Summary
In any industry, it’s important for financial managers and professionals to understand the relevant pricing strategy for their services and products according to the context of the industry and benchmarking against competitors.
To tackle pricing issues and frameworks from a position of knowledge and understanding, financial professionals will require the most up-to-date technology and systems and automated pricing strategies to ensure a return on any investment.
Accurate record-keeping and data management will also help to systematically identify opportunities in pricing in order to boost profits and make sound investments in the future. Making effective pricing decisions against previous data, upcoming trends, and forecasting analysis will ensure higher profits and greater success for a business’s financial future.
- To understand the value of your products against others in the same industry.
- To review your current pricing strategy based on how consumers view your products and services.
- To develop a keen understanding of the role of pricing in the success of your business.
- To analyse your data and insights to create a winning strategy.
- To implement value-based pricing.
- To explore pricing paradigms and communication strategies to add value.
- To take on a multi-disciplinary pricing structure.
- To review new products and technology in order to stay informed.
- To unlock the power of pricing within today’s economic environment.
This course is designed for anyone responsible for creating or monitoring a pricing strategy for their business. It would be most beneficial for:
- Business Owners
- Senior Executives
- Directors
- Financial Professionals
- Product Managers
- Project Managers
- Marketing Managers
- Sales Managers
- Data Analysts
This course uses a variety of adult learning methods to aid full understanding and comprehension. Participants will review various pricing strategies from real-world businesses and work together to understand the best way forward strategically for those organisations.
They will be introduced to the most modern marketing and pricing technologies and will develop a pricing structure based on data analysis and future forecasting. They will also create automated reporting strategies in order to forecast the best prices and compare these to competitor organisations.
Course Content & Outline
- What makes a successful pricing strategy?
- Perspectives throughout industry models.
- Value-based pricing.
- The various types of pricing strategies by industry.
- Which strategy works for you?
- KPI measuring and monitoring.
- Mistakes in pricing across the industries.
- Your key competitor evaluation.
- A history of revenue management.
- Principles and objectives of managing revenue.
- Conditions and consequences of managing revenue correctly.
- Yield management and how this affects your revenue.
- The importance of reviewing your revenue structure annually.
- Revenue management performance indicators and what they tell you about your operation.
- Demand management and the economic climate.
- Unconstrained demand and revenue.
- Forecasting for your future.
- How to develop an accurate forecast based on historical data.
- Why is forecasting so important?
- Booking curve and pickup forecasting measures.
- Highlighting forecasting errors.
- Automated forecasting models and technology.
- Overbooking and policies.
- How to create a working inventory.
- Expected marginal revenue and how to record it.
- Nested reservation systems and technology.
- Booking limits and protected level assurance.
- How to manage group inventory.
- Inventory across multiple sites.
- Warehouse management and the best use of space.
- Assigning value to products to increase capacity based on revenue.
- Consumer reviews.
- Evaluating your top sellers.
- What is value for money in the eyes of your consumer?
- Asking for consumer feedback.
- Collating quantitative and qualitative data to assign importance to your products.
- Price increases and how to handle them gracefully.
- Reviewing your target market.
- Understanding the supply and demand relationship.
- Developing an effective revenue management system.
- The technology you need.
- Key features of revenue management systems.
- Understanding how your competitors work.
- Assigning value to products to create prioritisation.
- Data sources and analytics.
- Visualising your inventory.
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Holistique Training draws distinction as one of the pioneers in the field of training and professional development solutions since 2008.