The Psychology of Pricing: It's All in Your Head
like the Rodney Dangerfield of U.S.
currency – they get no respect.
But price-savvy businesses know the true value of a penny and understand that a price change as small as one cent (or even a fraction of a cent) can deliver millions of
dollars in additional profit.
The key is knowing when the customer is willing to pay that extra penny.
The answer lies in the psychology of pricing, which is a tricky terrain to
Every customer wants to think he or she is getting a good deal, whether they are ordering a value meal or driving a new car off the lot, and a price change as little as a penny can have a huge impact on the willingness to pay (WTP).
Fully understanding what affects a person’s WTP can help companies better price their products and services.
Vistaar Releases Latest Version of Pricing Solution for the Beverage Alcohol
– March 27, 2012 – Vistaar Technologies, Inc., a leading provider of price management solutions, today announced the commercial availability of
version 1.5 of its Distributor Price Management solution for beverage alcohol companies.
Vistaar Distributor Price Management is a one-stop solution for mid-market beverage alcohol companies looking to better manage their price structures to reduce margin leaks, improve profitability and comply with state laws.
Vistaar customers, including industry leaders Beam Inc., Pernod Ricard USA and The Sazerac Company, are currently deploying the Vistaar solution.
Vistaar Enterprise 3.9 Further Optimizes Pricing Capabilities
– March 14, 2012 – Vistaar Technologies, Inc., a leading provider of price management solutions, today announced the commercial availability of
Vistaar Enterprise 3.9.
The latest release unveils significant product enhancements that more effectively combine price science, analytics and scenario planning to deliver real-time field and market intelligence to users in B2B and B2C environments.
Webinar: Your Best Moves for Pricing Success
This PPS co-hosted webinar features Srini Palamarthy, Vice President Business Consulting for Vistaar Technologies and Ajay Chidrawar, Senior Vice President Professional Services for
Wednesday, May 16, 2012 at noon ET
Are your shareholders demanding results that your current pricing function and technology cannot deliver? Whether your response is ‘yes’ or ‘not yet ’, the market pressure is ‘on’ as best-in-class
companies acknowledge the positive impact that strategic pricing initiatives are having on their bottom line.
However, many pricing managers are challenged with moving the pricing function out of the back office – adding it to the executive priority list
agenda – and engaging sales, product management and finance in strategic discussions.
Webinar: Prepare your Pricing for Innovation and Disruption
Featuring Navdeep S.
Sodhi, Managing Director, Sodhi Pricing Advisors (formerly, Six Sigma Pricing)
Wednesday, June 6, 2012 at noon ET
Disruptions in the external environment are inevitable but smart companies don’t stand still.
Many companies opt for innovation to sustain growth.
Firms seeking to grow or protect profits sometimes rush into strategic initiatives only to realize that pricing execution is a bottleneck.
Whether exploring new markets, mergers or acquisitions, reorganization, or deployment of breakthrough technology, companies can face unexpected challenges that impact price.
Rather than yield price control, companies can be adequately prepared to protect revenues and profits prior to launching any major company initiative.
We are offering a free copy of Mr.
Sodhi's book "Six Sigma Pricing: Improving Pricing Operations to Increase Profits" to the first ten (10) registrants.