There is usually only one chance to set the right price for a new product. If you launch too low you will leave money on the table; too high and you won’t generate sufficient trial. It is very common for companies to have very little structure in their new product pricing processes, and consequently they make costly errors.
In this discussion, Jim Saunders, head of Pricing Management at Pricing Solutions, presents:
- The benefit of using a structured process for new product pricing
- How to assess the value of your offering
- Do you have Pricing Power or are you at risk of a price war?
- What information is required? How do you gather it? Then what?
- How to use changes in Pricing Structure to dramatically improve the profit potential
- How real word companies are implementing pricing techniques to gain a competitive advantage
Bill Huyler, Vice-President, Price Science at Vistaar Technologies, presents real world company examples of how large B2B firms can successfully introduce new products to the market through advanced pricing technology.
About the Speakers:
Jim Saunders heads the Pricing Management practice at Pricing Solutions. He has helped many clients, both large and small, bring a more disciplined and analytical approach to their pricing. His work has been implemented in industries as diverse as packaged goods, pharmaceuticals, transportation, financial services, and the media.
Jim joined Pricing Solutions after 12 years in management at two major international corporations. As Director of Finance for Nestlé’s confectionery business, he was responsible for pricing. In that capacity, he led the implementation of several price increases, controlled a large discretionary trade spend budget, and improved equitability of pricing and trade programs across a range of trade channels. In his position as Manager of Strategic Planning at Bombardier Aerospace, he was responsible for developing a radically redesigned process for development of new aircraft programs. It is the blend of his background in finance and process management that gives him a unique, practical perspective on pricing and pricing processes.
Jim has helped clients save management time and effort by simplifying pricing processes and eliminating up to 80% of their pricing records’ and the associated complications. He has also enabled them to focus and simplify their offerings, leading one client to more than double its profits. Through transactional analysis, he has helped clients understand the behavior of their customers and develop effective bundles to capture share and increase profit. He has built forecasting models of price, volume, profit, and risk in industries, including pharmaceuticals, using dynamic regulatory and competitive assumptions.
Bill Huyler is the Vice President Price Science for Vistaar Technologies and brings over thirty years of experience in the pricing industry. His background includes roles as a pricing thought leader in the automotive and transportation industries, as well as an entrepreneur delivering both strategic consulting services and software solutions. He also served as a re-entry vehicle dynamics engineer on the Apollo and Minuteman IV programs for Northrop Aircraft and AVCO Missile Systems, respectively. He has noted that some of same mathematics used to model flight dynamics is used today to optimize prices. Bill is a long-time figure in the pricing community with many distinguished accomplishments, including a US patent in pricing methodology. He has also been a board member of the Professional Pricing Society.