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Benefiting from Value Based Pricing

Most organizations utilise a variety of pricing methods, and have used the same methods for many years. While these methods may still function adequately, the influx of low cost competitors from the emerging economies and recessionary pressures have had the effect of forcing sellers to reduce costs or increase efficiency in order to generate better margins. Whilst this is usually beneficial, it is at often little more than a cosmetic change which is usually copied sooner or later by competitors. Many companies in Europe and the USA are now exploring Value Based Pricing (VBP) as an important route to improving profitability and achieving an acceptable return on investments in product and technology development. VBP is an attractive option. The technique is still in the relatively early stages of growth in Europe and there is a shortage of guidance for managers who would like to know how to introduce and implement it in their businesses. This course goes well beyond a basic description of VBP and focuses on the challenges managers will confront when embarking on the VBP journey. What is VBP & What will it do for you?In simplest terms, Value Based Pricing (VBP) is a strategy that shows you how to grow margins and build profitability. It does this by providing you with a means to capitalise on the factors that make your customers buy from YOU, showing you how to close the gap between your price-level and what a customer is potentially willing to pay (WTP)… ultimately providing the next, vital step towards building profitability

Turning 'Theory' into 'Practice'?

This course will help companies who are considering, or have already decided to start implementing VBP to be more effective in this process of pricing strategy transformation. Our course will provide you with ideas, support, guidelines and case study experience and will help you to develop a robust process, save you time and money and lead you to generate better ROI from your products.In Value Based Pricing we focus very closely on the unique value our products and services provides to its clients – specifically how its products or services impact on the business. Understanding this value, and being able to measure it, will enable the organisation to price its solutions according to the value clients gain from using their solution. This offers a much better alternative to deep discounting which destroys brand, credibility and relationships

Who should attend?

This course is designed for CEO, CMO, CFO, CSO and other senior managers who are in charge of Product marketing and/or are involved in a Pricing Council.The topics covered will be at senior level and thus will be inappropriate for more junior people
Each participant will be given a free copy of the book “Value-Based Pricing” by Harry Macdivitt

Key areas to be covered in the programme and documentation

Brief description of VBP
• Critical comparison of VBP with conventional pricing methods
• Why VBP is an attractive option
• What academic pricing research tells us

Definition and measurement of value
• The Value Triad©: A means of understanding what value you deliver, according to your customer
• Analysing Customer value
• Important Measures to quantify value drivers for the customer: how to quantify cost-reduction and revenue-gains
• Software tools - to help your sales people assess economic value of their offer at point of sale/during customer dialogue

Nature of the VBP Journey
• Key Hygiene factors & considerations required for VBP to succeed
• The Steps for Implementation: The Seven R Framework©
• Setting up your own Pricing Council
• A Successful Journey – Live Case Study by Videolink

Role of the Champion
• Visionary leadership
• Herding Cats – getting the whole team on board
• Removing roadblocks and obstacles

Review of Case Studies
Intention here is to bring in an executive from one of the cases and get him to stay on to participate in the round table
• Selection of four/five real case studies
• Speciality Chemicals
• Logistics
• Lubricants
• Medical Devices
• Biotechnology

Round Table Discussion
General discussion of the challenges and opportunities that delegates anticipate in
implementing VBP successfully in their businesses.

Benefits to you

• Aligning price more closely to value delivered
• Understanding how your customers measure value, and thus how you can add value
• Customising pricing according to individual customers, to reflect individual value, giving greater flexibility and greater perception of a focused, value-adding solution
• Recognising why VBP is an optimal approach in many cases
• Entrenching the notion of ‘Value’ throughout the organisation: buy-in from all is essential for the model to succeed
• Cut down on complex, contradictory and confusing pricing which are difficult for sales people to understand and impossible to explain
• Ensuring executive and operational-team buy in to the approach, and fully see the value in VB Pricing to them and the organization

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

9th & 10th Feb 2017, London, PT3507
22nd & 23rd May 2017, London, PT3508

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

All management, personal development and project management public courses featured in our Course Directory are also delivered on an In-Company basis.

Click Here for information on how this course can be delivered for you as an In-Company Training Solution

 


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dzingim@marcusevansuk.com - Marketing Manager EMEA - Professional Training


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Testimonials

"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac