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Twitter Chat Digest – Improving Pricing Strategy

By Michael Huard
September 25, 2015

Yesterday we held our first Twitter Chat. You can find the whole conversation here, but in case you missed it we’ve compiled some of the best, most insightful tweets from our experts.

But first, a quick introduction to our thought leaders:

Stephen Boyle works in pricing at Appleton Group (a business unit of Emerson Industrial Automation, one of five business segments of Emerson), starting as a Quotations Supervisor and currently in the role of Director of Pricing. Most recently, he has focused on implementing pricing discipline and structure for EGS Canada, a subsidiary of Appleton Group.

Lee Nyari is Managing Partner of The Innovative Pricing Group, LLC, a consultancy that develops high-ROI price optimization, value-based pricing, and strategic price management solutions for B2B organizations. Lee is a seasoned consultant and B2B pricing executive with over fifteen years of experience leading strategic pricing projects.

Joanne Smith is the president of Price to Profits Consulting and author of The Pricing and Profit Playbook. She is also a former DuPont Corporate Head of Marketing, Pricing and Customer loyalty. She was instrumental in creating the pricing organization which transformed DuPont from weak to outstanding pricing performance.

Tim J. Smith, PhD, is the founder and Managing Partner of Wiglaf Pricing, an Adjunct Professor of Marketing and Economics at DePaul University and the author of Pricing Strategy: Setting Price Levels, Managing Price Discounts and Establishing Price Structures. At Wiglaf Pricing, Smith is helping executives manage price better.

READ MORE from the experts in our Pricing Best Practices SlideBook here.

The discussion focused on the ways in which a pricing professional can improve their strategies. For the main pieces of advice, view the slidebook above. To expand on those topics we asked a series of questions that delved a little deeper into pricing strategy. Here are some of the best answers.

In response to our questions about B2B and B2C strategies, Lee and Tim brought up an intriguing point about the importance of partnering with Sales and how to achieve this crucial collaboration.

 

From there, we asked “How do you respond to and prepare for market fluctuations when determining a pricing strategy?” Stephen Boyle touched on the importance of customer segmentation and value.

Since the bottom line is essential to any organization’s success, we asked our experts how pricing strategy can deliver to the bottom line.

Responses to the biggest challenge when developing a pricing strategy resulted in great advice.

 

Answers varied for who has the most influence on a strategy.

 

Finally, we asked where pricing practices are moving in the future.

 

All in all, an incredible deep dive into pricing strategy! Make sure to follow us on Twitter @Vendavo and on LinkedIn here to get daily updates and find out when our next #VendavoChat will be held!

  • B2B Pricing , CEO , CFO , price , Pricing Strategy , thought leadership , twitter chat

    Michael Huard

    Michael Huard is a Digital Marketing Associate with Vendavo. Before joining Vendavo, he worked as a Web Page Architect and Designer at Pepperdine University in the Integrated Marketing Communications department. He has a Masters degree in Specialized Journalism for the Arts from the University of Southern California and a Bachelors degree in Linguistics from the University of California, Berkeley.