Posts by: Kyle T. Westra

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Checking Assumptions

By Kyle T. Westra December 22, 2017

Pricing is not only numbers, but strongly psychological and emotional. Certain norms emerge that dictate how products and services are sold in different industries. Customers come to expect those norms, whether or not they are necessarily the most economically efficient.

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Innovating the World of Management Consulting

By Kyle T. Westra November 16, 2017

Consultancies, he says, are focusing on lowering costs rather than driving value. “In any industry, when the basis of competition becomes efficiency versus innovation and new solutions, disruption lies on the horizon.”Innovating the World of Management Consulting

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Bundling Products to Help Your Customers

By Kyle T. Westra October 18, 2017

Price bundling typically involves combining two or more discrete products with heterogeneous demand, with the demand for the bundle resulting in higher profits despite it effectively being a discount on each individual product.

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Strategic Consulting as Detective and Diplomat

By Kyle T. Westra July 19, 2017

“Strategy consultant” is a job title that is can mean everything and nothing. It’s no surprise that people have trouble understanding what skills are necessary for a strategy consultant, let alone what the role even normally entails.

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Should You Fight for Market Share?

By Kyle T. Westra May 15, 2017

Market share is not intrinsically valuable. In the world of business, good profit dollars are what has intrinsic value. Profit dollars, earned by serving customers, are the existential purpose of a firm. Anything else is merely instrumental.

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Complacency and Panic

By Kyle T. Westra April 12, 2017

Aspects of both complacency and panic probably sound familiar to most people who have worked at any number of companies. It doesn’t lead to a healthy company, either in its internal operations or its external relationships with suppliers and customers.

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Pricing in the Life Sciences

By Kyle T. Westra March 8, 2017

What is the value a consumer may place on a new drug that softens or even eliminates an otherwise terminal condition? Nearly limitless. That isn’t to say that prices therefore can or should be limitless, but it does underline the fact that price is determined by the value to the consumer, not the cost to the producer.

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Price Isn’t Cost

By Kyle T. Westra February 7, 2017

Once the investment is made, its cost no longer factors into the marginal cost of producing a product. Fixed costs are an important part of a go-or-no-go decision for a company at the onset of production, but should not factor into the price of a product going forward. Fixed costs are sunk costs.

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Pricing Cannabis Gummies

By Kyle T. Westra January 3, 2017

Different consumers care about different things. Some will care that their THC-laced gummies have fewer other chemicals, some won’t. But the ones that do are probably willing to pay a premium for those products. We certainly see that in the organics aisle at a grocery store. Why would cannabis products be any different?

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Five Pricing Best Practices for Organizations

By Kyle T. Westra December 10, 2016

Dedication to understanding its customers makes a company more knowledgeable about the competitive landscape and better equipped to anticipate changing conditions. The entire company feels less insular and more connected to its existential purpose: serving customer needs profitably.

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About The Author

ktw
Kyle T. Westra is a Manager at Wiglaf Pricing. His areas of focus include pricing transformations, new product pricing, commercial policy, and pricing software. Most recently to Wiglaf Pricing, Kyle worked in project management, business systems analysis, and marketing analysis, starting his career in global strategy at a foreign policy think tank. He has extensive experience in ecommerce, sales strategy, economic analysis, and change management. His Amazon bestselling book about how technological trends are affecting pricing and commercial strategy is entitled The New Invisible Hand: Five Revolutions in the Digital Economy. Kyle is a Certified Pricing Professional (CPP). He holds an MBA with distinction from the Kellstadt Graduate School of Business at DePaul University and a BA in Political Science and Economics from Tufts University.