Pricing Strategies and Tactics

Overview

This Short Course is designed to help you achieve greater profits through effective pricing strategies and tactics.  Pricing is a key business tool that is often set aside from strategy and performance management.  Adding just 1% to top-line revenue can contribute 7-10% to operating profits.

In 2 days you will be given practical tools and frameworks for setting the right competitive price for products and services to optimise profits.

You will learn to recognise pricing issues and develop successful pricing strategies for existing markets, or to incorporate pricing into the development of new products and services.

In this Short Course you will work through practical examples on how pricing is integral to the performance and behaviours of the wider organisation.  This will provide a strong basis for improving the way your organisation thinks about pricing in its approach to marketing, sales and innovation – and how these parts of the organisation can work together to achieve high performance.

Topics Covered

Material will centre on price and revenue optimisation, with a strong emphasis on practical application in decision making, including the use of case studies, exercises, and examples.

Specific areas covered:

• How to identify and use Price Elasticity in making sound pricing decisions.
• How to price proactively to achieve business goals.
• The importance of price in differentiation vs. commoditisation.
• ‘Price Leakage’ and how ‘Pocket Pricing’ can reveal true contributions.
• Marginal pricing and what this means for profitability.
• How to integrate pricing decisions into product development.
• Price promotions and how to manage them profitably.
• Managing price transparency, control and signals.
• Implementing commercial tools for Price and Revenue Optimisation (PRO)
• How to manage dynamic pricing (for online businesses).
• Transfer pricing within different organisation structures.
• Integrating pricing with strategy.
• Pricing and how it drives sales behaviours.
• Case studies and insights from practical experience.

Who should attend

Anyone with challenges in the following areas:

• Revenue and profitability targets.
• An underperforming product or market segment.
• Developing a new product or service.
• Analysing market performance.
• Managing a sales team with influence over pricing, or discretion to discount prices.
• Transferring pricing decisions within an organisation.
• Taking a strategic view of pricing – not just being reactive!

Outcomes

• Be able to identify and capture additional revenue growth through pricing execution strategies.
• Receive practical tools for managing pricing, and gain an awareness of the more specialised approaches to pricing.
• Learn a framework for incorporating pricing into the development of products and services from the outset.
• Gain wider perspectives on pricing, the behaviours it drives, and its central importance to business performance.