A Practical Training to Develop a Winning Pricing Strategy

Name: A Practical Training to Develop a Winning Pricing Strategy
Rating: 4.8 (12 reviews)

Practical guide on value-based pricing methodologies, data sources, analytics and implementation by a pricing consultant

Created byNihit Ningthoujam, Pricing Consultant

Last updated 12/2023

English

What you'll learn

Understand the cost of wrong pricing
Tailor a pricing approach based on business context
Select the right source(s) of information/data to make pricing decisions
Get exposure to different value-based pricing tools and analytics
Apply price differentiation to target different customer types simultaneously
Learn the fundamental differences between B2B pricing and B2C pricing
Learn how to successfully implement a new pricing strategy
Discover the traits and skills required to be a successful pricing professional

Course content

10 sections • 17 lectures • 1h 20m total length

Introduction2:41
Introduction:
1. Who is this course for?
2. What is the teaching methodology?
3. What would be the three key takeaways from this course?
4. How is this course broken down into 10 sections?

Why price is the most important element of the marketing mix? - I2:13
In this lecture, we will evaluate why pricing is the most important element of the marketing mix. To do so, we will understand how price affect the three profit levers.
Economies of scale
Why price is the most important element of the marketing mix? - II1:34
In this lecture, we will conclude why pricing is the most important element of the marketing mix.
Impact of each profit lever
Why pricing is the most impactful profit lever?2:21
In this lecture, we will evaluate the impact of each profit lever. We will also factor in the effort required to leverage these levers.

Case: Sources of pricing data for a web-based recruitment platform
What are the types of data/information required to develop a pricing strategy?2:02
Assignment 5: Prioritisation of different pricing data/information
What are the available sources of pricing data/information?5:36
In this lecture, we will explore different sources of pricing data/information, and learn how to select the right source(s).

Basic Pricing Analytics2:45
In this lecture, we will learn how to optimise price using basic analytics.
Assignment 6: Price optimization using basic analytics
Advanced Analytics (ML), Value Matrix & Competition-Referenced Value Estimation7:05
In this lecture, we will learn about three pricing tools:
Advanced pricing analytics (machine learning)
Value matrix
Competition-referenced value estimation
Value estimation of an electric car
Value Chain Analysis, Semi-Quant Expert Judgement and Experiments3:27
In this section, we will learn three pricing tools:
Value Chain Analysis
Semi-Quant Expert Judgement
Experiments
Survey-based pricing tools: Van Westendorp, Gabor Granger, Conjoint Analysis6:38
In this lecture, we will learn survey-based pricing tools:
Van Westendorp Price Sensitivity Meter
Gabor Granger
Brand-Price Tradeoff (BPTO)
Monadic Price Test
Conjoint Analysis
Which pricing tool would you use?
How do we select a pricing tool?5:12
In this lecture, we will learn how to select a pricing tool.

Portfolio optimization: packaging and pricing for multiple related products6:11
In this lecture, we will learn two things:
1. In which situations launching multiple products or packages is a good idea?
2. How to correctly optimise features and prices for multiple products simultaneously based on value differentiation?
The answer to both these questions are rooted in customer segmentation.
Price differentiation

10 key success factors for execution of a pricing strategy5:06
In this section, we will cover the last step of a pricing exercise - implementation of the pricing strategy - which is a very complex process involving multiple stakeholders from sales, marketing, IT and sometimes finance departments. Specifically, we will discuss 10 key success factors for successful execution of a newly developed pricing strategy.
Pricing strategy implementation

Requirements

Basic excel knowledge
No previous pricing knowledge required

Description

I have created this course based on my experience of delivering 50+ pricing strategy consulting projects to clients across software, consumer goods, pharmaceuticals, and automotive sectors. The impacts of these consulting projects range from 15% to 40% increase in revenue.

This course is a very practical training on pricing toolkits - methodologies, sources of data, analytics and implementation -that you can take back to your office and apply. This course is for marketing, sales and finance professionals, business owners and start-up founders who want to leverage the power of value-based pricing for a higher profit. This course is relevant to all the businesses regardless of the sector, business model, size, and the growth stage.

Apart from the basics of pricing, you will master three key things in this course:

Different approaches to pricing and how to tailor a pricing approach based on your business
Different intelligence, tools and analytics required to effectively develop a value-based pricing strategy for both B2B and B2C companies
Key success factors to successfully execute a newly developed value-based pricing strategy

Throughout this course you will apply these concepts on real-life cases.

Precisely, this course is broken down into 10 sections:

Introduction
Why pricing is important?
What are the different approaches to pricing?
What is the most powerful pricing approach?
What are the different sources of data/information available to develop a pricing strategy?
What are the different tools available to develop a pricing strategy?
- Basic analytics
- Advanced analytics (AI/ML)
- Value matrix
- Economic value estimation
- Value chain analysis
- Semi-quantitative expert judgement
- Experiments, A/B test
- Conjoint Analysis
- Gabor Granger
- Van Westendorp PSM
How can we conduct price differentiation to target different customer types simultaneously?
What are the key success factors for a successful implementation of a newly developed pricing strategy?
What are the key differences between B2B pricing and B2C pricing?
Conclusion and practical tips including traits required to be a successful pricing professional

Who this course is for:

Marketing professionals
Sales professionals
Finance professionals
Product managers
Start-up founders
Pricing analysts
Pricing managers
Strategy consultants
Business owners
Business students

A Practical Training to Develop a Winning Pricing Strategy

What you'll learn

Explore related topics

Course content

Introduction1 lecture • 3min

Why pricing is important?3 lectures • 6min

What are the different approaches to pricing?1 lecture • 6min

What is the most powerful pricing approach?1 lecture • 8min

What are the different sources of data available to develop a pricing?2 lectures • 8min

What are the different tools available to develop a pricing strategy?5 lectures • 25min

How can we differentiate value to target multiple customer types simultaneously?1 lecture • 6min

What are the key success factors for implementation of a pricing strategy?1 lecture • 5min

What are the key differences between B2C pricing and B2B pricing?1 lecture • 4min

Conclusions and practical tips1 lecture • 10min

Requirements

Description

Who this course is for: