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Pricing Success: Forge Ahead or Fade Away

Have you ever stopped to consider how much more doctors know now than they did when your grandparents were young?

According to one study, in 1950, the volume of medical knowledge was doubling about every 50 years. By 1980, science was moving so much faster that medical knowledge was doubling every 7 years. And in 2020, medical knowledge was doubling in just 73 days.

With so much never-ending change, physicians can’t afford to stop learning. We expect them to be constantly updating their skills so that they can provide the best care possible.

In the pricing profession, the stakes are admittedly much lower. Lives are rarely on the line (though you could easily argue that many people’s livelihoods depend on you doing your job well). However, the rate of change is similar.

Pricing is still a relatively new function. People are discovering new principles and developing new philosophies all the time. And new technology, particularly machine learning and other advanced analytics, are pushing the boundaries of what is possible. Things that we weren’t even imagining five or ten years ago are now commonplace.

Because the B2B pricing space is changing so rapidly, you really can’t be good at your job unless you are investing in continuing education.

It’s not enough to rely on what you’ve learned in the past — even if you’ve got an MBA or even a doctorate in a business-related field. You need to be investigating the latest trends and hearing from other professionals about what is working (and what isn’t).

The best B2B pricing teams create a learning-focused culture where education is a part of the regular weekly schedule. Team members are expected to be intentional about improving their knowledge and sharing it with the rest of the team. Many choose to include educational measures in employee goals and hold team members accountable for meeting those goals.

Unfortunately, discovering the latest pricing best practices can be difficult. The field is diverse, and information sharing among different companies is rare. Very few websites and journals focus solely on pricing. Instead, the new developments in the pricing arena are scattered throughout business publications, where they are hard to find.

That’s a big part of the reason why PricingBrew exists. It gives you access to the latest and greatest pricing knowledge without requiring you to do the hard work of scouring the Internet or maintaining connections with hundreds of other pricing colleagues.

If you or a colleague are just getting started on your continuing education journey, some of the most popular resources on PricingBrew are probably a good place to start:

  • Getting the Most Out of Price Segmentation delves deep into one of the most fundamental concepts in pricing. It offers a thorough grounding in the basics before digging into the latest techniques for optimizing and improving your model.
  • Making Sense of Pricing Technology cuts through the confusion and myths to help you understand the various types of pricing tools and how they can help you. It includes a diagnostic tool for assessing your needs and evaluation criteria to help you select the right vendor.
  • Developing Pricing Leaders highlights some proven approaches for transforming average team members into veterans capable of managing a team. It examines the skills and qualities pricing leaders need and offers practical suggestions for incentivizing team members to take charge of their own development and advancement.

No matter how much you know about pricing, you always have more to learn. And with PricingBrew, you’ll have all the latest and greatest knowledge at your fingertips.

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