OnDemand WTP Pricing Research

This Week in Pricing > 3/23/19

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:

Value Innoruption Advisors

Founded by Dr. Stephan Liozu, Value Innoruption Advisors provides training and consulting resources for organizations interested in embedding value-based methodologies in their go-to-market strategies related to innovation, marketing, pricing, and sales. Value Innoruption Advisors offers two popular value and pricing management certification programs – Customer Value Modelers™ (CVM™) and Change Agent in Pricing™ (CAP™).

Click a link below to learn more…

Tesla postpones price hike to Wednesday because of ‘unusually high volumes’ | Roadshow

Tesla postpones price hike to Wednesday because of ‘unusually high volumes’ | Roadshow

Last week, Tesla announced an abrupt shift in strategy, choosing to keep some of its retail stores afloat and raising vehicle prices to make up for it. Now, the automaker has kicked the can down the road a bit. Tesla tweeted today that, “due to unusually high volume,” the automaker will postpone its price hike […]

 

Cryptocurrency miners go to federal court to block ‘crippling’ electric rate hike | KUOW

Cryptocurrency miners go to federal court to block ‘crippling’ electric rate hike | KUOW

Cryptocurrency companies in Central Washington were left to wait in suspense on Tuesday after they asked a federal judge in Spokane to block an imminent, targeted electric rate increase. The energy-intensive data center operators claim they would be crippled by the Grant County Public Utility District rate hike. The utility says the case is without […]

 

Netflix are testing price increases for their UK customers | NME

Netflix are testing price increases for their UK customers | NME

A noticeable rise in subscription fees has been spotted on the service’s sign-up page this week Netflix have confirmed that they are currently carrying out tests on a range of price increases for customers who want to access its UK service. People in the UK have been reporting seeing a range of prices for Netflix’s […]

 

Against Aldi and Lidl, personalization is the smart move | SuperMarket News

Against Aldi and Lidl, personalization is the smart move | SuperMarket News

Knowing your customers and making relevant offers — not engaging in a price war — is the way for supermarkets to prevent fast-growing hard-discount grocers Aldi and Lidl from siphoning market share, according to Brick Meets Click. Because of their private label-driven, operationally efficient business models, Aldi and Lidl can offer prices 30% to 40% […]

 

National links: What it takes to make congestion pricing work | Greater Greater Washington

National links: What it takes to make congestion pricing work | Greater Greater Washington

Research from cities around the world shows how to make congestion pricing work. A data-driven approach to ending homelessness has been successful in multiple cities. Why don’t most cities tax land values? Pricing strategies to decongest cities: As more people become comfortable with the idea of congestion pricing and technology makes it more feasible, cities […]

 

Dynamic Pricing: The Secret Weapon Used By The World’s Most Successful Companies | Forbes

Dynamic Pricing: The Secret Weapon Used By The World’s Most Successful Companies | Forbes

Uber, Amazon and Airbnb all have one thing in common — aside from rapid growth, creating entirely new markets and crushing their competition. All three price dynamically using advanced artificial intelligence (AI) and machine learning. Leading companies know that in today’s digital marketplace, dynamic pricing is a key driver for growth and success. But what […]

 

Why Retail Pricing Policy on Amazon Needs Reviewing | FXDailyReport

Why Retail Pricing Policy on Amazon Needs Reviewing | FXDailyReport

CNBC lately reported that retailers still chose Amazon when it comes to retail pricing policy. Why? The global marketplace provides the retailers with more spacious room to use their own price for the products. Of course, Amazon requires all brands to offer the most competitive price for all products they sell on the marketplace. In […]

 

New iPhone Fights Steve Jobs’ Surprising Mistake | Forbes

New iPhone Fights Steve Jobs’ Surprising Mistake | Forbes

During the iPhone’s explosive growth period, Apple followed through on Steve Jobs’ strategy. Keep the price of the hardware high, but keep the price of software and services as low as possible. That juiced Apple’s revenue and profits to record-breaking levels. Now the hardware market is saturated, iPhone sales are no longer climbing, and Tim […]

 

Hospital Pricing Practices: Transparency And Clarity Are Lacking | Forbes

Hospital Pricing Practices: Transparency And Clarity Are Lacking | Forbes

The average price of a night in the hospital is six times higher in the U.S.than in Australia. Even when compared to similar multi-payer healthcare systems that have a dominant private component, such as Switzerland, hospital costs are still significantly higher in the U.S. Are higher hospital costs justifiable? Certainly, the typical fixed costs, such as amortization, […]

 

MoviePass to offer its original $9.95 unlimited plan for a limited time | engadget

MoviePass to offer its original $9.95 unlimited plan for a limited time | engadget

The monthly movie ticket subscription service MoviePass is switching back to the $9.95 per month uncapped plan that proved highly popular, but was ultimately unsustainable. There’s a catch, though. Subscribers must pay for an annual subscription upfront, bringing the total to roughly $120 for a year’s worth of unlimited movie tickets. The MoviePass uncapped plan […]

 

Spotify warns of HUGE price rise that could add £35 onto your bill – and he’s blaming Apple for the rogue hike | The Sun

Spotify warns of HUGE price rise that could add £35 onto your bill – and he’s blaming Apple for the rogue hike | The Sun

SPOTIFY has warned of a potential price hike for customers around the world – as a result of an ongoing spat with Apple. The music streaming app’s boss claims that Apple takes too large a cut of its subscription fees, and may need to hit Brits with bigger monthly payments to stay profitable. Any app […]

 

Uber puts its money behind congestion pricing | CSNY

Uber puts its money behind congestion pricing | CSNY

Despite New York City Mayor Bill de Blasio getting on board with Gov. Andrew Cuomo’s congestion pricing proposal for Manhattan’s central business district, the plan to fund the ailing Metropolitan Transportation Authority by enacting a toll for drivers entering Manhattan below 61st Street still faces some pushback from within the state Legislature – particularly from […]

 

On The Use Of List Prices In Drug Pricing Research | Health Affairs

On The Use Of List Prices In Drug Pricing Research | Health Affairs

In the January issue of Health Affairs, we examined to what extent rising drug prices are due to inflation in existing products versus the market entry of new more expensive drugs. Using list price data from First Databank, we found that rising brand name prices are mostly due to year-over-year increases in prices of existing […]

 

Qantas defend their pricing at airline hearing | The North West Star

Qantas defend their pricing at airline hearing | The North West Star

Mr David said their major costs were labour, fuel, maintenance though like Virgin Airlines in their Brisbane hearing he also blamed airport charges. “Airport charges make up a significant and growing portion of the price of airfares,” Mr David said. “Airport and security charges make up 17 per cent of the average fare for QantasLink […]

 

Webinar 28-March – Optimizing International Market Launches Through Pricing Insights | PriceBeam

This webinar looks at how pricing should play an integral role in international market launches and how willingness-to-pay research can help optimize the prices in each market.

Imagine a US company wanting to export to Germany: should the German price be just the USD price converted into Euros? It could, but it is likely that German customers have a different willingness-to-pay than US customers, and thus a straight conversion would either lead to a price that is too high, or possibly too low. Both cases lead to loss of profits. So by how much should the price vary when launching there? Price research can tell you, so you don’t have to guess.

While old-fashioned market research would have taken months and cost a small fortune, PriceBeam’s cloud-based willingness-to-pay solution changes all that. Not only can it deliver results in just a few days, but it is also very cost effective as it runs via the cloud. Furthermore, PriceBeam’s price research is available in 109 countries world-wide.

 

Workshop: Pricing Innovation – Setting the Right Price for New Products or Services | PriceBeam

Join PriceBeam and The Pricing Coach on the 24th of April from 8:00 to 10:00 am – some of the best pricing experts who will offer in-depth analyses in the pricing of new and innovative products. Finn Helmo Hansen will present “Using Market Research to Price Innovation. Setting the right price for new products or services.” Mark Peacock will present “How smarter pricing strategies can maximise revenues & profits and deliver better customer value.”

Pricing is quickly becoming a key factor in product development. Sign up for this event and see how the changes in pricing will help you prepare.

 

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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