This Week in Consulting
Wednesday, April 8th 2020
How to Price in the Age of AI?
THIS WEEK’S MUST READ
“Remember the not-so-long ago days when Netflix was the king of streaming services? Back then it was an easy segment for the company to command: “For the pleasure of viewing our content, your only option is to go all-in for our unlimited usage plan.” But today, with so many streaming services available, offering only all-you-can-watch is a mistake. Doing so limits a service’s customer base and makes it vulnerable to better-tailored pricing from rivals. “
What are the offers provided and the mistakes made by the streaming services in terms of pricing/packaging?
This Week’s Must Read is an is an insight piece from Rafi Mohammed about the pricing strategies of streaming companies.
Read on to Find out More: “Why Is Every Streaming Service Using the Same Pricing Model?“ | Rafi Mohammed, Culture of Profit for HBR.
THIS WEEK’S VIDEO:
In this video Price Intelligently presents several pricing strategies and makes a case for value-based pricing.
THOUGHT LEADERSHIP
- Dynamic pricing model example: The Difference Between Static And Dynamic Pricing- “Not only will you bring more pricing intelligence to your business. You’ll help your sales teams win more profitable sales (B2B). And, you’ll also attract more loyal consumers to your brand (B2C). From BP, AGL, DHL and Toll Logistics to Amazon Best Buy, Uber’s surge pricing and Ticketek dynamic ticket pricing, it seems there’s been more awareness of dynamic pricing model examples and pricing strategy in Australia over the past two years.” This article gives us the definition of dynamic pricing definition and presents examples of its application.. | Taylor Wells
- A Practical Guide to Pricing: “ Intelligently managing price structures and levels is the most important topic to secure business success. Get it right and you will thrive. Get it wrong and risk permanent damage to your business. Excellence in pricing goes far beyond the price of an individual product. It involves strategy, goals, positioning, but also governance, tools and finally all of a company’s processes and culture that ultimately result in the price tag. In this guide, we discuss the many reasons why pricing is important, and share expert insights and tips for overcoming the top pricing challenges.” The authors present the different pricing strategies and show how the right pricing approach is essential to remain competitive and bring you value. | Dr. Rainer Meckes, Dr. Andrea Maessen, Dr. Christoph Bauer, Franck Brault, Lisa Jäge, Nina Scharwenka, Dr. Kajetan Zwirglmaier and Jan Haemer, Simon-Kucher & Partners
- 4 Product Pricing Strategies and Techniques: “ Pricing strategy can be one of the hardest things for entrepreneurs. How much should you charge for your product? How much is too much? Are you selling yourself short? In product pricing, you have to decide what kind of a pricing strategy you’re going for. Your strategy of choice depends on your product and your competitors.” Are you sure you are applying the right pricing strategies? This article explores four strategies that you can use for your products. | Peep Laja, CXL Institute
- Making Scientific Pricing Actually Deliver: “After working with many distributors in recent years, we have learned something about cutting through this complexity to craft a practical pricing regime that works. It is based on simple principles, keeps only the required complexity contained in the center of the organization, and actually makes the sales force’s life easier.” This article summarizes the best approaches retail companies use to improve pricing.| Chris McMillan, James Adams, Richard Balaban, Ian Brown, Keith Creeha, Oliver Wyman.
TRENDS
On the same theme,here is a selection of conferences that you might find useful
STRATEGIES FOR A NEW ECONOMY: At PPS we put a premium on maximizing your success in the areas of peer networking, training, and education with the latest pricing, revenue management, and sales strategies and tactics.
EPP Life Sciences Pricing Forum 2020: The theme of the forum orbited around: Pricing in a complex ecosystem – dealing with transparency, collaborative relationships and smart data.
CONSULTING INDUSTRY NEWS
- Governments are once again splurging to keep big companies afloat: “Managers are encouraged to set enough aside for a rainy day. The covid-19 cloudburst means even the most prudent companies are rapidly exhausting their cash. Many will need a bigger umbrella that only the state can proffer.” | The Economist
- What measures have been put in place to help Europe’s 25 million SMEs during the coronavirus crisis? “In this special episode of Business Planet, we look at what measures have been put in place to support small and medium-sized enterprises.There are 25 million SME’s in Europe. They represent two-thirds of jobs in the bloc and are particularly impacted by the new Coronavirus crisis.” | Serge Rombi, Euronews
- United Technologies and Raytheon Complete Merger of Equals Transaction: “ Raytheon Technologies Corporation (NYSE: RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses.” |PRNewswire
- Mace & Menter helps DCMS improve The Cyber Exchange: “The Cyber Exchange was originally developed in 2016 as part of the Cyber Growth Partnership. It’s run by techUK, a trade association for the technology industry and funded by DCMS, the Government department responsible for building a shared society and digital connectivity.” | Consultancy.uk
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Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.
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Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.
