Tag: Pricing Team

Poor Implementation Does Not Mean Your Strategy Is Wrong | Strategic Pricing Solutions

Poor Implementation Does Not Mean Your Strategy Is Wrong | Strategic Pricing Solutions

When the results achieved by a business are poor or less than expected, should the strategy be changed?  It is a question every entity wrestles with at some time, and typically the worse the results, the more there is a demand to change the business strategy or the pricing strategy.  Sometimes changing the strategy is […]

Why Aren’t More Marketers Involved In Pricing Strategy? | CMO

Why Aren’t More Marketers Involved In Pricing Strategy? | CMO

“I need you to pay more.” When you’re trying to communicate that message to customers, you’ll encounter plenty of potential for things to veer in the wrong direction—and fast. As tricky and challenging as this conversation can be, its strategic importance is undeniable for companies with aggressive growth goals. And it’s a message responsibility that […]

Red-flag billing practices chronicled; report finds ‘upbilling’ by 21 percent of law firms | ABA Journal

Red-flag billing practices chronicled; report finds ‘upbilling’ by 21 percent of law firms | ABA Journal

Twenty-one percent of lawyers “upbilled” for their time in 2015, rounding up their hours worked to the next hour or half hour, according to an analysis of legal invoices from about 100 companies. Upbilling could raise the annual legal bill by about $29,000 for a partner billing 2,000 hours a year, according to the 2016 […]

As the Billable Hour Model Fades Away, Senior Pricing Execs Emerge as Legal Industry Profitability Czars | The Alexander Group

As the Billable Hour Model Fades Away, Senior Pricing Execs Emerge as Legal Industry Profitability Czars | The Alexander Group

Senior pricing executives come from many developmental paths–from FP&A/technical finance backgrounds to MBA/strategy, business development, practice management, and even senior partners with extensive experience in key client negotiations and profitability analysis. Whatever the profile, the individual must have the credibility and capability such that they are viewed by the partnership as a trusted senior advisor, […]

Pricing Strategy Simplified | Strategic Pricing Solutions

Pricing Strategy Simplified | Strategic Pricing Solutions

Setting pricing strategies can be complicated, but doing it well is essential to the success of your business.  In Wikipedia, you can find 23 different pricing models listed along with 9 laws of price sensitivity and consumer psychology.  Many companies consider that seeming complexity, and decide they would prefer to simply figure out their costs and […]

As the Billable Hour Model Fades Away, Senior Pricing Execs Emerge as Legal Industry Profitability Czars | Law.com

As the Billable Hour Model Fades Away, Senior Pricing Execs Emerge as Legal Industry Profitability Czars | Law.com

In their recently published “2017 Report on the State of the Legal Market,” the Center for the Study of the Legal Profession at Georgetown University Law Center, and Thomson Reuters Legal Executive Institute, noted that 2017 marks the 10-year anniversary of the Great Recession–and the corresponding impact on the legal market that followed: One of […]

No Sacred Cows | Strategic Pricing Solutions

No Sacred Cows | Strategic Pricing Solutions

The year 2016 is almost over.  All businesses should reflect on what has worked, and what has not worked; and they should be prepared to adjust in 2017.  That evaluation should include reviewing the results of decisions made regarding pricing strategies and tactics.  Equally important, the evaluation should be rigorous and thorough, and there should […]

Why marketing should own pricing | Campaign Asia

Why marketing should own pricing | Campaign Asia

Setting the right price is one of the best ways to positively impact a company’s bottom line. Yet, price setting is not always top-of-mind, nor is it owned by a single department within a company. This holds true across industries, whether it is consumer goods, healthcare, telecom, finance or technology. Sometimes marketing takes responsibility for […]

Incentives – You Get What You Pay For | Strategic Pricing Solutions

Incentives – You Get What You Pay For | Strategic Pricing Solutions

Lou Gerstner recently wrote an op-ed for the Wall Street Journal, The Culture Ate Our Corporate Reputation, in which he discussed corporate leaders blaming their culture for poor performance.  In the article, Gerstner wrote that leaders were missing the critical component of culture that people do what you inspect, not what you expect.  The corporate […]

Price Budgets – Improvement requires involvement | Strategic Pricing Solutions

Price Budgets – Improvement requires involvement | Strategic Pricing Solutions

I recently spoke with the head of pricing for a multi-billion dollar, multi-division company about their goals for price improvement.  His team leads the development of pricing strategy and management of the pricing process; and they provide analytics, and pricing targets for the divisions.  Final pricing decisions are somewhat decentralized.  He described the challenge he […]