The CEO should play a leading role in pricing strategy and demand a high level of execution. Pricing is too important to leave to experts. It is one of the most powerful strategic levers a business has. What are the ten top questions a CEO can ask to help improve pricing practices at their company? The Ibbaka Self Assessment tool will help you to benchmark your company on best practices.
The Professional Pricing Society annual Spring Conference and Workshops was held in Chicago May 2 to 4 of 2018. Ibbaka presented the preliminary results of its research with TeamFit on the skills of pricing experts. We also introduced our pricing Self Assessment tool. Both were well received. Tim Smith of Wiglaf Pricing presented a well thought out way to structure the Pocket Price Waterfall and connect to pricing governance. Simon Kucher Partners had a good talk on connecting pricing to digital transformation.
Willingness to pay (WTP) is one of the most abused terms in pricing work. Lazy consultants use it as a proxy for value. It is not. Market researchers think of it as something to be measured. Pricing strategists look for ways to shape WTP through marketing segmentation, value communication and a pricing model that connects price to value.