Blog

Have the Courage to Face Your Data

By Matt Meade
September 10, 2015

This blog is part of our “How to Be a Better Pricing Strategist” series, in which we asked top thought leaders and industry experts in the pricing field: “What is the best advice you could give a fellow pricing strategist?” Read all the responses here.

You will probably be surprised, and possibly embarrassed, by the data you see when you first start analyzing your profit.

You may see transactions with lower margins than you expected. In fact, you may even see negative margin transactions. You have never had this unique view of transactional data before, and it can be a bit shocking. As one Marketing Manager declared on a previous project, “I would have never approved that deal if I knew the margin was that low!” Key stakeholders may feel threatened by this data. And, this can be a significant change-acceptance concern for your project.

So, when you start your pricing initiative, prepare your team in advance for this information. Your organization should be ready to accept the message your data is telling you. Use this as a starting point to modify your organization’s current pricing strategy to drive increased pricing effectiveness.

To read more expert tips and advice, take a look at our Pricing Best Practices SlideBook here.

  • Analytics , data , margin , Pricing Strategy , profit

    Matt Meade

    Matt leads the Vendavo Pricing Practice at Experis, providing a range of client solutions, including a full lifecycle global implementation service, across the Vendavo pricing suite. Previously, Matt spent 35 years at 3M. As the pricing application portfolio manager, Matt was responsible for leading the global Vendavo initiative for the past six years. He was previously the Infrastructure Manager for the global headquarters of 3M's Electronics and Energy business located in Austin, Texas. He started his career at 3M in 1979 in Internal Auditing and has also worked in supply chain and IT. He has led distributed computing network design, server consolidations and application rationalization initiatives. He is a former board member of the Austin IT Professionals Association (AITP) and a member of the Professional Pricing Society (PPS). Matt has a B.S. degree from the University of Wisconsin-River Falls.