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Pricing Done Right: The Pricing Framework Proven Successful
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Practical guidance and a fresh approach for more accurate value-based pricing
Pricing Done Right provides a cutting-edge framework for value-based pricing and clear guidance on ideation, implementation, and execution. More action plan than primer, this book introduces a holistic strategy for ensuring on-target pricing by shifting the conversation from 'What is value-based pricing?' to 'How can we ensure that our pricing reflects our goals?' You'll learn to identify the decisions that must be managed, how to manage them, and who should make them, as illustrated by real-world case studies. The key success factor is to build a pricing organization within your organization; this reveals the relationships between pricing decisions, how they affect each other, and what the ultimate effects might be. With this deep-level insight, you are better able to decide where your organization needs to go.
Pricing needs to be done right, and pricing decisions have to be made—but are you sure that you're leaving these decisions to the right people? Few managers are confident that their prices accurately reflect the cost and value of their product, and this uncertainty leaves money on the table. This book provides a practical template for better pricing strategies, methods, roles, and decisions, with a concrete roadmap through execution.
- Identify the right questions for pricing analyses
- Improve your pricing strategy and decision making process
- Understand roles, accountability, and value-based pricing
- Restructure perspectives to help pricing reflect your organization's goals
The critical link between pricing and corporate strategy must be reflected in the decision making process. Pricing Done Right provides the blueprint for more accurate pricing, with expert guidance throughout the change process.
- Sales Rank: #773283 in Books
- Published on: 2016-07-25
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .80" w x 6.30" l, .0 pounds
- Binding: Hardcover
- 208 pages
From the Inside Flap
If you're frustrated by how products get priced at your company, chances are your price management process lacks connectivity and informed input on a broad level. You need to upgrade your procedures so pricing decisions aren't continually made by the CEO arbitrating between department heads. Pricing Done Right shows you how the world's most profitable companies have optimized their pricing processes with the value-based pricing framework detailed inside.
From the industry-influencing author of Pricing Strategy, this value-based approach to pricing rewrites the rules on what is possible when an organization gets serious about ensuring that its pricing is accurate and continually reflects its corporate goals. Based on industry-proven best practices and supported by academic literature, the methodology provides solutions to key issues challenging today's executives and managers, including identifying what decisions need to be managed, how to manage those decisions, and all the ways different decisions relate to each other. The end result of this robust and easy-to-use framework is a solid pricing organization within your company that can reveal the relationships between pricing decisions, including how they affect each other and the pros and cons of possible outcomes. This complete guide not only takes you through developing a value-based pricing system but also offers support for transitioning your organization with:
- Firsthand insight into the practical challenges and benefits of the framework from thorough examinations into the practices of leading senior executives
- Privileged access to real-world case studies from such companies as Southwest Airlines, Piaggio SpA, and Unisource Worldwide
- One-on-one interviews on pricing done right with the director of corporate pricing at Eastman Chemical Company and the global pricing leader at GE Oil & Gas Subsea Systems
Whether you work for a large corporation with many complexities and decision makers or a startup that needs to get it right the first time, Pricing Done Right is the blueprint for pricing like the best in the business.
From the Back Cover
Praise for PRICING DONE RIGHT
"Essential reading…the key to profitable growth is capturing price. While many books cover the concepts of pricing, Pricing Done Right goes the additional step of applying the concepts in the real world. Smith's ability to educate and drive to results quickly makes him unique in the pricing world."
—Dennis Stone, CEO and President, Overhead Door Corporation
"Are you concerned about pricing? You need two things: a courage pill and a process. Courage pills are not available by prescription, but processes…don't miss Smith's book. Logical, methodical, and close to earth."
—Ignacio Dominguez, Global Chief Commercial Officer, Adama Agricultural Solutions, Ltd
"With its strong focus on organizational acumen, change management, and analysis—along with cross-departmental tactics and strategies—Pricing Done Right will connect you and your company with the tools needed to raise profitability and performance. Tim Smith's experience in pricing can help you achieve tough goals."
—Kevin Mitchell, President, The Professional Pricing Society, Inc.
"Pricing Done Right makes the current pricing theory understandable and easy to implement. Smith provides excellent counsel and wisdom in helping pricing leaders drive margin in the organization…a must have resource for any pricing leader."
—Lee A. Halverson, Vice President, Pricing and Business Intelligence, SiteOne Landscape Supply
"Marketing, Sales, and Finance should always be part of the pricing process. Any decision that implies only part of those functions would be biased. Pricing Done Right explores the roles and responsibilities of each of them in pricing decisions, from strategy to execution. A must-read book for all executives."
—Michal Nacasch, Head of Global Pricing, Adama Agricultural Solutions, Ltd
About the Author
TIM J. SMITH, PHD, is the founder and CEO of Wiglaf Pricing, where he helps executives manage price better. Also an adjunct professor of marketing at DePaul University, he began his career as a research scientist in quantum mechanics before pursuing business strategy. He is the author of Pricing Strategy and Hawks, Seagulls, and Mice.
Most helpful customer reviews
2 of 2 people found the following review helpful.
All organizations—from startups to Fortune 500 companies—can find something of value in this book
By Nathan Phipps
Every firm needs to get their arms around their pricing. Simply put, pricing adjustments can impact your bottom line much more significantly than any other single organizational function. If you compare the improvement in profitability (for a typical firm) for a 1% increase in price, a 1% increase in volume, a 1% reduction in variable cost, and a 1% reduction in fixed costs, the pricing adjustment will give you the most bang for your buck. Managing pricing is one of the most important things you can manage.
Managing pricing involves taking appropriate pricing actions, and these actions should flow from your pricing strategy. But pricing strategy does not materialize out of nowhere. Rather, it needs to flow from your firm’s business strategy. Achieving alignment between your firm’s business strategy and its pricing strategy ensures that sales, marketing, finance, and everybody else is consistently working towards the same goal in the same manner.
Additionally, alignment allows you to start tackling other pricing topics. How will you set list price for your products/services? Who will your firm give discounts to and why? What are the best responses to a competitive price threat? What tools and processes will you need to effectively manage your firm’s pricing goals? How should you consider the tradeoffs of one pricing approach vs. another? How do you go about building a pricing team?
Implementing lasting pricing changes is not an easy task, but Tim Smith provides a robust framework for reaching executable decisions on all these pressing pricing problems and more. If you want your firm to be a pricing leader, I highly recommend this book.
2 of 2 people found the following review helpful.
How the Value-Based Pricing Framework can help almost any organization to establish and strengthen its competitive advantage
By Robert Morris
Leaders in many organizations are now frustrated by their struggles with price setting, reporting, and variance challenge and are in urgent need of “a predictable and reliable price management system.” Tim Smith has written this book for them. In it, he provides an abundance of information insights, and counsel that will enable to establish and then strengthen such a system.
In my opinion, Smith has done for pricing what Ben Graham and then Warren Buffett have done for investing. There are several parallels between the mindsets they formulated. My guess (only a guess) is that Graham and Buffett value very highly the companies whose leaders embrace that framework and pursue strategies that will have high-impact in a global marketplace that seems to become more volatile, more uncertain, more complex, and more ambiguous each day.
These are among the dozens of passages of greatest interest and value to me, also listed to suggest the scope of Smith’s coverage:
o Overarching Pricing Decision Areas (Pages 3-7)
o Decision Teams (8-9)
o The Purpose of Firms: Serve Customer Needs Profitably (11-15)
o Value Engineering (15-17)
o Value-Based Pricing (17-20)
o Differential Benefits (20-26)
o Business Strategy (36-39)
o Competitors (47-51)
o Price Positioning (56-62)
o Price Segmentation 62-65)
o Competitive with and Without (70-73)
o Pricing Capability (74-76)
o Market Pricing (82-86)
o Price Execution 92-95)
o Pricing Analysis (95-97)
o Continuous Improvement Process (120-122)
o Offering Innovation and Pricing Decisions (123-131)
o Market Pricing Continuous Improvement (135-137)
o Pricing Reporting Structure (143-145)
Those who are among the leaders in organizations that are now frustrated by their struggles with price setting, reporting, and variance challenge and are in urgent need of “a predictable and reliable price management system,” the Value-Based Pricing Framework is eminently worthy of careful consideration because can identify pricing decision points across the organizational life cycle and the offering life cycle. “It also identifies pricing decisions and actions that cross departments.”
I agree with Tim Smith that consideration of this framework starts with an executive decision: “Where am I today and where do I want to be tomorrow?” It is immensely important to keep in mind that the framework does not address pricing issues; rather, it addresses [begin italics] business [end italics] issues that have profound implications and consequences throughout the given enterprise.
That point is so important that I repeat it: the framework does not address pricing issues; rather, it addresses [begin italics] business [end italics] issues that have profound implications and consequences throughout the given enterprise.
Here are Smith’s final thoughts: “Using this Value-Based Pricing Framework is a choice. It’s a decision. An opportunity. You can squander the value you create and deliver to the market or capture it and use it to create more value in the market. Making better pricing decisions is a choice.”
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