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5 Skills Worrying Pricing Teams

Here at PricingBrew, we believe that all 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 Optimizing Pricing Operations 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.

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