In all walks of life, we constantly make decisions about whether something is worth our money or our time, or try to convince others to part with their money or their time. Price is the place where value and money meet. The world’s foremost expert on pricing strategy Hermann Simon shows how this mysterious process works and how to maximize value through pricing to company and customer.
The recipe for successful pricing often sounds like an exotic cocktail, with equal parts psychology, economics, strategy, tools and incentives stirred up together, usually with just enough math to sour the taste. That leads managers to water down the drink with hunches and rules of thumb, or leave out the parts with which they don’t feel comfortable. While this makes for a sweeter drink, it often lacks the punch to have an impact on the customer or on the business.
Hermann’s lifelong journey has taken him from rural farmers’ markets, to a distinguished academic career, to a long second career as an entrepreneur and management consultant to companies large and small throughout the world. Along the way, he has learned from Nobel Prize winners and leading management gurus, and helped countless managers and executives use pricing as a way to create new markets, grow their businesses and gain a sustained competitive advantage. He also learned some tough personal lessons about value, how people perceive it, and how people profit from it.
In this seminar, you will learn:
- To understand the relationship between profit, pricing and volume
- How and why to increase price and volume
- The importance of managing for profit, not volume, revenue or market share alone
- How to deliver value and extract more through pricing and monetization models
- How transparency in the digital age has affected pricing