OnDemand WTP Pricing Research

This Week in Pricing > 2/23/19

TWIP 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:

PriceBeam

The struggle is real for B2B and B2C Pricing, Marketing, and Finance team leaders to capture fresh, reliable, and actionable Pricing Intelligence data to be able to effectively optimize all prices for all market segments GLOBALLY.

  • Are you confident that you have the right price for your existing products or services in every market?
  • Do you know what the price should be for a new product yet to be launched, or existing products into new markets?
  • Do you know what features are REALLY driving your customers willingness to pay by micro-market segment?
  • Do you have the tool to capture the data required to support REAL value-based pricing?

Click to learn more

U.S. top court rejects Maryland bid to revive drug price-gouging law | Reuters

U.S. top court rejects Maryland bid to revive drug price-gouging law | Reuters

WASHINGTON (Reuters) – The U.S. Supreme Court on Tuesday rejected Maryland’s bid to revive a law aimed at preventing price gouging by pharmaceutical companies, dealing a setback to the power of states to rein in prescription drug costs. The justices declined to take up Maryland’s appeal of a 2018 federal appeals court ruling that struck […]

 

New York officials face backlash over ‘congestion’ tax push | Fox News

New York officials face backlash over ‘congestion’ tax push | Fox News

New York City is expensive. From parking to hotels to Broadway tickets, the city has a way of leaving the wallet lighter for any visitor. But it’s poised to get even pricier if a controversial new “congestion” fee comes to fruition. With Democratic Gov. Andrew Cuomo’s backing, the proposed charge would be imposed at all […]

 

Lyft’s ‘Shared Saver’ Feature Has Riders Pay Less But Walk More | Fortune

Lyft’s ‘Shared Saver’ Feature Has Riders Pay Less But Walk More | Fortune

Lyft launched a new Shared Saver feature Thursday that banks on the assumption that riders are willing to walk a couple blocks to save a couple bucks. Promising to provide the app’s lowest prices, unaffected by surge pricing, Lyft wrote on its blog that Shared Saver gives riders a “pickup spot that’s a quick walk […]

 

TV Drug Ads Will Soon Include Prices: Will It Help Consumers? | HealthLine

TV Drug Ads Will Soon Include Prices: Will It Help Consumers? | HealthLine

Prices coming to television The whole purpose of direct-to-consumer (DTC) advertising is to get patients to go to their doctors and inquire about a brand-name drug, which is why most ads’ “action item” is telling you to “talk to your doctor.” DTC is also a practice that’s banned in every country except for the United […]

 

Stop Lowering Your Prices and Start Increasing Value | Fstoppers

Stop Lowering Your Prices and Start Increasing Value | Fstoppers

Pricing was the area of professional photography I struggled with the most in the early years. However, it was far too recently that I realized I had a fundamental error in my approach to pricing and value. I’ve always been completely open about my naivety towards business when I first jumped in to full-time photography. I […]

 

Does your website comply with price transparency rules? | Legal Futures

Does your website comply with price transparency rules? | Legal Futures

For many law firms, new rules on price transparency came into force on December 6th, 2018. With a widespread public shift in behaviour over recent years towards comparing providers online, the new rules make it even easier for consumers to make the best decision. Your firm should now be asking itself if your your website […]

 

Commentary: Make drugmakers justify their price increases | HeraldNet

Commentary: Make drugmakers justify their price increases | HeraldNet

At a time when we at Kaiser Permanente are working hard to find efficiencies that bring down costs, our pharmaceutical costs keep going up. In the last two years, prescription drug prices for Kaiser Permanente in Washington have increased by $70 million. The situation is even worse for specialty drugs. These higher-cost, hard-to-manufacture, or hard-to-handle/administer […]

 

Pricer’s Points: Why Does Bottled Water Cost Significantly More than Tap Water?
 | Elena Galli

Pricer’s Points: Why Does Bottled Water Cost Significantly More than Tap Water?
 | Elena Galli

More or less one month ago I was at the airport, heading back to Barcelona after having spent some days in my hometown, Ferrara, a little city in Northern Italy. I was very thirsty so I headed to the first bar I saw and ended up spending an excruciatingly expensive price for my half a […]

 

Lilly, other insulin makers must face price-gouging lawsuit, judge rules | Indianapolis Business Journal

Lilly, other insulin makers must face price-gouging lawsuit, judge rules | Indianapolis Business Journal

Indianapolis-based Eli Lilly and Co. and two other insulin makers must face claims they gouged diabetes patients through deceptive price lists for their life-saving drugs. U.S. District Judge Brian Martinotti in New Jersey on Friday allowed a proposed class-action lawsuit filed by 67 diabetics against Lilly, Novo Nordisk A/S and the U.S. unit of French […]

 

Crank Up the A/C, Crank Up the Cost: States Consider ‘Surge Pricing’ for Power | The Pew Charitable Trusts

Crank Up the A/C, Crank Up the Cost: States Consider ‘Surge Pricing’ for Power | The Pew Charitable Trusts

Crews from Southern California Edison work on damaged power lines. The utility and several others in the state are required to switch to time-of-use pricing, which charges more when electricity is costlier to produce. Just as more people fly during the holidays and drive during rush hour, the demand for electricity peaks at predictable times. […]

 

The shady economics of ‘buy one, get one free’ deals | The Hustle

The shady economics of ‘buy one, get one free’ deals | The Hustle

The hypnotic power of ‘free’ Let’s imagine you’re hankering for a treat and you are offered a choice: A Hershey’s Kiss for $0.01, or a much higher-quality Lindt truffle for $0.15. Which would you go with? In his book Predictably Irrational, behavioral economist Dan Ariely ran this exact experiment and found that 73% of folks […]

 

Smart pricing could help make sure electric vehicles don’t overwhelm grid | Energy News Network

Smart pricing could help make sure electric vehicles don’t overwhelm grid | Energy News Network

Time-of-use rates Specifics vary, but basically time-variant rates mean electric customers pay more for electricity during peak hours and less during off-peak hours. ComEd and Ameren offer customers hourly pricing programs based on real-time wholesale market prices, which means rates can spike unexpectedly, but utilities could also implement time-of-use programs where they predetermine rates based […]

 

U.S. franchisee files suit against Tim Hortons, alleging price gouging | National Post

U.S. franchisee files suit against Tim Hortons, alleging price gouging | National Post

Weeks after achieving a breakthrough in two class-action lawsuits with restive Canadian franchisees, Tim Hortons and its parent company are facing a fresh legal fight with a Minnesota-based franchisee over accusations of price-gouging and misleading statements. “This matter is about broken promises, unfulfilled contractual expectations and false and misleading statements and omissions,” reads a complaint […]

 

How Americans spend much more on health care than they realize | PBS NewsHour

How Americans spend much more on health care than they realize | PBS NewsHour

Yet in most cases, when consumers do take the time to try to find out what their care costs, they often hit dead ends. Beyond office co-pays, even many doctors and health care professionals have only a loose idea of the real price tag for their services. In many cases, there is no “real” price. […]

 

CVS profit miss, rebate questions send shares tumbling 8 percent | Kitco News

CVS profit miss, rebate questions send shares tumbling 8 percent | Kitco News

(Reuters) – CVS Health Corp on Wednesday forecast 2019 profit well below Wall Street estimates due to weakness in its pharmacy business that serves long-term care facilities and slower than anticipated growth in drug prices, sending shares down 8 percent. The lowered forecast raised questions on Wall Street about the company’s ability to succeed with […]

 

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.

 

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).

 

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“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