OnDemand WTP Pricing Research

This Week in Pricing > 4/13/19

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:

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.

International Price Differences: The Good, the Bad and the Ugly | PriceBeam

International Price Differences: The Good, the Bad and the Ugly | PriceBeam

Prices should differ across different countries, but companies must not only reap the benefits (The Good) but also manage the costs (The Bad) and avoid the pitfalls (The Ugly) Prices are almost never the same in international markets. They vary due to taxes, cost structures, local market needs, currency exchange rates, tariffs, differences in competitive situations […]

 

Decision Automation: How AI Helps Companies Move From Analytics To Action | Forbes

Decision Automation: How AI Helps Companies Move From Analytics To Action | Forbes

Forward-thinking CEOs have embraced business intelligence tools and big data, and many are considering how they can utilize artificial intelligence (AI) and predictive analytics. But analysis alone doesn’t always go far enough. To catch up to industry leaders like Amazon, Netflix, Google and others, I believe executives need to think beyond analytics and move toward […]

 

Philadelphia among cities considering congestion pricing | Smart Cities Dive

Philadelphia among cities considering congestion pricing | Smart Cities Dive

Dive Brief: Philadelphia is among the cities considering a congestion pricing plan similar to New York’s, according to an article in The New York Times, examining whether other cities would follow New York’s lead. A spokesperson for Philadelphia Mayor Jim Kenney is quoted, noting this is the first time the city is seriously considering such […]

 

Doing away with pricing | Business Recorder

Doing away with pricing | Business Recorder

Any sector where the government is in the business of fixing pricing, there is some sort of circular debt. Energy is on the top – within it both petroleum and power prices are fixed by government while the recommendations of change, based on fuel pricing and other factors, is the job of regulator – OGRA […]

 

Medicare drug price arbitration gains steam in Congress | Modern Healthcare

Medicare drug price arbitration gains steam in Congress | Modern Healthcare

House Ways and Means Committee Chair Richard Neal (D-Mass.) will broach the idea of using arbitration to give HHS leverage with drug manufacturers over prices in a hearing next Tuesday. The committee plans to convene a hearing to discuss a bipartisan set of bills aimed at drug price transparency, the chairman said. But he said […]

 

Big Ideas: “AI-powered dynamic pricing that shifts in real-time to changes in supply and demand” with Alex Shartsis CEO of Perfect Price | Thrive Global

Big Ideas: “AI-powered dynamic pricing that shifts in real-time to changes in supply and demand” with Alex Shartsis CEO of Perfect Price | Thrive Global

The world’s most successful companies (Uber, Amazon, Airbnb, and many others) already use dynamic pricing to predict changes in supply and demand, optimizing prices in real-time to maximize revenue. Consumers are already familiar with dynamic pricing: Uber rides, flights, hotels, and even Disneyworld tickets are all examples. The benefits of AI and Dynamic pricing are […]

 

Miners shocked by electricity price surge in Washington State | The Block

Miners shocked by electricity price surge in Washington State | The Block

This particular PUD is a Washington State municipal corporation and claims to have the cheapest electricity in the country. It sets rates based on operations and power consumption, and different industries are grouped together. To deal with the significant interest from mining industry, it created an “evolving industry” rate class for miners. Suffice it to […]

 

Bitcoin prices leap above $5000 for the first time in months | blastingnews

Bitcoin prices leap above $5000 for the first time in months | blastingnews

Bitcoin, the world’s most popular cryptocurrency, has seen its price leap above the $5,000 mark for the first time since November of 2018. The famously volatile cryptocurrency has endured wild fluctuations in its valuation before, having previously soared to nearly $20,000 at high points before plunging to below $4,000 during early 2019. Recently, however, Bitcoin […]

 

Decongestion pricing could help fix traffic in the Washington region | Greater Greater Washington

Decongestion pricing could help fix traffic in the Washington region | Greater Greater Washington

State lawmakers recently sealed a deal to make New York City the first city in the country to implement decongestion pricing, a toll charged on cars entering certain parts of the city. The measure is intended to cut down on the city’s infamous gridlock traffic while also raising much-needed revenue to improve and maintain its […]

 

How Cryptocurrency Prices Work: Working Mechanism | Crypto Post Gazette

How Cryptocurrency Prices Work: Working Mechanism | Crypto Post Gazette

Why there is so much volatility in the price of Cryptocurrency Although several years have passed Cryptocurrency still a new term for a majority of people. Most of us are not familiar with this term and the main factor which makes it a risky investment is its fluctuation. You can say volatility is the foremost […]

 

 

WHO Fair Pricing Forum: Watching for Drug Industry Accountability | Health and Human Rights Journal

WHO Fair Pricing Forum: Watching for Drug Industry Accountability | Health and Human Rights Journal

Expensive medicines are a ubiquitous challenge from which no government is immune. Excessive price hikes are an urgent human rights issue with serious ramifications for public health. One such example is that of Truvada (emtricitabine/tenofovir disoproxil fumarate), a breakthrough medicine that can be taken once a day to lower the risk of HIV infection (called […]

 

China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining | WIRED

China Says Bitcoin Is Wasteful. Now It Wants to Ban Mining | WIRED

China’s bitcoin miners have long embodied a contradiction. Cryptocurrency trading is illegal in the country; initial coin offerings, used to fund new blockchain projects, are banned; and Chinese banks can hardly touch the stuff. And yet somehow the country has remained the epicenter of global cryptocurrency mining, home to more of the computing power used […]

 

Would requiring prices in pharmaceutical ads make drugs cheaper? [Podcast] | MarketPlace

Would requiring prices in pharmaceutical ads make drugs cheaper? [Podcast] | MarketPlace

The Trump administration is expected to finalize a new rule soon that would require drug makers to include list prices in their TV ads for prescription drugs. The idea is that such transparency will lead to more competition and ultimately to lower cost for consumers. One big drug company is already including the list price […]

 

IPhone Price Cuts Are Helping Apple in China, Analyst Says | Barron’s

IPhone Price Cuts Are Helping Apple in China, Analyst Says | Barron’s

The worst may be over for Apple (ticker: AAPL) in China. The company’s decision to put a steep price on the iPhone XR put a dent in its sales in China and contributed to a disappointing December quarter, but things have slowly turned around as Apple has lowered prices on those phones in the region, […]

 

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.

 

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