Using Talmix For...Pricing Projects
What’s the demand?
Manufacturers, software developers, distributors are all recognising that an effective pricing strategy is key to revenue growth. New models have been expedited because of digital transformation, new routes to market, and increasing use of self service. Competitive pressures mean that businesses need models that respond rapidly to maintain their market position or take an increasing share of wallet. Recent inflationary pressures have provided extra scrutiny on pricing and companies need the right skills to deliver the right results.
What’s involved?
There are multiple strands to pricing projects. These may include:
- Development of new pricing models for new products and channels
- Shift from transactional to subscriptions
- Increased efficiencies through self service models
- Developing adaptable models to deal with external factors such as supply chain challenges and exchange rate fluctuations
- Consolidation of pricing strategies post merger to align product lines
The common goal is to establish pricing strategies to deliver value to the business at the earliest possible stage, in terms of increased margin and volume or new revenue streams.
What skills are needed?
Pricing expertise covers both qualitative and quantitative disciplines, soft and hard skills, including:
- Customer research/interviewing/surveying
- General business understanding to be able to review impact on different functions
- Financial modelling, including audits and reviews of existing models and strategies
- Data Analytics
- Constructing models, formulating inputs and outputs and testing
- Industry experience to understand the context
- Communication skills including verbal and strong documentation
Why turn to Talmix?
External talent augments existing skills and teams as part of an extended workforce. Using a marketplace for this talent addresses the requirement of a business to build and implement new pricing strategies rapidly in response to any or all the demands above. The sooner a model is in place, the sooner the revenue uptick is realised. If you get it wrong, you risk losing revenue. People within the business may have some of the skills required; finding and rapidly deploying someone with the complete skillset with the urgency to deliver results is less feasible.
Developing new pricing models for any of the reasons listed above is a discrete project with clear steps and deliverables. Although adjustments to a model may be ongoing, the initial development has a defined result and outputs. It is a classic example of how bringing in the required resources to deliver the project can add more value, more quickly. It is more effective than maintaining a permanent employee who will be high cost once the strategy is developed.
Once a model has been developed, external independent talent has greater flexibility than consulting firms in sitting within the business for longer periods to make sure the strategy is implemented, the models are tested and effective, and the expected returns are realised.
Talent sourced from Talmix can scope the initiative, develop models and deliver a strategy with a faster time to effectiveness than trying to develop in-house. The talent will slot in immediately and provide the independent and consultative approach required, and deliver and implement accordingly
Extended Workforce Categories
Getting Started
If you have a requirement to bring in pricing talent on-demand to support, then you can post your project straight away on the Talmix marketplace. It’s a very intuitive, streamlined process and you can describe if this is a project or permanent requirement, or interim leadership. If you want a little more advice on scoping then you can post the project basics and our customer success team can help you draw out specific screening questions, talent types and budgets. Get started now and you could be addressing this skills shortage faster than you’d anticipated.
