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Pricing News Daily > 4/25/19

PND is a digest of pricing focused news, thought leadership, events, jobs, training and certification resources for pricing professionals.

This Edition is brought to you by:

The Perfect Price AI platform makes millions of pricing decisions for forward-thinking companies around the world. Our cloud-based service allows customers to quickly anticipate and react to changes in demand in real-time – enabling them to maximize revenues, profit, and utilization.

Its machine learning leverages proprietary data – the biggest competitive advantage–to increase average rates, utilization, and profit.

Perfect Price works with forward-thinking companies in industries ranging from rental car and airline to sports clubs and gas stations.

 

Uber v.s. Taxi: Which Saves You More? | The Daily Reckoning

Uber v.s. Taxi: Which Saves You More? | The Daily Reckoning

Other Costs to Consider Tipping – another major difference between ride sharing apps and taxis is tipping etiquette. Most taxi riders tip their drivers around 20 percent. Uber riders rarely tip at all since tipping has only recently become a feature within the apps. Surge pricing – another difference between ride-hailing apps and taxi cabs […]

 

The Powerful Influence of Pennies-a-Day Price Offers | Psychology Today

The Powerful Influence of Pennies-a-Day Price Offers | Psychology Today

Sellers and fundraisers have used pennies-a-day price offers for decades. It’s a popular and effective way to quote a price. Magazine publishers first began promoting their subscriptions on a per-issue basis instead of an annual price back in the early 1980s. Consumer psychologist John Gourville explains this decision was fueled by field experiment results conducted […]

 

Why Is Florida’s GOP Governor Backing A Bernie Sanders’ Drug Price-Control Plan? | InsideSources

Why Is Florida’s GOP Governor Backing A Bernie Sanders’ Drug Price-Control Plan? | InsideSources

Why is America’s most pro-Trump governor backing a Bernie Sanders “socialized meds” price-setting scheme? That’s the question some Sunshine State observers are asking as Florida Gov. Ron DeSantis pushes a state-level drug-reimportation bill like the one passed by the Vermont state legislature last year. Intended to lower costs for Florida residents, Grover Norquist of Americans […]

 

Attorney General Dave Yost seeks transparency rules for drug price middlemen | cleveland.com

Attorney General Dave Yost seeks transparency rules for drug price middlemen | cleveland.com

COLUMBUS, Ohio—Attorney General Dave Yost isn’t sure whether pharmacy benefit managers are bilking taxpayer money from the state. But he wants lawmakers to pass reforms so he and other state officials can find out. On Thursday, Yost laid out four recommendations for state lawmakers to improve transparency for “PBMs” — middlemen who negotiate drug prices […]

 

California governor seeks explanation for high gas prices | WRAL

California governor seeks explanation for high gas prices | WRAL

SACRAMENTO, CALIF. — California’s governor wants to know why gas prices are higher than in the rest of the country, blaming potential “inappropriate industry practices” Tuesday rather than the state’s higher taxes and tougher environmental regulations. Democratic Gov. Gavin Newsom asked the California Energy Commission for an analysis of the state’s gas prices by May […]

Confused About Congestion Pricing? Here’s What We Know | The New York Times

Confused About Congestion Pricing? Here’s What We Know | The New York Times

You’ve heard the news: New York will be the first American city to impose congestion pricing to alleviate traffic and raise money to modernize its sputtering subway. Drivers will have to pay to enter the heart of Manhattan beginning in 2021. But other than that, crucial details have yet to be worked out. The Triborough […]

 

The ‘Amazon Effect’ Is Changing Online Price Competition—and the Fed Needs to Pay Attention | HBS Working Knowledge

The ‘Amazon Effect’ Is Changing Online Price Competition—and the Fed Needs to Pay Attention | HBS Working Knowledge

It’s no secret that fierce competition from Amazon puts downward pressure on prices charged by Walmart and other big multichannel retailers for the same items. However, the bigger “Amazon effect” relates not to the prices themselves but to the pricing behaviors of these more traditional retailers, according to Alberto Cavallo, the Edgerley Family Associate Professor […]

 

Prices could rise drastically if U.S. puts tariffs on Mexican tomatoes | AZ Central

Prices could rise drastically if U.S. puts tariffs on Mexican tomatoes | AZ Central

Get ready for more expensive salads: Prices for fresh tomatoes could almost double if the U.S. slaps tariffs on imported Mexican tomatoes, according to a new Arizona State University estimate. Consumers across the U.S. could pay 40 to 85 percent more for vine-ripe and other fresh tomatoes if punitive duties, scheduled to start taking effect […]

 

 

MindShare 2019 – May 14-16 | Zilliant

Want to Drive Profitable Growth in 2019?

The B2B industry is consistently failing to capture hidden pockets of revenue and profit that can be uncovered today. Learn from industry experts on how to put an end to profit leakage for good. Zilliant MindShare 2019 welcomes you to our ecosystem of best-in-class partners and thought leaders.

Each year, Zilliant brings B2B industry leaders together at their signature event – MindShare, where they are proud to help their customers tell their unique stories of how Artificial Intelligence delivers actionable insights and profitable growth.

Zilliant MindShare 2018 was an essential event for B2B manufacturers, distributors, and service providers looking to use actionable intelligence to navigate fiercely competitive industries.

Watch the MindShare 2018 highlight reel and get ready for MindShare 2019, coming to Austin, TX May 14-16, 2019.

 

Webinar (On-Demand): Using AI To Get C-suite Attention For Pricing | Perfect Price and PPS

Pricing is high impact, but are you getting the attention you deserve? In any enterprise environment, the struggle for attention and resources is always an issue. As a pricing professional, how can you get c-suite attention for prioritizing pricing initiatives and allocating budget?

Aligning yourself with your company’s digital transformation initiatives is a great way to move pricing into the fold as a key driver. In particular, focusing on disruptive technologies like Cloud Technologies, AI, Machine Learning, and Decision Automation, can help to spark executive interest.

By choosing an AI vendor over other pre-internet vendors you’ll find more approachable budgets and rapid implementation timelines, which will aid immensely in getting executive buy-in. AI-based pricing tools, like Perfect Price, have measurable ROI and are proven to simulate pricing better than other technologies.

 

 

Pricing in the Age of AI: What You Need To Do Now | Perfect Price Breakout Session at PPS Spring Conference

Artificial intelligence, machine learning, and automation are rapidly transforming every part of global commerce — including pricing. From retail giants like Amazon to on-demand services like Uber to leading airlines, hotels, and car rental agencies, forward-thinking companies are using AI to turn data into massive returns. This rapid shift is creating opportunities and confusion. To remain competitive in an increasingly AI-driven world, immediate action is critical.

This presentation focuses on the latest generation of AI technologies currently being utilized by companies around the world to match their supply with ever-evolving consumer demand, given changing marketplace factors and consumer behaviors.

ATTENDEES WILL LEARN

  • How companies can develop an AI pricing strategy and get buy-in from their entire organization
  • How to build a framework for their unique needs, or leverage existing frameworks for success
  • How to create consistently achievable revenue goals with AI pricing

 

Value-Based Pricing& the Quantification of Differentiation Value | Stephan Liozu Workshop at PPS Spring Conference

More firms and their pricing leaders are adopting value-based pricing every year. Research shows increased adoption of this progressive pricing orientation moving from 17% in 2008 to about 25-30% in 2018. Part of the deployment process of value-based pricing is the implementation of the Economic Value Estimation (EVE®) process to quantify differentiation value before it can be communicated to customers and capture from them. While adoption of value-based pricing is increasing, pricing professionals still face difficulties across their organizations. In fact, the EVE® process can be fairly mechanical and, with proper training, can be understood fairly rapidly. The challenge remains therefore what to do with the value models and calculated data.

In this unique workshop, we review the latest science on value-based pricing and the EVE® process. We also review how to operationalize the outcome in value-based innovation, value-based marketing and value-based selling strategies.

ATTENDEES WILL LEARN

  • How to operationalize value-based pricing and EVE® in your day-to-day business
  • How to practically link value-based pricing with innovation, marketing, and selling
  • How to respond to challenges in deploying the EVE® and value quantification process

 

30th Annual Spring Workshops & Conference May 7-10, 2019 | PPS

We are excited to announce we’ll be in Atlanta, GA for our 30th Annual Spring Pricing Workshops & Conference May 7-10, 2019! You can register now and take advantage of our Early Bird Offer (Buy 2 Get 1 Free, expires March 29th).

 

Webinar (On-Demand): Pricing in New Product Development – From Afterthought to Integral Part of the Process | PriceBeam

This webinar looks at how pricing can and should play a more integral role in New Product Development (NPD) instead of being an afterthought once the product is already designed and produced.

Participants and viewers will learn about:

  • How to use pricing and willingness-to-pay research to create new products or services that have higher success rates once launched
  • How to integrate willingness-to-pay research in the product design process
  • How to better understand what prospective customers actually value, and what they don’t value
  • How to test different concepts for market viability and ability to achieve solid prices in the market place.

 

Webinar (On-Demand): Machine Learning & Data – The Latest Pricing Opportunity | PPS and Vistaar

In today’s ever-evolving world, data and software driven strategies are imperative to creating sustained commercial success.

Computers are more adept than humans at sorting through data with complex variables such as frequently fluctuating costs, rapidly evolving pricing models, and shifting customer priorities. Modern pricing software solutions, powered by advanced algorithms and machine learning techniques, enable businesses to constantly analyze data on an unparalleled scale and drive decision making based on data.

In this PPS webinar, Vistaar’s Director of Product Management, Dushyant Zutshi, discusses how advanced algorithms and machine learning techniques drive intelligent pricing and sales strategies for success in the data-driven world.

 

Webinar (On-Demand): Machine Learning & Pricing with PPS | Perfect Price

Watch CEO of Perfect Price, Alexander Shartsis, discuss machine learning and pricing with the Professional Pricing Society (PPS).

PPS is the world’s largest association of pricing professionals, and usually asks tough questions!

 

Webinar (On-Demand): Value-Based Pricing foundation done right – Conjoint Analysis | PriceBeam

Value-Based Pricing is considered a superior strategy for most industries and businesses. But it also requires a solid foundation of data and market insights. In this webinar we will take an in-depth look at the powerful insights that can be created through price research, in particular using conjoint analysis

Participants and viewers will learn about:

  • How Value-Based Pricing can be supported with price research
  • Different price research methods
  • How Conjoint Analysis can provide powerful insights and support for a Value-Based Pricing strategy
  • Tips and tricks for running a conjoint analysis price research project.

 

Explore our collection of valuable pricing resources including:

 

Pricing News on LinkedIn

Join 1,000’s of your peers in the our LinkedIn discussion group. The group features informative pricing strategy and technology focused news, events, resources, thought leadership, cartoons, quotes, and discussions about the latest pricing strategy, tactics, and tech successes and failures in the news.

 

 

“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”

     – Warren Buffett

 

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