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Pricing is one of the most critical profit drivers of a company, but it is also one of the least understood. Many executives with pricing responsibilities rely on gut feeling, questionable assumptions, experiments or a simple cost-plus model to set prices. As a consequence, you don’t capture a significant amount of the value you create and you leave money on the table. This highly-interactive programme helps participants design and implement a well-crafted pricing strategy to gain more value from your customers.
During your 3-days on campus, you will translate the conceptual frameworks to case studies, benefit from the experiences and perspectives of a talented group of peers, and define the scope of your in-company project. The goal of this project is for you to apply your key learnings to your own business, so that you have a better pricing strategy and concrete action plan, which will help you capture more value. A number of months after the programme, we invite you back to Vlerick Business School for a sounding-board session with your peers and Prof Tackx, in which you will receive feedback and input on your in-company project.
WHY THIS PROGRAMME?
What is the added value of following the programme 'Pricing'?
By participating in this programme, you will:
- Define the right pricing strategy, and make a strong case for your decision within your organisation.
- Identify the crucial drivers that create profitable pricing opportunities.
- Formulate an answer to your own pricing challenge (via your in-company project).
The programme 'Pricing' consists of 6 modules:
Module 1: The principles of value-based pricing
- What are the most used pricing strategies & what makes value-based pricing different?
- What is value-based pricing and how do you start doing it?
- How do you achieve prices that reflect the true value of your products?
- Applying the value-based pricing methodology.
Module 2: Pricing from a financial perspective: identifying, associating and applying the drivers that have an impact on pricing
- Explore the real financial implications of pricing decisions, and when it makes sense to compete on price and when it doesn't.
- Through greater understanding of the cost drivers and the types of customers you have (high vs. low cost to serve customers), you will understand when offering a discount is a smart idea — and when premium pricing is the right strategy. What impacts the customer lifetime value & how can you increase it?
Module 3: Taking the right pricing decisions: using data and market research methods to feed your decision-making process
- Companies who are using an analytics-driven approach to pricing significantly out-perform their competitors. In this module, you will learn how to turn data into insights that drive improved performance and profitable growth for your company.
- Case study: designing the price sensitivity curve and defining the ‘right’ price point
Module 4: Pricing from a market perspective: taking into account market drivers that have an impact on pricing
- Identifying the market drivers that have an impact on pricing: customer behaviour, CSR aspects, competition, substitutes…
- Associating the market drivers with the tactics
- Applying the market drivers to your organisation
- International pricing differences
Module 5: Pricing from an entrepreneurial perspective: examining the pricing strategies of fast-growing companies & applying these strategies to established companies
What can established companies learn from fast-growing companies (& vice versa) in terms of revenue models?
How can you apply a number of these revenue models to your business?
Case study: Edgard & Cooper
- Why should you (not) differ your pricing strategy when you go to the market via different channels (direct / third parties)?
- What’s the impact on pricing when you sell in different geographical regions?
Module 6: Pricing from an organisational perspective
How do you structure the pricing process internally?
Who should attend
The programme 'Pricing' is targeted towards:
- Professionals who are responsible for pricing decisions and/or revenue management
- Middle-to-top-level managers of Marketing, Finance, Sales and Business Development, who are facing important pricing challenges, like failing to capture a fair share of the value they create in the marketplace
- Managing directors of smaller companies, and entrepreneurs who are facing similar challenges
- Executives of all kinds of companies; from startups to established companies, across industries