PricingBrew

Insights & Tips

Already a subscriber? Login

Become a subscriber and unlock an information arsenal focused on making your pricing efforts more effective.

5 Skills Worrying Pricing Teams

Here at PricingBrew, we believe that all B2B pricing teams should be focused on the same thing:

Proactively creating the conditions under which better and more profitable pricing outcomes are the natural result.

But while the goal is (or should be) the same for every company, pricing teams can take many different paths to get to that goal.

One of our objectives for our research efforts is to identify what the very best pricing groups are currently doing to move closer to that goal and share that knowledge with others. Then, rather than reinventing the wheel, pricing teams can learn from these examples and, hopefully, put into practice the strategies and tactics that really work.

So what are the skills that leading pricing teams are most focused on improving these days?

1. Analysis — Top pricing practitioners are not only honing their analysis skills to improve pricing — they’re also applying their skills to tangential areas to reveal other profitable opportunities for the company. For example, some groups are helping identify which customers could be buying more. Others are figuring out which customers are showing signs of defection to competitors.

If this kind of analysis would help your organization, check out Using Pricing Analysis to Drive More Growth and There’s More to Profit Than Price.

2. Technology — Years ago, pricing technology required extensive initiatives and a huge financial outlay. But today, price optimization technology has become much, much easier to implement at a very affordable price. As a result, a growing number of companies are deploying these state-of-the-art tools to determine what prices should be. And that frees up the pricing team to concentrate on other, more strategic areas.

If you haven’t yet deployed these new software tools, we have some resources that can help you understand the available options and make smart purchasing decisions. See All About Price Optimization and Making Sense of Pricing Technology.

3. Pricing Intelligence — With worldwide economic factors in constant flux, pricing teams need to understand where the markets and competitors are going so they can prepare themselves and the company for potential changes. It’s not enough to have the right prices today. If you want to remain in business, you need to plan ahead for your pricing needs well into the future.

If you’d like to improve your ability to forecast and plan ahead, watch The Fundamentals of Pricing Intelligence and How to Combat Competitive Pricing Pressure.

4. Influence & Change — Dozens of different elements influence pricing, and the pricing team only controls a tiny fraction of them. You don’t get to decide what products you make or even the final price that customers will pay when the deal closes. And the people who do control those things probably don’t answer to you.

That’s why so many top pricing teams are learning more about change management and techniques to build influence within their organizations. These soft skills are tremendously important — and even if they don’t come naturally to you, they can be learned. To get started improving your skills in this area, listen to the webinars on Boosting the Pricing Team’s Influence and How to Defend Your Prices.

5. Charting Their Long-Term Course — In pricing, it’s easy to get stuck in the day-to-day. But our research has shown that the best pricing teams are thinking about the long term. They are anticipating where the team will be months and years down the road (especially as they focus on delivering on that mission statement.)

The webinars on Developing a Winning Roadmap for Pricing Success and Powerhouse Pricing Teams can help you get started on a similar initiative.

Of course, you need many other skills beyond these five to succeed in pricing. But if you want your team to focus on the areas that top-notch teams think are most important, these capabilities are a great place to start.

Get Immediate Access To Everything In The PricingBrew Journal

Related Resources

  • How to Avoid Sales Compensation Gotchas

    While no variable comp approach is ever perfect, you stand a much better chance when you minimize the unintended consequences. This guide exposes the problems with various schemes and explores potential solutions.

    View This Guide
  • How to Combat Competitive Pricing Pressure

    What's the best way to manage competitive pricing pressure? In this 4-part training webinar, we share 20 strategies and tactics leading pricing teams are using to anticipate competitive moves, minimize their impact, and respond more effectively.

    View This Webinar
  • 17 Customer Insights for More Strategic Pricing

    Having a better understanding of your buyers can help make profitable pricing outcomes the natural result. This guide reveals 17 powerful customer insights that are proven to be beneficial for creating advantageous pricing conditions.

    View This Guide
  • Using Pricing Analysis to Drive More Growth

    Pricing analysis capabilities are usually only focused on pricing. But pricing isn't the only thing the analytical processes and underlying data can be used for. In this on-demand webinar, you will learn how answering other powerful questions can increase your impact and internal profile.

    View This Webinar