The Bare Bones

A pricing analyst is a business professional who specializes in the study of pricing, with the aim of determining the best prices for their business. Many companies employ full-time pricing analysts, and it is also possible for a company to hire an analyst as a consultant for a particular project or concern.

Introduction

In free markets, competition is the norm not the exception, and that competition will limit your latitude for pricing. When competitors lower prices or new competition enters at a lower price, your gut reaction is probably to lower prices too - but the cost of giving price concessions may be higher than the cost of customer losses. Surely there's an easier and less costly way to identify the proper reaction to competitive price moves?

Introduction

Gaining a competitive advantage is key in the ever-changing business world of today. ‘How do we get more business?’ is the continuous question.

If your company is intent on preserving - and growing - profit margins, it becomes imperative to adapt and up your game plan. Pricing and profitability management needs to be a key element of that plan. Everywhere you look there seems to be a conspiracy to put pressure on your profit margins - more competitors than ever before, sophisticated procurement departments and slow economic growth have all been factors in contributing to this pressure cooker environment.

To make it as a successful Pricing Manager, there are many desirable skills/traits to have in your arsenal. Pricing Managers today are very different to pricing managers of 10 years ago (if the role even existed in many companies).