Changing change management
for pricing initiatives.
for pricing initiatives.
Implementing new pricing strategy and analytics to drive profitability means unlearning old ways of thinking about pricing, product innovation, selling and customer value. As you are not just learning latest skills, approaches and strategy, you are challenging people to think and behave differently to the norm - by no means a easy transition for any large business with thousands of employees. And it's this very break way from old to new of pricing - or from cost plus to market based, value based to dynamic pricing - that makes price improvement hard for businesses - both intellectually and emotionally. Because when you change how you price there will be grumbles, tension and a lot of unexpected raw emotion rise to the surface. As changing a price is not just a numbers game; you're asking people to change deeply held perspectives, beliefs and assumptions about value and about how they do their jobs.
Our point of view
It can take years to generate usable pricing insights from pricing software. It takes ongoing investment (not just the upfront cost of $2M), technical expertise, resources and time for pricing systems to learn enough about your industry and market before it can calculate reliable prices. In fact, the learning curve for complex algorithms in fragmented markets is c.5 -10 years. Which, in many respects is much longer than the human or 'pricing team' learning curve. It is critical to bear in mind then: that when you ask teams to use pricing systems and tools that are likely to produce less than reliable pricing options - at least in the early stages - the take up will be slow. So, you'll need the right change management strategy to keep the pricing strategy & analytics project moving and in the right direction.
Q & A
How can we help you
There’s no such thing as over communicating why you need to change pricing. The market is moving rapidly, and how many businesses set and managed their prices before the crisis will no longer be suitable. At this point in time, leaders embarking on pricing improvement initiatives need to connect with their employees frequently, candidly, personally, and consistently. We coach and support leaders to build the right capabilities to lead a pricing project. We align them around a clear vision for the future of pricing and the actions, values, and behaviours that will enable teams to succeed in a digital age. We work with leaders to create an impactful communications plan that ensures effective team engagement. From crafting rapid response messages, to using new communication tools, to incorporating real-time feedback into your messaging and approach – we help you communicate to get outcomes.
Communication, by definition, isn’t a one-way street. Employees need to feel comfortable expressing and communicating openly about their pricing issues or issues with the new pricing software or system. After all, they are the ones testing and using it. To ensure you and your teams get the most from new pricing optimisation and quoting tools, you’ll want frequent and rapid feedback from system users. This feedback – the good and not so good – will be critical to identify ways to speed up pricing system integration, yield better price options and most importantly, build engaged and productive teams. We help organisations to achieve these crucial outcomes; Taylor Wells pricing technology and culture surveys help our clients to survey employees as flexibly and frequently as required and provide real-time data and insights on what employees are thinking to inform better ways of working.
We know with effective change management principles you are six-times more likely to achieve success with your pricing improvement initiatives. We work with you to identify the right team to lead the change, map the change journey, and put in place the right supporting tools and networks. We then help you to execute on the plan and develop key messages to reach the right audiences at the right time, while empowering people with skills and behaviours to meet the change. Finally, we support you to track success, refine the plan, and maintain momentum. Whether you’re new to change management or a seasoned transformation leader, we can help you create or adapt your approach to change to drive complex pricing improvement initiative and build a sustainable internal pricing capability.
As technology evolves and markets change, the need for pricing skills increases. We work with you take a pulse check on the capability gaps within your pricing and commercial departments and develop a program to effectively address them. We deliver virtual learning experiences that both engage participants and drive behaviour change. We have programs that can be deployed rapidly to meet the immediate needs of your department. This includes strategic pricing, leadership development, strategic influencing and analytics programs. We can also work with you to build customised learning experiences to meet your commercial requirements.
With lots of price pressure, margin risk and uncertainty ahead, organisations need to unlock the benefits of their pricing initiatives quickly – the ones designed to address the challenges and opportunities brought by this crisis, along with initiatives like digital pricing transformation. We work with the leaders to articulate a compelling business case and the value a pricing initiative will deliver to the organisation. We help leaders align their teams and the organisation around what needs to be done, establish effective governance structures, set clear accountability, and manage execution through rigorous tracking and action planning. Additionally, we employ robust change management techniques to drive clarity and commitment to a better way of pricing throughout the organisation.
Pricing Insights at your fingertips
In our hands it’s more than just data. We use it to build the DNA of outstanding pricing leaders, effective organisations, high performance cultures and game-changing reward and teambuilding programmes. In your hands it can continue to inform smarter pricing and people decisions backed by more than 1 million data points, including:
– Over 7,000 thousand assessment results
– Hundreds of employee engagement survey responses
– Rewards data for thousands of employees across hundreds of organisations and UK, EU, USA, CH, SA, AF, ANZ.
Our thinking & approach
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Questions? Call 02 9199 4523 To speak to a Taylor Wells representative or complete the form above.