In the on-demand webinar, Powerhouse Pricing Teams, we explore some of the traits, behaviors, and mindsets that are common across many of the most successful B2B pricing groups. As one might expect, these powerhouse teams are guided by a very different set of perspectives and philosophies on virtually every aspect of pricing in a B2B environment.
For example, consider their perspectives on “managing” pricing…
Truth be told, some B2B pricing groups seem to view themselves as an administrative function. Years ago, their company may have worked with a consulting firm to establish some basic pricing processes and practices where none had existed previously. And ever since, the pricing team has viewed their job as being about “managing” these processes on a day-to-day basis to ensure their timely and efficient execution.
In sharp contrast, powerhouse pricing teams know that B2B pricing is still evolving and that new “best practices” are being established every day. As a result, they aren’t content to simply manage or administer existing pricing processes and practices. They are constantly tweaking, improving, and optimizing their approach. And, they are always on the lookout for new innovations that could effectively render their current pricing processes and practices obsolete or unnecessary.
It’s an interesting dichotomy…with alarming ramifications…
On one hand, there are pricing teams who seem assume that practices and processes established years ago are still “best in class” somehow. They seem to assume that their existing approach is so good and so effective that proper management and administration is all that’s required to remain competitive in the marketplace.
On the other hand, powerhouse pricing teams are so far ahead of their competitors and peers that they could actually afford to slip into “administrative” mode for a while, secure in the knowledge that others won’t be catching up anytime soon. But because they just aren’t wired that way, these powerhouse teams will continue to innovate and improve.
This dynamic suggests that the capabilities gap that currently exists between the powerhouse pricing teams and everyone else is destined to grow even wider over time—i.e. the teams that are already well-ahead of the pack are just going to keep swimming, while everyone else just continues to tread water.
There are, however, some fairly straightforward steps you can take to change your situation and narrow the pricing capabilities gap:
- View the Powerhouse Pricing Teams on-demand webinar. Learn all you can about the traits, behaviors, and mindsets that really set these pricing teams apart. Then, work hard to emulate and apply them in your situation.
- Study the New Benchmarks for Pricing Excellence in B2B report. Learn all you can about what’s actually possible today, what other pricing teams have been able to achieve, and just how high the bar has now been set.
- Take The B2B Pricing Capability Self-Assessment to see how your strategic and tactical pricing capabilities really stack up. Identify and prioritize the areas that need to be developed and enhanced. Then get to it!
And above all, you need to recognize that B2B pricing is a relatively new area that continues to develop and evolve. As a result, there’s no such thing as pricing capabilities that are “good enough” to simply warrant management and administration. In 25 years, the situation may be different…but right now, we’re not even close.