{"id":62642,"date":"2023-08-29T07:00:00","date_gmt":"2023-08-29T13:00:00","guid":{"rendered":"https:\/\/www.vendavo.com\/?p=62642"},"modified":"2024-09-23T15:58:01","modified_gmt":"2024-09-23T21:58:01","slug":"pricing-excellence-report-strategies-for-improved-agility","status":"publish","type":"post","link":"https:\/\/www.vendavo.com\/news-releases\/pricing-excellence-report-strategies-for-improved-agility\/","title":{"rendered":"Vendavo Reveals Organizations are Shifting Pricing Strategies for Improved Agility: New Report\u00a0"},"content":{"rendered":"\n<p><em>Global economic volatility increasingly puts pricing authority in the hands of sales and marketing, says Pricing Excellence and Outlook 2024 from Vendavo and Copperberg<\/em>&nbsp;<\/p>\n\n\n\n<p>DENVER, AUGUST 29, 2023 \u2013 Swift, seamless price changes are increasingly necessary as organizations pivot through persistent economic volatility. How they are accomplishing such agility is detailed in the <a href=\"https:\/\/www.vendavo.com\/pricing-excellence-report-and-outlook-2024\/\">Pricing Excellence Report and Outlook 2024 <\/a>released today from <a href=\"https:\/\/www.vendavo.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Vendavo<\/a>, a global market leader in B2B pricing, selling, and rebate solutions and research partner, Copperberg.&nbsp;<\/p>\n\n\n\n<p>The need for agile business practices has accelerated the importance and scope of the B2B pricing function. For organizations to manage revenue goals and evolving customer expectations, they have shifted pricing authority to sales and marketing (56%) \u2013 up 11 percentage points from 2022. The move removes pricing responsibilities from line of business (14%) and finance (7%) \u2013 down a combined 5 percentage points over 2022.<\/p>\n\n\n\n<p>\u201cSales and marketing teams are very close to customer expectations so shifting pricing responsibilities to them is good, but could also be a double-edged sword if the organization isn\u2019t careful with goal-setting,\u201d said Mitch Lee, Pricing Evangelist, Vendavo. \u201cIf your sales and marketing team is focused only on more deals, that could come at the expense of company profitability.\u201d&nbsp;<\/p>\n\n\n\n<p>For sales and marketing teams to maximize the power of right price, at the right time, for the right product, thereby winning more deals profitably, the Pricing Excellence Report and Outlook 2024 also looked at which skill sets were in demand, what pricing models they were using, and whether or not AI will support pricing efforts. Specifically, the report found:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Most valued skill. <\/strong>Pricing requires data-driven decision-making. Analytics is the most sought-after skill (75%).&nbsp;<\/li>\n\n\n\n<li><strong>Preferred pricing strategy. <\/strong>A value-based pricing model (weighing customer willingness to pay) is most common (28%).&nbsp;<\/li>\n\n\n\n<li><strong>AI is coming. <\/strong>While 49% say AI is not used in pricing, 51% report using it to some degree or have plans to implement it in the next 12 months.&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>\u201cOne reason behind the shift in pricing strategies is the availability of more data and analytic tools,\u201d said Lisa Hellqvist, Managing Director at Copperberg. \u201cIn their quest for agility, organizations have been intent on digitally transforming their business. That effort has resulted in more high quality data that can fuel more strategic decision making.\u201d&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Get a copy of the Pricing Excellence Report and Outlook 2024 <a href=\"https:\/\/www.vendavo.com\/pricing-excellence-report-and-outlook-2024\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\">##&nbsp;<\/p>\n\n\n\n<p><strong>About Vendavo<\/strong>&nbsp;<\/p>\n\n\n\n<p>Vendavo\u202fempowers global manufacturers and distributors to accelerate growth, profitability, and\u202frevenue with leading pricing, selling, and rebate management solutions. Enterprises like Ford,\u202fEmerson, Medtronic, GAF, and\u202fAmerisourceBergen rely on\u202fVendavo\u202fto manage, optimize, and\u202fdigitize their end-to-end commercial processes.\u202fVendavo&#8217;s\u202fSaaS solutions, team of pricing and\u202fselling experts, and proven, repeatable process accelerates value and outcomes that are not only\u202fpredictable, but unrivaled. With\u202fVendavo, the world&#8217;s most ambitious B2B organizations can develop\u202fdynamic customer insights and execute optimal pricing strategies that maximize margin, boost sales\u202feffectiveness, and improve the customer experience.\u200b&nbsp;\u200b&nbsp;<\/p>\n\n\n\n<p>Vendavo\u202fis headquartered in Denver, with offices in Czech Republic, India, and Sweden.\u202fFor more\u202finformation,\u202fplease visit\u202f<a href=\"https:\/\/www.vendavo.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.vendavo.com<\/a>.<\/p>\n\n\n\n<p><strong>About Copperberg&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<p>Herbert Spencer once said: \u201cThe great aim of education is not knowledge, but action\u201d. Copperberg creates physical and digital platforms bringing together the manufacturing community in order to grow and build relationships globally. During the recent global pandemic, we have been focusing on virtual events and digital content \u2013 ensuring our community remains connected. So, how do we actually do that? On a daily basis, we work hard to improve, develop and innovate our concepts and original content in order to ensure the best hands-on, real-life strategies for all our community members. Our ambition is to provide ideas, networking, and industry exchange between peers, that inspires and leads to action.&nbsp;<\/p>\n\n\n\n<p><strong>Contact<\/strong>&nbsp;<\/p>\n\n\n\n<p>Morgan Short&nbsp;<br \/>Director of Content and Web Strategy&nbsp;<br \/><a href=\"press@wordpress-1234677-4410313.cloudwaysapps.com\" target=\"_blank\" rel=\"noreferrer noopener\">press@wordpress-1234677-4410313.cloudwaysapps.com&nbsp;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Swift, seamless price changes are increasingly necessary as organizations pivot through persistent economic volatility. How they are accomplishing such agility is detailed in the Pricing Excellence Report and 2024 Outlook released today from Vendavo, a global market leader in B2B pricing, selling, and rebate solutions and research partner, Copperberg.\u00a0<\/p>\n","protected":false},"author":24,"featured_media":62647,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1237],"tags":[1438],"class_list":["post-62642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-releases","tag-pricing-excellence-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Organizations are Shifting Pricing Strategies for Improved Agility | Vendavo<\/title>\n<meta name=\"description\" content=\"Pricing authority is increasingly in the hands of sales and marketing, says Pricing Excellence Report from Vendavo and Copperberg.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vendavo.com\/news-releases\/pricing-excellence-report-strategies-for-improved-agility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vendavo Reveals Organizations are Shifting Pricing Strategies for Improved Agility: New Report\u00a0\" \/>\n<meta property=\"og:description\" content=\"Pricing authority is increasingly in the hands of sales and marketing, says Pricing Excellence Report from Vendavo and Copperberg. 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