Impact Pricing Mark Stiving, Ph.D.

Sundar Ramanathan is a Banking Product and Pricing Executive with experience in exceeding/meeting growth, capital, liquidity, and profitability objectives through product and pricing levers.
In this episode, Sundar emphasizes the importance of moving beyond product commoditization, instead, focusing on creating value through customer experiences, and pricing as the outcome of value creation.
 
Why you have to check out today’s podcast:
Discover the fascinating concept of the indifference curve in the context of pricing banking products Learn the art of developing a customer-centric approach to pricing banking products, taking into account essential factors for success Find out how you can implement value pricing strategies, even with commoditized banking products  
"On the retail banking side, we hear commoditization a lot. But I think there is an opportunity to go beyond that. I think products disappear and experiences emerge, and experience is what creates value. And value can be priced."
- Sundar Ramanathan
 
Topics Covered:
01:36 - How he found himself in pricing
02:47 - Talking about examples of banking products
04:39 - Is bank's pricing based on value or cost
09:15 - The importance of balancing cost and value and highlighting the indifference curve in pricing 
11:55 - Determining the area of indifference in banking pricing
16:06 - How to let borrowers decide in your favor over your competitors
19:37 - Where you create value pricing in banking products
22:06 - Sundar's best pricing advice
 
Key Takeaways:
"The product structure and pricing might be commoditized, but where you create the value and enhance your pricing margin is the experience." - Sundar Ramanathan
"You will never know the right pricing unless you are bold enough to make those decisions to test that elasticity and have a plan B." - Sundar Ramanathan
"You can only create value by removing the friction as much as possible compared to competition.” - Sundar Ramanathan
"You can never win by pricing." - Sundar Ramanathan
 
Connect with Sundar Ramanathan:
LinkedIn: https://www.linkedin.com/in/sundar
 
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on March 28, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/show-me-the-value/
If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. 
Now, go make an impact.
 
Connect with Mark Stiving:
Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Vivek Anand leads a team of data scientists, statisticians and operations research professionals that apply Data Science and Operations Research techniques to build production ready solutions for problems related to Price Optimization, Inventory Management, and Fulfillment Optimization for a Fortune Fashion retailer.
In this episode, Vivek delves into the strength of combining science and machine learning to make informed pricing decisions. He emphasizes the importance of starting small and continuously enhancing strategies through data-driven approaches. It also explores the differences in B2C and B2B pricing, the impact of AI on supporting salespeople, and the challenges of misaligned incentives in achieving business success.
 
Why you have to check out today’s podcast:
Understand the need for compensation structures and incentives to align with business objectives that support desired outcomes Discover how AI is impacting the way salespeople handle pricing and negotiation Learn how to leverage both science and machine learning to make more informed pricing decisions  
"If you're new to the journey, start small. You don't have to go and build a transformer network on day one. Even a simple EDA, Exploratory Data Analysis, can give you a ton of insights than just a guesswork."
- Vivek Anand
 
Topics Covered:
01:19 - What paved his way into pricing
03:26 - How credit risk and interest risk influence pricing derivatives
04:37 - Thoughts on quantifying risks
05:36 - Data science in relation to AI advancement
07:39 - AI capabilities in capturing contextual and temporal information and other pricing techniques using AI
11:30 - Talking about AI and extrapolation
12:47 - B2C pricing versus B2B pricing and the significant difference in data availability between the two
18:38 - How AI can be utilized in the B2B world to assist salespeople in pricing and negotiation
23:57 - Vivek's one best pricing advice
 
Key Takeaways:
"B2C is mostly, pricing is a lever to generate demand. Whereas in B2B, it's more of a lever to gauge the willingness to pay from the customer's standpoint.” - Vivek Anand
"I think data science is a big tent, and AI is a part of it." - Vivek Anand
“The way I think about AI is like, instead of making it heuristics, it learns from the data or it just comes up with a mechanism that just translates input to the output, more systemic, faster learning and can be deployed at scale.” - Vivek Anand
 
Connect with Vivek Anand:
LinkedIn: https://www.linkedin.com/in/va2260/
 
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on March 21, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/a-value-perception-gap/
If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. 
Now, go make an impact.
 
Connect with Mark Stiving:
Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business.
In this episode, Steven delves into the dynamic world of pricing strategies as revealed through the lens of the Professional Pricing Society event. He talks about the latest developments, innovative practices, and thought-provoking discussions emerging from these events of pricing professionals. From uncovering cutting-edge pricing technologies to dissecting evolving pricing trends that offer valuable insights to help you in navigating the ever-changing landscape of pricing strategies especially where AI is concerned.
 
Why you have to check out today’s podcast:
Discover what's in store for this year's Professional Pricing Society conferences Find out the significant and engaging topics discussed in the PPS event Look forward to Steven's valuable insights and key points on pricing trends and innovations, particularly in relation to AI  
"The other problem or challenge, I think, that one can have with AI-based approaches to pricing is the sort of black box nature. And generative AI, gives something of a path forward for that."
- Steven Forth
 
Topics Covered:
01:46 - Steven highlighting how the Professional Pricing Society [PPS] listens to Impact Pricing podcast
03:29 - Professional Pricing Society's calendar of events this year
04:39 - What's coming up for this year's event: Return of the book store
06:25 - Featured and notable books available at the event
09:54 - Other interesting things coming up for PPS' event
11:28 - Steven's important thoughts on pricing sustainability and some examples on point
15:41 - What differentiates a value model from a sustainability model as far as Ibbaka's concerned
17:26 - What he thinks of these big pricing vendors approach to AI
18:46 - Talking about pricing industry frustration and the black box nature of AI and the shift to generative AI
21:19 - Discussing the application of generative AI in a dynamically configuring software and its implications on the pricing strategies
24:56 - Sharing about the scale and complexity of traditional value model as well as the potential of generative AI to quickly adapt to different pricing and value configurations
28:39 - Watch out for an upcoming webinar on May 23rd 
29:08 - What he thinks of people's reception to his presentation at the Professional Pricing Society's conference
 
Key Takeaways:
"Feel good metrics or social responsibility, none of those things are really going to get people to buy and pay for sustainable solutions. It has to be tied to value, and you have to be able to show that your green solution provides more value than the competing solutions." - Steven Forth
"I think the secret here, at least from a pricing and modeling approach, is to find those variables that get used across the different models. And by having the same variable used in different models you can pull sustainability together with value together with pricing." - Steven Forth
 
People/Resources Mentioned:
Arnab Sinha Impact Pricing Episode 564: https://impactpricing.com/podcast/564-exploring-game-changing-pricing-dynamics-for-different-industries-with-arnab-sinha/ Game Changer: How Strategic Pricing Shapes Businesses, Markets, and Society by Jean-Manuel Izaret and Arnab Sinha: https://www.amazon.com/Game-Changer-Strategic-Pricing-Business/dp/1394190581 Stephan Liozu Impact Pricing Episode 582: https://impactpricing.com/?s=stephan+liozu Nick Nalepa: https://www.linkedin.com/in/nick-nalepa/ Stop Racing In A Blindfold!: Big Data + Pricing Science Drive Bigger Profits by Jim Vaughn: https://www.amazon.com/Stop-Racing-Blindfold-Pricing-Science/dp/099068380X Michelin: https://www.michelinman.com Hydropoint: https://www.hydropoint.com Vendavo: https://www.vendavo.com Pros: https://pros.com PriceFX: https://www.pricefx.com Totogi: https://www.totogi.com/ Resilience: 

This is an Impact Pricing Blog published on March 14, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/using-value-to-break-down-silos/
If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. 
Now, go make an impact.
 
Connect with Mark Stiving:
Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/