We see a lot of market segmentations in our work. Often these segmentations are the weakest part of the marketing plan. Many segmentations are limited to firmographic data and in some cases are simply a list of industry verticals. They are meant to find a market that fits the offer. Instead, we should segment based on emotional and economic value creation to build an offer that fits a market.
Big data, predictive analytics, artificial intelligence (AI) and machine learning are all the rage these days. They are sure to be a popular topic of hallway conversations at this October's Professional Pricing Society Fall Conference in San Diego (Oct. 24 to 27, 2017). The theme for the conference is 'Data, Change Management and the Profit Landscape' and there are a number of interesting sessions on these themes on the agenda.
Much of the work we do at Ibbaka is centered around value-based pricing. In one of my previous posts, I reviewed one of the key inputs of pricing strategy—market segmentation. Now, I would like to explore another critical business process—value-based selling. How can we enable our sales people to practice value-based selling?