Stacy Sifleet – How Does Data Analytics Impact Pricing Strategy?

Why you have to check out today’s podcast:  Learn how pricing in retail is done, the strategies to implement to get the right data analytics for value pricing  Why throwing out a number before a customer tells you your value to them is a mistake  Understanding  the impact of category management on retailer prices and performance: theory and evidence    Stacy Sifleet is a consultant whose expertise includes pricing strategy, business process improvement, change management, inventory, S&OP, advanced problem solving, strategic planning and procurement.  In this episode Stacy shares how using data analytics, correctly, identifies value levers for customized pricing, especially in the B2C market.    “I think it is important that once you figure out what you want your pricing strategy to be, figure out how to make it easy for your team to execute it.”  –Stacy Sifleet     Topics Covered:   00:45 – Stacy’s backstory in pricing  01:22 - Her biggest mistake in pricing: Why throwing out your number to a customer without knowing your value to them is a mistake  06:10 - Differences between B2C and  B2B in business systems’ pricing  08:53 - How using data analytics, correctly, identifies value levers for customized pricing  09:40 - What is category management is all about and its relation to value pricing  16:11 - How pricing in the retail industry is done?  20:39 - Stacy’s favorite data tools and strategy she implements to get the value pricing right    Key Takeaways:   “When I think about B2B, I think the sales team, even if the're working on  a specific account, they really should be diving into the data across their account and say.’ How are these customers different? Which of these customers add more value to the business?' You cannot do that just by  conversation, you have to look at the numbers.” –Stacy Sifleet     Connect With Stacy Sifleet  https://www.supplyvelocity.com  Email:[email protected]  LinkedIn          Connect with Mark Stiving     Email: [email protected]     LinkedIn     Twitter