Recently, a friend shared a story about his son, who, as a freshman, has secured a place on his school’s varsity baseball team. The young player was expressing frustration over the coach’s constant guidance and corrections. “He doesn’t pick on the other catchers this much, even though they make just as many mistakes! Coach just doesn’t like me. He even made me do extra practice with an alumnus who played in college.”
The adults overhearing this conversation chuckled, understanding that this extra attention from the coach was actually an indication of his potential. Similarly, as a pricing leader, you too need to identify the high potential members in your team and give them the extra attention and resources they need to develop and grow.
But, of course, it begs the question: How do you identify high-potential team members in the world of pricing?
You’re looking for future leaders, individuals who can guide and inspire teams. Based on our experience, you should be on the lookout for three types of individuals:
- The Go-Getters: These team members are proactive and ambitious. They are usually the first ones to step up when there’s a new project or a challenge. They don’t wait for instructions but identify areas of improvement and are eager to take initiatives. They are extroverted, vocal about their career aspirations, and easily identifiable.
- The Advisors: Good leaders aren’t necessarily the loudest in the room. Some of your potential leaders could be those who excel at helping others and are often sought out for advice. They may be more seasoned or simply have a knack for problem-solving. Identifying these individuals might take a bit more observation and understanding of team dynamics, but it’s definitely worthwhile.
- The Dark Horses: These are team members who may not see themselves as leaders, often due to misconceptions about what leadership involves. They might be quieter and less noticeable but could possess valuable skills that, with some encouragement and guidance, could be channeled towards leadership roles.
Once you’ve identified these high-potential team members, the next step is to foster their development into effective leaders. To assist with this, we recommend the webinar on Developing Pricing Leaders. It provides valuable advice on creating impactful career paths and encouraging team members to take responsibility for their own growth.
Also, be sure to check out Advancing Your Career in Pricing. This resource provides insights on managing your own career growth and can be beneficial for those looking to boost their team’s development.
Just as not every player on that baseball team will go on to play in college, it’s unlikely that everyone on your pricing team today will rise to a leadership role. However, if you can identify and start nurturing the skills of the most likely candidates now, you’ll be setting both your team and your organization on the path to greater success in the future.
Developing Pricing Leaders
How do we develop the next generation of pricing leaders? How do we equip our team members to take on more responsibility? And how do we do it all as a matter of course rather than as an afterthought?