Archives posted in: Pricing
It is past time for Corona to raise prices in response to trucking cost inflation, but will competitors follow? The cost hits everyone. Someone needs to lead and then all others should fast follow.
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At some point, we must separate hype from reality. Concurrently, we can also reduce confusion created by terms like “data scientist,” “wisdom of crowds,” and “machine learning” with clarity and plain language.
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In my upcoming book, preliminarily titled The New Invisible Hand, I’ll explore the most important technological trends affecting pricing and commercial strategy. One chapter will focus specifically on this issue: unpacking the promise and perils of dynamic pricing.
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What is not stated is “pricing transformation is a software implementation.” Pricing transformations do not require software. Changing routines, the way people work, and the goals of their effort may benefit from software and software may support the cultural change, but new software is not fundamentally required.
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Software is good at automating repeatable processes, but that doesn’t make them the right processes. Doing the wrong thing efficiently isn’t the same as doing the right thing. There’s a reason that Peter Drucker wrote about the effective, not the efficient, executive.
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On the other hand, getting people to open up their wallets and pay for a service, especially if they’ve become accustomed to using it for free, is hard. That’s true for pay-only services and it’s also true of the attempt to split the difference between free and paid: freemium.
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If you find yourself in this situation, reducing price can help to clear existing inventory but it will not solve the fundamental problem of lacking a product that people want. Better to preserve what profits you can and invest them into developing a product that addresses a customer need.
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Not only will the American economy be hurt, these actions by an American President with very limited knowledge about economics, will affect the economies of many nations.
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A good pricing decision is two-fold: One defines an aspirational list price and a commercial policy that deducts from this list price known discounts, which lead to the expected target prices by customer segment and perhaps channel.
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If you can successfully explain why implementing a value-based pricing strategy will be instrumental in moving your company towards their goals and targets, you should be in a pretty good position to get buy-ins.
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