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This book offers novel methods for developing Value-based marketing strategies aimed at increasing revenue and profits. The Value concept relates all the benefits offered by a product with its price and the effort required to obtain it. Global competition requires managing Value rather than individual products or brands. This fosters customer loyalty, and provides a solid basis for relationship marketing. The book takes a practical, step-by-step approach to explain: • How the forces of supply and demand interact with customer Value; • The relationships between benefits, quantities, prices and costs; • How to develop effective competitive strategies; • How to manage inventory and product mix efficiently; • How to apply the Value model to increase profitability, and solve major marketing problems. The book sets forth several new approaches for marketing and pricing decision-making: • The concept of Value integrates marketing, finance, economics and accounting, in order to link Value-based pricing with relationship marketing. • The law of supply and demand is restated with quantity as a function of Value instead of price; this makes it a more realistic and practical tool for understanding today´s highly competitive business environment. • The confrontation and complementation concepts provide useful tools for guiding marketers into new segments, and pricing products accordingly. They play a key role for devising win-win strategies, not only with customers, but also with competitors. • The Value Matrix is a practical tool for understanding the product´s positioning, analyzing its competition, setting prices and developing strategy. It aims at achieving an optimal balance between customer loyalty and product mix profitability. • The Value Life Cycle illustrates how Value acts as a force that constantly changes revenue, providing insight for developing strategies in each phase of the product´s life cycle. • Analogies with physics illustrate how policy constraints create resistance to sales velocity, thereby determining the rate at which a firm advances towards its financial and marketing goals. • The strategy for pricing business services applies Value to balance supply with demand; this leads to increased revenue. • The marketing approach set forth unifies product portfolio and inventory management with Value-based pricing for maximizing income. Clear explanations and accessible language make this book ideal for marketing professionals and non-specialists. Advanced readers may refer to the appendices, where the subjects are analyzed further and the mathematical foundations are laid out; numerous solved problems of pricing and costs are included.
This book offers novel methods for developing Value-based marketing strategies aimed at increasing revenue and profits. The Value concept relates all the benefits offered by a product with its price and the effort required to obtain it. Global competition requires managing Value rather than individual products or brands. This fosters customer loyalty, and provides a solid basis for relationship marketing. The book takes a practical, step-by-step approach to explain: • How the forces of supply and demand interact with customer Value; • The relationships between benefits, quantities, prices and costs; • How to develop effective competitive strategies; • How to manage inventory and product mix efficiently; • How to apply the Value model to increase profitability, and solve major marketing problems. The book sets forth several new approaches for marketing and pricing decision-making: • The concept of Value integrates marketing, finance, economics and accounting, in order to link Value-based pricing with relationship marketing. • The law of supply and demand is restated with quantity as a function of Value instead of price; this makes it a more realistic and practical tool for understanding today´s highly competitive business environment. • The confrontation and complementation concepts provide useful tools for guiding marketers into new segments, and pricing products accordingly. They play a key role for devising win-win strategies, not only with customers, but also with competitors. • The Value Matrix is a practical tool for understanding the product´s positioning, analyzing its competition, setting prices and developing strategy. It aims at achieving an optimal balance between customer loyalty and product mix profitability. • The Value Life Cycle illustrates how Value acts as a force that constantly changes revenue, providing insight for developing strategies in each phase of the product´s life cycle. • Analogies with physics illustrate how policy constraints create resistance to sales velocity, thereby determining the rate at which a firm advances towards its financial and marketing goals. • The strategy for pricing business services applies Value to balance supply with demand; this leads to increased revenue. • The marketing approach set forth unifies product portfolio and inventory management with Value-based pricing for maximizing income. Clear explanations and accessible language make this book ideal for marketing professionals and non-specialists. Advanced readers may refer to the appendices, where the subjects are analyzed further and the mathematical foundations are laid out; numerous solved problems of pricing and costs are included.
A Groundbreaking Pricing Model for the New Business Landscape Why would any customer choose Brand X over Brand Y, regardless of price? In a word: Value. When customers feel they are getting good value from your product or service, they are more than happy to pay more—which is good news for you and your business. Even in today’s global market—with its aggressive competitors, low-cost commodities, savvy consumers, and intangible digital offerings—you can outsell and outperform the rest using Value-Based Pricing. Done correctly, this method of pricing and selling helps you: Understand your customers’ wants and needs Focus on what makes your company different Quantify your differences and build a value-based strategy Communicate your value directly to your customers Now more than ever, it is essential for you to reexamine the reality of the value you offer customers—and this step-by-step program shows you how. Developed by global consultants Harry Macdivitt and Mike Wilkinson, Value-Based Pricing identifies three basic elements of the Value Triad: revenue gain, cost reduction, and emotional contribution. By delivering these core values to your customers—through marketing, selling, negotiation, and pricing—you can expect an increase in profits, productivity, and consumer goodwill. These are the same value-based strategies used by major companies such as Philips, Alstom, Siemens, and Virgin Mobile. And when it comes to today’s more intangible markets—such as consulting services or digital properties like e-books and music files—these value-based strategies are more important than ever. So forget about your old pricing methods based on costs and competition. Once you know your own value—and how to communicate it to others—everybody profits.
Winner of the Overall Case Award 2014 The Case Centre best selling case 2013 - 2017 Value-based pricing—pricing a product according to its value to the customer rather than its cost—is the most effective and profitable pricing strategy. Buyers need to evaluate the monetary benefits of a product against the price of its competitors. Sellers justify their price points through documenting the value of a product, emphasising its superiority against competitors and therefore justifying the premium price. Value First then Price is an innovative collection which proposes a quantitative methodology to value pricing, and road-tests this methodology through a wide variety of real-life industrial cases. It provides a state-of-the art and best practice overview of how leading companies quantify and document value to customers. In doing so, this book provides researchers with a method by which to draw invaluable data-driven conclusions, and sales and marketing managers the theories and best practices they need to quantify the value of their products to demanding, hard-nosed industrial purchasers. With contributions from global industry experts this book provides cutting edge research on value quantification and value quantification capabilities with real-life, practical examples. It will be essential reading for sales and pricing specialists as well as business strategists, in both research and practice.
Named one of the best strategy books of 2021 by strategy+business Get to better, more effective strategy. In nearly every business segment and corner of the world economy, the most successful companies dramatically outperform their rivals. What is their secret? In Better, Simpler Strategy, Harvard Business School professor Felix Oberholzer-Gee shows how these companies achieve more by doing less. At a time when rapid technological change and global competition conspire to upend traditional ways of doing business, these companies pursue radically simplified strategies. At a time when many managers struggle not to drown in vast seas of projects and initiatives, these businesses follow simple rules that help them select the few ideas that truly make a difference. Better, Simpler Strategy provides readers with a simple tool, the value stick, which every organization can use to make its strategy more effective and easier to execute. Based on proven financial mechanics, the value stick helps executives decide where to focus their attention and how to deepen the competitive advantage of their business. How does the value stick work? It provides a way of measuring the two fundamental forces that lead to value creation and increased financial success—the customer's willingness-to-pay and the employee's willingness-to-sell their services to the business. Companies that win, Oberholzer-Gee shows, create value for customers by raising their willingness-to-pay, and they provide value for talent by lowering their willingness-to-sell. The approach, proven in practice, is entirely data driven and uniquely suited to be cascaded throughout the organization. With many useful visuals and examples across industries and geographies, Better, Simpler Strategy explains how these two key measures enable firms to gauge and improve their strategies and operations. Based on the author's sought-after strategy course, this book is your must-have guide for making better strategic decisions.
To be successful in today’s marketplace, a company must integrate its traditional business functions to provide superior value to targeted customers. This means creating an offering that echoes in the customers’ consciousness as a great deal for them. Why? Because the value provided serves customers best interests. In so doing, a business succeeds, attracts new customers, and is able to continually improve the value offered to existing customers. Value Based Marketing for Bottom Line Success provides a 5-step model and critical tools necessary for creating and managing a successful Value Delivery marketing strategy. Customers buy value, not product or features. They buy from the company that provides the most value. And they buy what’s in their best interest. Consequently, the secret to customer retention and growing value relationships with customers is to always make it in their best interest to do business with you by providing the best value in the marketplace. Value Based Marketing for Bottom Line Success: 5 Steps to Creating Competitive Value offers a Value Creation and Delivery process which will help a company to compete profitably in its marketplace by: 1) identifying the value expectations of target customers; 2) selecting the values on which it wants to compete; 3) analyzing the ability within the organization to deliver that value; 4) communicating the value & selling the value message; 5) delivering the value promised & improving the company’s value model. A value-focused strategy, by definition, isn’t a mass marketing strategy; it’s a targeted laser strategy directed at chosen value segments that are profitable for the supplier. This text offers a customer value creation model, which shows how to create and sustain competitive advantage while delivering customer value and offers a method for quantifying customer lifetime value (CLV), which enables a company to identify which customer value segments it should target.
This volume covers Shareholder Value (SV), which may be defined as a firm's ability to earn a return. To achieve it, a company must be perceived to operate in a viable market, pursuing a strategy which promises sustainable competitive advantage.
Praise for IMPLEMENTING VALUE PRICING A Radical Business Model for Professional Firms "Ron Baker is the most prolific and best writer when it comes to pricing services. This is a must-read for executives and partners in small to large firms. Ron provides the basics, the advanced ideas, the workbooks, the case studies everything. This is a must-have and a terrific book." Reed K. Holden founder and CEO, Holden Advisors, Corp., Associate Professor, Columbia University www.holdenadvisors.com "We've known through Ron Baker's earlier books that he's not just an extraordinary thinker and truly brilliant writer he's a mover and a shaker on a mission. This is the End of Time! Brilliant." Paul Dunn Chairman, B1G1® www.b1g1.com "Implementing Value Pricing is a powerful blend of theory, strategy, and tactics. Ron Baker's most recent offering is ambitious in scope, exploring topics that include economic theory, customer orientation, value identification, service positioning, and pricing strategy. He weaves all of them together seamlessly, and includes numerous examples to illustrate his primary points. I have applied the knowledge I've gained from his body of work, and the benefits to me and to my customers have been immediate, significant, and ongoing." Brent Uren Principal, Valuation & Business Modeling Ernst & Young® www.ey.com "Ron Baker is a revolutionary. He is on a radical crusade to align the interests of service providers with those of their customers by having lawyers, accountants, and consultants charge based on the value they provide, rather than the effort it takes. Implementing Value Pricing is a manifesto that establishes a clear case for the revolution. It provides detailed guidance that includes not only strategies and tactics, but key predictive indicators for success. It is richly illustrated by the successes of firms that have embraced value-based pricing to make their services not only more cost-effective for their customers, but more profitable as well. The hallmark of a manifesto is an unyielding sense of purpose and a call to action. Let the revolution begin." Robert G. Cross, Chairman and CEO, Revenue Analytics, Inc. Author, Revenue Management: Hard-Core Tactics for Market Domination
Whether you're already well-to-do or just beginning to build a nest egg, this book will help you to make smart financial choices based on what's important to you ...
This authoritative, comprehensive, and accessible volume by leading global experts provides a broad overview of marketing strategy issues and questions, including its evolution, competitor analysis, customer management, resource allocation, dynamics, branding, advertising, multichannel management, digital marketing and financial aspects of marketing. The Handbook comprises seven broad topics. Part I focuses on the conceptual and organizational aspects of marketing strategy while Part II deals with understanding competition. Customers and customer-based strategy, marketing strategy decisions, and branding and brand strategies are covered in the next three parts while Part VI looks at marketing strategy dynamics. The final part discusses the impact of marketing strategy on performance variables such as sales, market share, shareholder value and stakeholder value. All of the chapters in this Handbook offer in-depth analyses of research developments, provide frameworks for analyzing key issues, and highlight important unresolved problems in marketing strategy. Collectively, they provide a deep understanding of and key insights into the foundations, antecedents and consequences of marketing strategy. This compendium is an essential resource guide for researchers, doctoral students, practitioners, and consultants in the field of marketing strategy.