CALL US
+61 2 9199 4523
E-MAIL
team@taylorwells.com.au
LOCATION
Level 8, 65 York Street Sydney 2000

Shaping a successful

pricing initiative

for maximum results.

PRICING TRANSFORMATION

THE SITUATION

Six years ago dynamically pricing across multiple segments using high tech pricing systems was something few knew about. 3 months ago the “the future of work” felt like science fiction.  Now, the future of pricing, IT and work is here. And, not only is change inevitable, we're living it. Some leaders are already looking to build a sustainable pricing capability to help them through the turn. Other leaders are thinking about which employees to select for pricing projects and under what conditions. But there’s a strong case to use this time not only to update or change prices but also to transform and improve how people solve complex pricing problems.

INSIGHT

Our point of view

As customers, consumers, shoppers and employees needs change, so will the workforce and price architecture. But how? What skills and people will you need to succeed in complex pricing projects? And what practical actions should you be taking right now?

Q & A

Your questions

QUESTION 1:

What is the best approach for managing pricing after the crisis?

ANSWER 1:

Pricing transformation projects aren't easy at any time, and it may not seem like a high priority now, when survival is may be the goal each day. But the most forward thinking businesses will recognise that how they used to manage and set their prices will not get them through in today's changing market. There will be new pricing and margin opportunities and new commercial challenges. Whether companies succeed post COVID will depend greatly on having the right people to create and execute the right pricing strategies and tactics for the business. Including re-building or refining the current price architecture to capitalise on new business strategy, operations and systems. You want the right people, with the right skills, aligned to the work that needs to be done. And all of that starts with a clear view on what their most important capabilities should be going forward.

ADVICE

How can we help you

Digitisation has accelerated pricing technology and organisations have fast adopted some very positive cognitive and behavioural changes to keep up – including learning agility, decisiveness, collaboration and analytical thinking. Many employees have had a taste of a new ways of thinking about price and value. Many see the limitations of cost plus pricing in today’s market. Going forward organisations are likely to be looking at more tech-enabled pricing models and virtual or distributed workforces to operate and inform them.

We can work with you to understand how your pricing team and commercial function should change to enable you to create and execute new pricing strategy and execution in this changing environment. We work through the six rights of strategic team planning: Site, Size, Skills, Spend, Shape and Source (shift from human to machine work) and using dynamic, scenario-based simulation tools we model different workforce scenarios. We then work with you to develop a pricing team plan around your chosen route.

We ground everything we do in our IP and data. We have an in depth understanding of industry pricing and work. Our people analytics hub holds extensive data on 1000s of skills assessments, jobs and the pricing skills and competencies required to do succeed in them as well as pay data across all global regions. 

To support the new ways of working that will be required in next generation pricing organisations, leaders want to move away from siloed hierarchy to more of a collaborative ecosystem. At a more granular level we also know that market changes will dramatically affect individual jobs and the pricing skills needed to deliver them. Some jobs will be eliminated, some will be made contingent, some will shift their focus, some will be elevated and brand-new jobs will be created.

Drawing on our deep expertise in how to organise pricing and work, our benchmarking data and work measurement methodology we can help you build a pricing organisation that is quick to make informed pricing decisions, collaborative and agile. We’ll clarify governance structures and accountabilities and get right down to the granular level of designing individual jobs and matching these jobs to the skills and behaviours required to deliver them.

Given the pace of change at the moment and the downward pressure on price, organisations will need to invest in reskilling or upskilling their pricing and commercial departments to ensure that do not leak margin or miss out on valuable revenue opportunities. 

We will analyse your people and commercial data to review where you can most successfully reskill and upskill people into different roles. And, then, drawing on our skills based and behavioural assessment and development programs, we can help you support their transition. We have a full program for pricing and revenue management teams covering project management, digital skills, pricing training, leadership development, agility and communication skills to name but a few.

You can’t upskill and reskill everyone in your pricing team or commercial function. You will have gaps and, as you accelerate out of the turn you will be competing hard for the best talent on the market. We can help you recruit the right people, in the right places and at every level.

  • Pricing Executive search: We can identify and attract the right pricing leaders who will deliver on your business priorities. We will assess for ideal expertise and organisational fit and build appropriate frameworks for compensation and retention.
  • Professional search: Through our innovative search process and access to candidate pools and data, we are uniquely positioned to help identify and attract professionals at the middle to upper levels of management, in both single-search and multiple managed search projects. We can determine the traits needed for success in every role and match candidates against best-in-class profiles, while also gauging cultural fit.
  • Project recruitment: We can deliver the same talent acquisition services, but within a defined project start and end date. Our Project Recruitment solution is seamless and aligned with the client’s broader pricing transformation plan and talent acquisition strategy. Clients enjoy the same benefits around reduced time to hire, reduced cost per hire and improved candidate quality, for both short-term and specialised needs.

RESEARCH

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.

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CASE STUDIES

Our thinking & approach

All
Change management
Organisation team design
Pricing advisory
Pricing Capability
Pricing Recruitment
Pricing Strategy
Pricing Teams & Culture

Talk to an expert

GET IN TOUCH

Questions? Call 02 9199 4523 To speak to a Taylor Wells representative or complete the form above.

ADDRESS

Level 8, 65 York Street
Sydney 2000

E-MAIL

team@taylorwells.com.au

TELEPHONE

02 9199 4523

WORK HOURS

Mon. - Fri.: 9AM - 5PM