6 Key Resources for Optimizing Your Pricing Strategy
photo credit: Michael Heilemann
Pricing is the most important aspect of your business. Period. The all important lever buttresses everything you’ve created, and everything you stand for, quite literally. After all, the goal of your business is to drive people to that fateful pricing page where a visitor either becomes a customer or an unfortunate sale lost. Still don’t believe us? Well, check out our argumentation in a recent blog post on price optimization or download our pricing strategy ebook, which provides much more context.
Yet, we’re not the only one’s out there preaching to the masses about how a 1% improvement in pricing can unlock an average of 11.1% more profit. Instead, we’re a growing part of a value maximizing army, ready to paratroop in with spreadsheets, economic models, and more hustle than Patton’s first tank brigade. War metaphors aside, you must be prepared for the pricing battle, and you need to use this list as the tip of your sword. Pricing is a process that starts with education.
The PPS is the yoda of the pricing industry. It’s old and sometimes says some things you don’t understand for a few minutes, but at the end of the day it’s the central hub of the pricing universe with more resources than the rest of the entire galaxy combined. The organization’s blog is mainly used for announcements, but there resources section is full of white papers, on-demand webinars, and e-books from all the cool kids on the pricing block.
Go there for: Central hub of pricing resources and dozens of on-demand webinars for all skill levels.
If PPS is Yoda, then Pricing Leadership is like Obi Wan Kenobi, much younger and smaller than PPS, but full of knowledge ripe for the masses. I promise the Star Wars metaphor will end here. Pricing Leadership contains a smattering of articles that are posted every few days and range from the basics to optimizing your discount or rebate strategies. They’re a great blog to explore, especially because their posts come mainly from different members of the pricing industry.
Go there for: Varied pricing content for all aspects of your pricing strategy. Great place to explore in an ad-hoc manner, as well, because there’s bound to be an article on the problem you’re trying to solve.
Yea, we added ourselves to the list, but we’re going to defend this placement. With our content we focus on opening up as many best practices as possible in long form, well researched and reasoned posts. You’ll never find a post that you won’t glean any value from, and if you do, email me and I’ll speak with you until I provide you more help than you know what to do with. Plus, we’re exceptionally responsive with our content. For instance, we noticed we were getting a lot of questions about pricing pages, so we launched an entire Pricing Page Bootcamp course.
Go there for: Foundational posts for beginning to mid-level pricing folks. Also, the pricing strategy ebook or Pricing Page Bootcamp.
Rags Srinivasan of Iterative Path knows how to not only drop some serious pricing and marketing knowledge, but does so through exceptionally well reasoned posts that almost always include easy to follow examples. Essentially, he'll make you feel really smart very quickly.
Go There for: Quick posts that are well written and get straight to the point. All skill levels will gain a lot from each piece of content.
If pricing were a religion, The Strategy and Tactics of Pricing would be one of the religious texts. A thorough analysis and breakdown of all things surrounding pricing with models and tactics to maximize revenue in any business. Plus, business schools across the country use this tome for their pricing classes. No need to spend thousands when the knowledge is all right there for the taking.
Go there for: The absolute foundation of your pricing strategy. You really shouldn’t even consider whether or not to buy the book. Instead, you should just do it. Your profits will thank you.
If The Strategy and Tactics of Pricing were a religious text, The Art of Pricing would be a catechism. Rafi Mohammad has been called the Da Vinci of pricing, and I agree, mainly because The Art of Pricing is artful in how digestible the content is for pricing gurus and pricing novices alike. Anyone interested in marketing or pricing could pick this book up and apply insights directly to their business the next day. Plus, his use of stories, examples, and metaphors really help you retain the information.
Go there for: An exceptionally well-written, digestible read. Great for all skill levels, but especially for beginners.
Did we miss some? I'm positive we did. Where else should you look for consistently solid pricing knowledge? Let us know in the comments!