’t think they need to (or should) get involved. This could not be further from the truth. The pricing group must be the champion for better pricing and that extends through helping to build the pricing skills of the sales force. Furthermore, a pricing person can’t be a valued partner of sales if they don’t understand price execution and have skills to coach or guide sales in difficult price drop or price increase situations. What are some of the biggest challenges to price execution? J.S.: The two tough challenges are 1. how to manage situations where there is high pressure to drop your price and 2. how to successfully manage situations where you are increasing the price. In both of these situations, the customer is pushing hard for the lower price (or lower increase) and competitors are potentially positioning to ‘take your share”. Most salespeople don’t know how to assess their pricing power in these situations and thus they often drop the price far too frequently and much more than they need to. They don’t know how to manage aggressive competitors. In the end, their actions often lead to more price aggressive customers and price aggressive competitors; making their jobs more difficult. What are a few of the key reasons that companies have such low success with their price increases? J.S.: Most companies only achieve about 30% of their price increase targets. It doesn’t need to be that low and with good skills, they can greatly improve (double or triple their success). There are a number of reasons why companies have such low success, and unfortunately no silver bullet to fix these issues; it takes a combination of skills to turn things around. But, the top two high-level reasons for low success are 1) mindset and 2) execution skills. Mindset gets into things like the culture being so volume focused that they are afraid to risk any volume loss, to sales not having the courage and conviction to really ‘sell’ their price increase. The lack of courage and conviction often stems from their lack of strong price execution skills. Once you enhance the skills the mindset shifts occur and your performance greatly improves. What was your experience when you ran DuPont’s Marketing and Pricing Group? Was execution a key issue? J.S.: Absolutely! Nearly every business believed that had highly experienced salespeople who had repeatedly tried to improve price but their highly competitive environment made it too difficult to raise (or sometimes even hold) price without losing their volume. They and their leaders were amazed at their success when they started to use best practices for pricing execution. They learned (then demonstrated) that their own actions & behaviors could influence the market in a very positive way. What makes this workshop unique or different from other workshops on pricing execution? J.S.: When I ran DuPont’s Corporate Pricing, I evaluated numerous externally available pricing and negotiation courses looking for the best course to train our sales and pricing professionals. This course combines some of the best of these courses but I have also added several powerful modules and exercises (and modified others) to make it more practical, easy to understand and quite relevant to the sales force. I want folks confident to immediately start using their new knowledge to make better pricing decisions. What approaches do you use in this workshop? J.S.: Think fun and practical. This course is loaded with games, exercises and real-life examples that focus on very practical advice. Advice that can be immediately applied. There are take-home tools to help reinforce the key messages and improve price drop decisions. It is fast-paced and fun, but most of all practical. Have you offered this course in the past? If so, what was the participant’s response? J.S.: Yes, I have offered this course, or a similar version, a number of times. Typically I am offering internally to a company’s sales & pricing groups but this is the first time that I am offering it at the Spring Pricing Workshops & Conference - (#PPSCHI18). I have always gotten outstanding feedback for this course, in fact, a few experienced sales leaders have even said it was the best course of their career.

**You can hear directly from Joanne Smith during the Spring Pricing Workshops and Conference event in Chicago, IL 2018!

(Click the image below for registration details)

Follow @PricingSociety across social media for the latest pricing information in real-time!

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Mastering Service-Parts Pricing With Jason Philip of Syncron

Goodbye Spreadsheets, Hello Profit Margins: Mastering Service-Parts Pricing

Listen as Jason Philip, Syncron’s Head of Expert Services shares how companies can master service-parts pricing to boost revenue in this #PricingPodcast

Leading manufacturers from around the globe are now optimizing their service parts pricing to deliver dramatic improvements to the top and bottom lines. Jason Philip of Syncron details how the right price, for the right part, in the right market, can drive service parts revenues up by 5 percent, while driving gross profits by 7 percent!

In this #PricingPodcast, listeners will learn:

  • Why service parts pricing is becoming the new profit lever
  • How leading companies are using service parts optimization to improve company performance
  • The quantitative and qualitative benefits of service parts price optimization

Click on the image to listen to the #PricingPodcast:

Pricing Podcast: how to master service-parts pricing About Jason: Jason Philip is responsible for implementing Syncron’s pricing solutions for the company’s customer base, working in global and complex environments. He has implemented solutions around the world, including North America, Japan, Jordan and Europe. Prior to joining Syncron, Jason was a product manager and designer for PTC (previously Servigistics). He received his Master’s Degree in Industrial Engineering from Georgia Tech in 2010.   To hear more incredible speakers and to learn pricing strategies directly from the experts, register for the 29th Annual Fall Pricing Workshops and Conference event in Dallas, TX! Continue reading

Pricing Done Right: Podcast With Tim Smith

Pricing Done Right - A Talk With Dr. Tim Smith, CPP

Pricing is so much more than putting numbers on quotes or associating them with products. Pricing includes aligning one's pricing strategy their business strategy, defining a competitive price reaction plan, setting target prices, managing price perceptions, managing price discounts, and executing all of this with accuracy and speed.

How do leading organizations get all of this right?

Click the image below to listen to our talk with Dr. Tim Smith, CPP "Pricing Done Right"

Pricing Podcast with pricing expert Tim Smith PhD About Tim Smith:

Tim J. Smith, Ph.D., CPP is the founder and CEO of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University, and the author of Pricing Strategy and Pricing Done Right. Pricing Done Right has been called “essential reading” by CEOs. Pricing Strategy has been described as “the most comprehensive pricing strategy book.” Tim began his career in quantum mechanics before his interest in transferring technological advances to societal implementations led to pursuits in business strategy. His focus on pricing is a natural culmination of his deep love of mathematics and lifetime enjoyment of selling.

Tim is a featured presenter during the Fall Pricing Workshops and Conference event in Dallas, TX!

Click the image to learn more & register for the #PPSDALLAS18 Pricing Workshop with

Dr. Tim Smith, CPP

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Executive Support For Pricing Transformation

Pricing Podcast: Executive Support For Pricing Transformation In this #PricingPodcast Adele McLean, VP of Holden Advisors shares the methods to secure Executive support in your pricing strategies. Experience proves that successful businesses depend on Executive support, yet, particularly within the pricing industry, Executives often don't understand the organization's metrics. Pricing professionals must implement value capture appropriately in order to maximize the results. In our new #PricingPodcast, we chat with Adele McLean, Vice President of Holden Advisors, to uncover the best ways pricing professionals within the organization can receive the mindshare deserved... and bring home the pricing bacon. Better known as profit. Click the image below to listen to the #PricingPodcast: Pricing podcast with pricing expert Adele McLean, Vice President of Holden Advisors About Adele:

Currently, Adele McLean serves as the Vice President of Holden Advisors. In this role, she leads teams in the development of pricing and sales solutions that result in improved price realization, shorter sales cycles, and increased revenue. In addition, Adele facilitates world-class programs with global sales teams to transform price negotiations and level the playing field with procurement. Under Adele's leadership, companies have experienced significant profit gains and improved performance results. She specializes in sales operations, supplier management, supply chain management, product pricing, process integration, and change management.

Previously, Adele McLean was Vice President of Business Operations and Vice President of World Wide Sales for Western Digital. She has held leadership positions in finance, operations and sales positions at IBM, Seagate Technologies, and Avaya. She received her Bachelor of Science in Business Administration and her master’s degree in Accounting from the University of North Carolina at Chapel Hill.

We're hard at work planning the upcoming 29th Annual Spring Pricing Workshops and Conference in Chicago, Illinois!

Click the image below to learn more & REGISTER TO ATTEND!

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"Quote-To-Cash" PricingPodcast With Michael Dunne of Apttus

In this #PricingPodcast episode, we learn fundamental strategies to improve "Quote-To-Cash" pricing with Michael Dunne, of Apttus! Dunne's strategic focus includes the automation of quote-to-cash processes, ways to innovate business practices through pricing analytics, intelligence, and guidance for innovative business practices. Listen to the interview and take-away tips to improve quote-to-cash pricing that can improve your business! Click the image below to listen to the #PricingPodcast About Michael Dunne: Michael Dunne is director of product marketing at Apttus, responsible for the company’s CPQ and digital commerce solutions. Dunne has appeared as a featured speaker during our Annual Pricing Conferences and Workshops hosting full sessions on CPQ/Sales Operations Tracks, namely "Pricing Excellence Through Quote-To-Cash". For sixteen years he was an analyst and Vice President at Gartner, the leading information technology research firm. While at Gartner he covered price optimization, CPQ, CRM, sales effectiveness and sales performance management technologies. He also worked as senior vice president at Creative Executions, a marketing and sales consulting firm. Thank you to Michael Dunne for lending expertise in another edition of our #PricingPodcast series!   Learn from more leading industry experts and take advantage of our educational Workshops during the 28th Annual Spring Pricing Workshops and Conference in Miami, FL!   Registration is OPEN! Continue reading

Stephan Liozu Talks Value-Based Pricing

We're back with another #PricingPodcast - this week Stephan Liozu talks Value-Based Pricing in business! We chat with pricing expert and author Stephan Liozu, and he answers some of the more popular questions surrounding Value-Based Pricing including,
  • What is value-based pricing?
  • Why is it more than a pricing strategy?
  • How can companies deploy new strategies and who should be involved?
  • How can companies gain a jump start?
Listen to Stephan Liozu discuss value-based pricing strategies for business and how to successfully implement to see results. (Click the image below for the #PricingPodcast) Stephan Liozu #PricingPodcast April About Stephan: Stephan Liozu has over 20 years experience in business, working for both Fortune 500 companies and family-owned businesses. He specializes in crafting and designing unique innovation and business strategies leading to differentiated business models. Liozu moderates brainstorming, mind mapping and creativity sessions with executives, partners and customers to generate ideas, value models, value propositions and innovation strategies. Liozu holds a MBA in Marketing from Cleveland States University (1991), a European Master degree from Toulouse IAE School of Management in France with a major in Innovation Management (2005) and attended The General Management Program (TGMP) at Harvard Business School (2005). He earned a Ph.D. in Management from The Weatherhead School of Management at Case Western Reserve University. Liozu is a frequent guest lecturer at Business schools and Universities around the world, often teaching innovation, pricing and value management, leadership approaches and global business strategies. Click to learn more.   Stephan is a featured Workshop Speaker during the 28th Annual Pricing Workshops and Conference in Miami, FL May 2-5 2017! Stephan Liozu will lead a Workshop during #PPSMIA entitled: "Dollarizing Differentiation Value" Register & book rooms for your team today!

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Pricing Expert Interview With Joanne Smith

We're proud to present an exclusive interview with pricing expert Joanne Smith in our #PricingPodcast series! Joanne, President of Pricing to Profits Consulting talks with PPS about her consulting career, leadership in pricing, CPP designation, and change management. As an author and former Head of Marketing for DuPont, Joanne Smith's interview is full of great information for business professionals in various industries.

Click the image below to listen to the #PricingPodcast:

Joanne Smith Podcast April About Joanne: Joanne Smith is the President of Pricing to Profits Consulting, author of The Pricing and Profit Playbook (Bradley Publishing - October 1, 2013), and the former DuPont Corporate Head of Marketing, Pricing, and Customer loyalty. A senior marketing and business executive, Joanne has broad and diverse experience leading B2B marketing, pricing, business development and customer loyalty initiatives, generating millions of dollars to bottom lines in multiple industries, including chemicals, industrial, polymers, food/nutrition, agricultural, automotive, safety, and electronics. Joanne is an expert in pricing and profit management and transformation, product management and development, cross-functional collaboration and leadership, business transformation and change management, customer loyalty initiatives, B2B marketing strategies, marketing and customer segmentation, and team leadership. She achieved her bachelor’s degree from Drexel University and completed advanced Marketing and Sales courses with the Kellogg School of Management Program. She is a certified Six Sigma Champion.

Joanne Smith is a featured Workshop Speaker during #PPSATL17

The Summer School For Pricing Workshops Event in Atlanta, Ga!

(Click The Image To Learn More)

Register your team to attend! Thanks to Joanne for a great interview and pricing shares! Catch up on our new podcasts featuring interviews with leading pricing professionals! Continue reading

Monetize Your CPQ Investment - PricingPodcast

In this #PricingPodcast expert Lydia DiLiello shares how to increase revenue and profit generation from CPQ (Configure Price Quotes) investments. Learn how to master this pricing strategy for your business.

"How to Monetize Your CPQ Investment" with Lydia DiLiello!

Click the image to listen:

About Lydia: Lydia Di Liello is the founder and principal of Capital Pricing Consultants L.L.C. a Revenue Management consultancy dedicated to improving profitability for its clients. She brings more than 22 years of global revenue management, pricing expertise and business leadership experience to her clients.

Spending her corporate career in B2B, Di Liello’s experience working in 16 countries with global Fortune 500 companies and mid-size privately held firms provides a breadth of knowledge and an understanding of the unique challenges her clients face. Her leadership roles have included manufacturing, pricing and procurement. Di Liello earned her MBA from The Youngstown State University and is a prominent member of the Professional Pricing Society Board of Advisors and regularly presents at Conferences. She also frequently contributes to pricing industry publications including The Pricing Advisor, Pricing Brew and The Journal of Professional Pricing.

To learn more about CPQ, sales strategies, as well as hear more from Lydia in-person, join us in Miami, FL May 2-5th at the 28th Annual Spring Pricing Workshops & Conference! Lydia will host the CPP Workshop "Pricing & Selling: Strategies and Tactics to Win With 21st Century Procurement."

Register your team TODAY! We'll see you in MIAMI this Spring!

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