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Pricing News Daily > 8/8/19

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

This Edition is brought to you by:

Professional Pricing Society

Currently, PPS produces three major annual pricing conferences in Europe and North America. Each conference also houses a technology hall where sponsors display the latest in Pricing Solutions software. PPS also offers more than two dozen, full-day training workshops every year, taught by leaders in the pricing community. These workshops serve as the foundation for PPS’s Certified Pricing Professional (CPP) designation, our state of the art pricing certification program. Candidates may be certified after mastering a multi-stage curriculum followed by rigorous testing. Successful CPPs have acquired the core knowledge which not only places them in the top rungs of the pricing field, but also gives them the tools to enhance substantially their own careers.

Click a link below to learn more…

Energy prices to fall for millions as Ofgem lowers cap | BBC News

Energy prices to fall for millions as Ofgem lowers cap | BBC News

The price of energy is set to fall for millions of British households this October after the regulator, Ofgem, lowered price caps. Ofgem sets maximum prices that can be charged for gas and electricity to those who have not switched suppliers and are on default tariffs. The new cap could see these households typically pay […]

 

What a “Price Vocabulary” Is, and Why Companies Need One | Harvard Business Review

What a “Price Vocabulary” Is, and Why Companies Need One | Harvard Business Review

The next time you visit a Costco warehouse store, observe the price tags. In addition to showing the cost of an item, Costco’s price tags encode unique information. The price endings, such as $8.99 versus $8.97, convey special meanings to the subset of shoppers who are literate in Costco’s price vocabulary. As one example, when […]

 

Raley’s brings online pricing strategy to stores | Chain Store Age

Raley’s brings online pricing strategy to stores | Chain Store Age

Regional grocery chain optimizes store prices in real time. Privately-owned Raley’s, which operates 129 stores in California and Nevada, is applying artificial intelligence (AI) technology to bring intelligent, dynamic pricing to its stores. Raley’s recently completed a pilot of the AI-based Eversight pricing suite, focused on optimizing multiple product categories across various strategic goals. As […]

 

Theme Parks Fail Disney at the Worst Possible Time | The Motely Fool

Theme Parks Fail Disney at the Worst Possible Time | The Motely Fool

Use the Force A brutal summer heatwave and tourism-snuffing political tension have been challenging for Disney, but the House of Mouse also pulled some strings to swap quantity for quality when it comes to revenue-generating guests this summer. Disney raises ticket prices every year, but this has been a rare case with double-digit percentage hikes […]

 

Merkley | Americans have been ripped off by drug companies for too long | East Oregonian

Merkley | Americans have been ripped off by drug companies for too long | East Oregonian

Every year, I hold a town hall in every Oregon county. From coast to grasslands, Gorge to high desert, blue to red, there is one consistent issue that Oregonians ask me to address — the price of prescription drugs. Albert, in Linn County, pays $800 per dose for his wife’s immunosuppressant medication. I don’t know […]

 

Hertz and Avis Double Down on Ridehailing Strategy | Skift

Hertz and Avis Double Down on Ridehailing Strategy | Skift

Car rental companies Hertz and Avis have been investing in technology and alternative services to weather the advent of ridehailing apps. Although the efforts are still in early stages, they show signs of growing success. The Hertz Corporation posted solid results Wednesday for the second quarter of 2019, driven by increased pricing from its three […]

 

Price Transparency – Again: Eating the Elephant In Little Bites | Forbes

Price Transparency – Again: Eating the Elephant In Little Bites | Forbes

The Trump administration appears bent on helping consumers gain better insight into their healthcare purchases, though painstakingly doing so one small bite at a time. As contemplated in an earlier article, “Why Healthcare Price ‘Transparency’ Is A Myth, And What Consumers Can Do About It”  (https://www.forbes.com/sites/jeffgorke/2019/01/23/why-healthcare-price-transparency-is-a-myth-and-what-consumers-can-do-about-it/#301c2bb97c3f), I offered that in 2018 the Centers for Medicare […]

Webinar (On-demand): Successful Price Increases using Market Insights | PriceBeam

Digitalization is everywhere of course. But whereas some industries are 100% digital from birth, others are still transforming from traditional consumer or industrial products to more of a digital service industry. Regardless of where your industry and company is on the digitalization path, pricing practices are severely impacted. Digitalization means increased transparency, more information,  as well as internationalization of buying and selling, but also new opportunities for value-adding and new services that can be offered and monetized.

Participants and viewers of the webinar will learn about:

  • What trends in digitalization mean for pricing.
  • Avoiding (some) pricing pitfalls when digitalizing existing offerings
  • Using digital insights to better understand opportunities
  • How to predict optimal prices for digital services using market research

The webinar will be available from the end of May 31st, 2019. If you have already signed up you will receive a link by the end of this date. Otherwise, sign up on the right and receive a link by email to view the recording.

 

 

Webinar (On-demand): Setting the Right Price on New Products or Services | PriceBeam

In this webinar PriceBeam co-founder and Chairman, Finn Hansen, together with The Pricing Coach, Mark Peacock walk viewers through various challenges around the pricing of new products or services.

This on-demand webinar covers:

  • Common challenges when creating new products or services
  • How pricing should play a more prominent role in the innovation process
  • The various steps of product development and how pricing can add value at each step
  • Different types of price research that can improve the value of the new product
  • Psychological pricing tactics to improve the introduction of the new product or service.

 

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.

 

 

30th Annual Fall Conference & Workshops October 15-18, 2019 | PPS

We are excited to announce we’ll be in Las Vegas, NV for our 30th Annual Fall Pricing Conference & Workshops October 15-18, 2019! You can register now and take advantage of our Early Bird Offer.

 

15th Annual European and Global Pricing Workshops & Conference November 27-29, 2019 in Berlin, Germany | PPS

We are excited to announce we’ll be in Berlin, Germany for our 15th Annual European and Global Pricing Workshops & Conference to be held November 27-29, 2019!

 

“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview…

“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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