Pricing power

Mais um excelente artigo de Stephen Liozu sobre pricing. Desta vez "Make pricing power a strategic priority for your business" publicado por Business Horizons (2018).

"Pricing power has little to do with pricing; it mostly concerns innovation and differentiation.
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More compelling is the lack of significance found in the relationship between competitive intensity and pricing power.
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The research results indicate that the appropriate response to competitive pressures might not be more price competition or potentially fatal price wars but more innovation to improve the level of true differentiation.
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This study also demonstrates a positive and significant link between pricing power and firm performance as defined in terms of EBIT, sales growth, and EBIT growth–—also a first.
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This research further confirms that pricing power increases profit power. A similar study conducted in 2011 showed that superior pricing power leads to superior financial results when comparing the stock value of the top performers in pricing power with the S&P 500 index over a 10-year period.
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But pricing power does not come on its own; it must be intentionally captured. A firm might have the necessary market position to capture pricing power through innovation, differentiation, and customer management, but its leaders might not understand where their pricing power resides and how to capture it fully."

PME e Pricing Power

Stephan Liozu é um craque quando se fala de pricing.

Pricing é um dos temas mais importantes para o futuro das PME portuguesas, embora 99% desconheça o tema. Um tema fundamental quando se quer subir na escala de valor e aumentar preços sem perder clientes., ou seja, fugir da estratégia cancerosa da competição pelo preço.

"After years of cost cutting and expense optimization, business executives in many of these organizations have realized that they cannot cut their way to prosperity and that managing the business for value and pricing excellence has become inevitable. They also know that fighting solely on price never ends well.
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"You can't compete with the lowest-cost producer on price and not expect your stock to get clobbered.”
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There you have it. Pricing power is formally on Wall Street’s radar.
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In November 2011, Warren Buffet said:
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“The single most important decision in evaluating a business is pricing power. If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10%, then you’ve got a terrible business”.
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I identified six items or activities helping with that:
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1.Ability to successfully defend our price premium versus competitors:
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2.Ability to make price moves first in the marketplace:
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3.Ability to capture a large share of the value delivered to customers:
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4.Ability to price and launch innovative and differentiated offerings at a premium:
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5.Ability to raise prices consistently every year without losing demand:
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6.Ability to capture a large share of our intended price increases:
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Bottom line, innovation and differentiation positions lead to superior pricing power. This is not a real surprise, but it reinforced the need for manufacturing and B2B firms to focus on these two dimensions and to invest in a robust pipeline. More interesting is the lack of significance of the relationship between competitive intensity and pricing power.
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Pricing power does not come on its own.
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So are you paying enough attention to your pricing power? Is it time for your organization to better control your pricing destiny? Join the pricing revolution!"

Trechos retirdaos de "It’s Time to Pay Attention to Pricing Power"

"VBP is an essential part of something larger: a value-based culture"

E assim termino a leitura de "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value" de  Stephan M. Liozu:

"What is very interesting about figure 12.2 is that VBP is only one of the five steps in the cycle. This cycle is a management story, not a pricing story. VBP is an essential part of something larger: a value-based culture. You can see in each phase, including VBP, how this cycle weaves together the core business functions of value-based innovation, marketing, pricing, and selling with the three steps of value: creation, communication, and capture."

sic gloria transit

"Price is like gravity,it always goes down if you do nothing"  #innovation & value-based #pricing @iroundtable pic.twitter.com/qPiQ3CluVZ

— Arja Karkkila (@ArjaKarkkila) March 29, 2017

E pensar no modelo de Kano:

E reflectir em:

"No matter what you've measured or estimated, your differentiation exists only in theory unless you can execute on it. This is when you find out whether your differentiation is real. If you have quality issues with your products or services, if you can't deliver on time, or if your people are unfriendly, the best-intended models in the world won't save you. If your business model is broken and you have waited too long to innovate, you may have passed the tipping point. To compensate for these shortcomings, customers will place you in the commodity category and will ask for discounts. They will want to know how much you will compensate them for your deficits, such as bad delivery. From their perspective, this fits with the logic of the value pool. If the real value you deliver is lower than you planned, you cannot justify the same prices. You need performance and execution, not just paper value."

Trecho retirados de Stephan M. Liozu em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value" 

"including the customer C in the mix and basing prices on value"

“the questions that are central to your business and for wich you need shared answers: Who are and aren’t our customers? Why are we diferente? How do we add value? [Moi ici: Questões quase tão velhas como este blogue]
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There has to be a match between the value you create and communicate and your ability to extract value. Customers must demonstrate some willingness-to-pay. The higher this is, and the more differentiated your value proposition is, the greater your pricing power. Companies stray from this path in the R&D processes when they focus primarily or exclusively on just two Cs—cost and competition—instead of including the customer C in the mix and basing prices on value.
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In essence, we need a shift in how R&D projects hit the market. Instead of pricing developed mostly on costs, you should have innovation projects that are based on willingness to pay. [Moi ici: Interessante como é a mesma abordagem the “Monetizing Innovation] The sooner you begin this switch in innovation focus, the easier the back end of the value approach gets.”

Trechos retirados de Stephan M. Liozu em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

Valor num mercado comoditizado

"Managing value in a commoditizing market
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How can we do VBP when the entire market is spiraling in price wars and commoditization? That is an excellent question! I often remind them that lots of companies disappear every year because of acquisition, price wars, or bankruptcy. My standard answer is `What choice do you have? How long can you reduce you price without going out of business?" Price cuts are quantitative. The qualitative side of that coin is the perception that your market is commoditizing. If that is the case, you can't give up. You have to be creative and start fighting back. You have to invest in innovation to start changing the conversation from price to value. Use bundling, versioning, or other tactics to find or create pockets of differentiation. One opportunity that may be harder to capitalize on is to begin charging for some services that have been free, either historically or as a response to the economic crisis of 2008-9. At that time, many companies gave away services as a way to maintain volume. When markets recover and companies look to improve or re-establish their pricing power, services such as JIT delivery or technical training are candidates for prices, because they create measurable value. Debundling is also a possibility, as airlines have done with so many services. But you still need to keep the context in mind. You can add surcharges, and you can differentiate performance levels, but it may be difficult to reintroduce a fee on something that has been free for many years.
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VBP is far more than jut doing EVEs! It is the basis for your go-to-market strategy, and it touches on the pillars of marketing strategy: segmentation, differentiation, communication."

Trechos e imagem retirados de Stephan M. Liozu em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

"The market share mindset is the antithesis of a value mindset"

"One of the most important tests of your organization's maturity level and business orientation is how you use the word "commodity." If this is a common way for you to describe your products—internally and especially externally—you shouldn't be surprised if customers treat you as a commodity, meaning they argue that you have no differentiation. They have no desire at all to pay a premium. A commodity mindset shows that you don't have the right business orientation for VBP. ...Given maturity and a business orientation, there is also a difference between going through the motions and making the required changes and improvements. The volume-versus-value mindset is decisive. It is often the acid test for a transformation and for whether an organization is serious about it. ...You can spend all the money you want and create the culture you want, but if your organization is not willing to let go of market share, it will not change. Pretty brutal, but true. The market share mindset is the antithesis of a value mindset. It is the Jack Welch "be number r or number 2" mentality that still determines the way so many Gen Xers and Gen Yers run their businesses. I find it almost surreal in some companies that make market share into one of their most important and most reported KPIs."

Trechos retirados de Stephan M. Liozu em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

"you need to understand value to find the prices that best fit your ..."

"You don't need to know pricing to understand value, but you need to understand value to find the prices that best fit your products, services, and strategic goals. Value management has three steps: creation, dollarization, and capture. These correspond to the deceptively simple questions I have asked throughout the book: What do you do for customers? What is it worth? How much of it will you capture? Only that last phase (capture) requires some knowledge of pricing."

Trecho e imagem retirados de Stephan M. Liozu em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

Conspiração

Parece uma conspiração ... depois de "Cuidado com as explicações generalistas simplistas" encontro outro trecho que me fez regressar à tal reunião:

"You can dollarize anything!
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I am always excited when I hear stories about companies that have transitioned from being a product-focused company deriving over 8o percent of their revenue from unit sales to a service-oriented one deriving over 8o percent of their revenue from consulting and other services. And this happens all within the same industry with the same customers! These companies accomplish this because they understand the value of all the things companies do, and they offer clients economically attractive alternatives. ... Similar to what you would do in product development or in reverse-engineering, you are using a cross-functional team to understand how much it would cost you to deliver a particular service. Then you try to understand the cost that a customer incurs when they perform that service themselves. These services could be maintenance, application decisions, plant or supply chain management, or any other areas that a company could potentially outsource. If you can document a way to offer that service more economically (cost savings) or do it better (creating a revenue opportunity), you have the ability to conduct a rational, value-based talk with customers."

Trechos retirados de "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

Que faz o quê no ecossistema

Fiquei contente por descobrir em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value" coisas que escrevo aqui no blogue desde sempre e que não vejo muito replicadas:

"Finally, we have the common situation where you sell through distribution. This could be sales through an industrial distributor or solutions provider, but the most challenging situation is when you sell to consumers via a retailer. These B2B2C situations require two distinct value propositions and value stories, which means you have to expend twice the effort. You can't afford to skip one of these dollarization and story creation efforts if you want to know the full size of your value pool and take advantage of it. The retailer will require the kinds of argumentation you have created in this process so far: rational, fact-driven, professional, and fully dollarized, as I explain in figure 7.10. 

The consumer story may also be dollarized, but it will depend heavily on an emotional component, too. You are using your stories to manage and influence perceptions. Getting close to consumers changes how you extract information, manage differentiation, and do the dollarization. Start by talking to customers first, getting their vocabulary, and getting the facts or a range of facts. But keep in mind that the benefits are often emotional in a way that may defy straightforward dollarization.
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Your strongest position comes when you can demonstrate a "pull" effect for the retailers, which means you can document that your value stories to consumers are driving demand in general—in the best case, demand at that particular retailer. The same kinds of communication challenges exist in any multichannel situation, as described in figure 7.11. You have to understand who does what in your ecosystem, [Moi ici: Até o termo ecossistema é um termo com marca registada aqui no blogue!!!] and therefore who is a recipient of messages and who is both a recipient and a multiplier. You need to understand who you are talking to and what kinds of value messages they want to hear on their own terms."

Recordar postais como:

• "People, not businesses, buy products" (Novembro de 2016)
• Balanced Scorecard (parte V) (Agosto de 2016)
• Trabalhar o ecossistema (Abril de 2016)
• Sem uma estratégia clara, come on... BSC? (parte II) (Julho de 2014)
• O sucesso no novo mercado interno também passa por esta mudança (Janeiro de 2013)
• Arquitecto de paisagens competitivas (parte III) (Junho de 2012)
• Arquitectar a co-criação de valor a nível do ecossistema da procura (Julho de 2011)
• Como é o ecossistema da sua organização? (Abril de 2010)

Qual o potencial de valor capturável?

"The difference between your positive and negative value differentiation is a surplus that I refer to as the value pool. In this case the value is the difference between what you provide and what your reference competitor offers."

Olho para a figura e recordo um autor que ainda esta semana citei numa empresa, Larreché, e:

A originarão de valor, a única que não tem limites, promove a expansão da diferenciação positiva.
A captura de valor tem a ver com a maior ou menor proficiência na actução comercial.
A extracção de valor é interna e tem tudo a ver com a eficiência.

"The first challenge, again, is to figure out the mental frames that your customers (end users, OEMs, distributors) use when they think about your products or services. These lead to your value drivers, and you should have at least three but normally no more than five. Having too few gives you less flexibility in negotiations (fewer levers) and may also indicate that you don't completely understand the customer's business and its complexity. Having too many will muddy your story and blunt the impact of your most important arguments. It may also indicate that you don't understand your customer's business because you can't distinguish with confidence what truly matters to them and what is mere noise.
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Once you have set priorities, you need to think about how to build your value story. What drivers do you start with? I recommend focusing on the biggest bang or the most compelling hook and concluding with a strong value proposition in terms of dollars-and-cents impact. ... When people struggle with these steps, the most common root cause I notice is that they have made their models too complicated. Take a close look at the value drivers you have chosen and their associated impacts. Do you really need to put the tiny marginal savings there? Just because you have created a value model and a value story doesn't mean that the craft of sales and selling has fallen by the wayside. You use the first two drivers to sell them and hook them; then you can switch to a customer conversation.
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Storytelling is essential to making sure customers understand and embrace your story. Even the strongest numbers can't speak for themselves. Use the ratios and then the dollars so that the logic is transparent and intuitive for the customer. Use dramatic, round numbers and skip the decimal points. Your arguments need to be robust, but too much detail is a clear distraction when you are telling a story. That is why this task requires some emotional intelligence as well. If you have too much value, or fail to engage the customer in a conversation, you can lose credibility."

Trechos retirados de "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

“how much is it worth?”

"“You move from a product focus (“what do I offer?”) to a benefit focus (“why should the customer care?”) and ultimately to a value focus (“how much is it worth?”).
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I usually spend quite a bit of time on this. When I coach a team, I take their own materials and go through their own spec sheets to translate features into benefits. Let’s say you have half a dozen differentiators. These are your value drivers. You need to name each value driver and then create a logic or a formula to express that value in dollars and cents.”"

Trecho retirado de Stephan M. Liozu em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

"how much more value do you bring versus the competition"

"Value is relative and not an absolute. Unless you have radical disruptive innovation and no reference value, what matters when you sell to your customers is not how much value you deliver, but how much more value do you bring versus the competition. This differential represents your true value, your differentiated value, which becomes the basis for your pricing strategy and price setting. Value is always a number in B2B. You need a rational story about how much value you bring to the customer and the relevant stakeholders, and that rational story must include dollars. Saying you have 20 percent more reliability than competitors is a nice benefit, but that benefit closes sales only when you express it in terms of cost savings, revenue potential, or an emotional benefit, as shown in the value triad in figure 6.1

The language in figure 6.1 is plain and straightforward. You are reducing costs or providing savings. On the cost-reduction side, perhaps your product offers lower weight or greater efficiency. Perhaps the benefit you provide helps the customer grow their revenue, potentially by charging higher prices. You can also provide a benefit through an emotional contribution: reassurance, confidence, lower risk, better relationships."

Trechos retirados de Stephan M. Liozu. em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

" It is impossible for any company, even yours, to be better or best at everything"

"you need to keep in mind that differentiation does not always work in your favor. Put down the rose-colored glasses and be honest about how well your features perform against competitors.
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There is no such thing as "better" without "worse," and there is no 'best" without a "worst." It is impossible for any company, even yours, to be better or best at everything. That is tantamount to saying you are perfect, and I don't know of a single B2B market where that is a credible argument. You have to account for the things you are less good at. Focus on finding the positive, but recognize the negative.
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think of differentiation in three ways: "nice to have," "must have," and "true." It is the true differentiation that ultimately wins you the business.

Competitive prices are also a must-have, but don't fall into the perception trap that so many suppliers fall prey to and that so many purchasing departments encourage. A competitive price is not synonymous with a low price. It is the right price for the right value you deliver."

Trechos retirados de Stephan M. Liozu. em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

VRIO (parte II)

Parte I.

"The VRIO Model: The acid test of differentiation
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Instead of burdening you with a complex process you would never use anyway, I recommend a set of four questions as the means to begin defining and quantifying your value. This is an excellent discussion starter that also yields insightful answers to help you recognize and appreciate your own value. Pick what you think is an important feature of one of your best-selling products. Can this feature pass the following four-question test?
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• Is it Valuable to the customer? Customers should be able to tell why they want it, what pain point it addresses, or what gains it enables. The feature is clearly something that makes customers better off, and you have dear, ready answers to describe why.
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• Is it Rare? The fewer options the customer has, the rarer your feature is. You have something customers want, and few others (if any) offer the same feature.
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• Can it be Imitated? In other words, if you gave a competitor a few months, could they perform that same function just as easily as you do, and thus offset or neutralize your advantage? Ideally you would have a sustainable advantage, which means it would take considerable resources—if not a strategic decision—for one or more competitors to challenge you on it. Here we touch on switching cos., which may be technical, marketing, or relationship-based.
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• Are you Organized to exploit this differentiation? Sometimes companies have too much of a good thing. They have the potential to offer superior value, but they can't exploit it, either because they lack the processes to market and support the feature, or they lack the talent or the means to exploit its full potential. Sometimes a company is just plain had at executing. They have breakdowns in execution excellence and spend their time fixing their issues.
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If you can honestly answer "yes" to all of these questions, you are truly differentiated. But most companies will answer at least one question with "no." 

Trechos retirados de Stephan M. Liozu. em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

VRIO (parte I)

"Value does not exist in a vacuum. Your value - the value that will underpin your value-based pricing (VBP) - is always specific to a well-defined customer segment. Value is also relative to what your competitors offer to customers in the segment. By now your thinking should have moved away from generalizations (large markets, one-size-fits-all thinking) to focus on these narrower definitions, because these are the keys to your success with VBP.
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Consider the following questions about what you deliver to your customers, day-in and day-out. What makes you special? What makes you unique as a whole? What makes your products unique? Can you be easily imitated? And how well are the answers to these questions expressed explicitly in your value proposition? The answers describe your competitive advantage, and these in turn provide the raw material for your value propositions. Competitive advantage takes three forms: measurable product and service differentiation, market position, and cost/price. The sum of these is your overall competitive advantage, as figure 5.1 shows. You will never be strong in all three, although combinations are possible.

Related to my comment above, I am tired of hearing the word commodity. Except for standardized items that are traded on international exchanges, such as a barrel of oil or a bushel of wheat, there is no such thing as a commodity. The frequency with which I hear that word usually correlates well with how beat up an organization is. They have given up on value, and they fight aggressively in bare-knuckled price wars instead of making the effort to find and extract their true differentiation. Please let me repeat: If you are still in business today, you are doing something right. You are adding value, and it goes beyond the product. It is therefore your responsibility to find your true differentiation, extract it, quantify it, and communicate it. No one else is going to do that for you. Your competitors are certainly not going to do so. And your buyers are not going to volunteer it!

Continua.

Trechos retirados de Stephan M. Liozu. em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

Ainda acerca da segmentação

Ainda acerca da segmentação:

"If you find out that 20 percent of your customers consume 80 percent of your service time, have you incorporated that into how you set priorities, how you treat these customers, and how you price your products and services? You can look at the extremes, too. Which customers are clearly the price buyers? You have them. Every company does, and they will make up a good chunk of your customer base. Who are your value buyers, the ones who recognize the value you provide and are willing to pay for it? A good place to start is to assume that 15 to 20 percent of your customers are value buyers. Figure 4.5 gives more clues about what kinds of segments you may have within your market. 

A third common segment is speed and convenience. In some cases the company has a separate division by segment (such as Allstate; see figure 4.6).[Moi ici: O como eu gosto do exemplo da Xiameter vs Dow]

 They avoid confusing the two divisions. Sometimes your brand can't cover more than one or two segments. Trying to stretch a brand across too many segments will muddy your message. You have to make these brands and segments as watertight as possible. If you don't, you risk giving some customers cheap products with state-of-the-art service for too low a price."

Na sequência de "Em que situações ou contextos" pensar: em que situação/contexto um cliente insere-se no segmento do preço? e no segmento da qualidade e do valor? e ...

Trechos retirados de Stephan M. Liozu. em "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value"

Que raio de sistema de gestão...

"You need a progressive segmentation! One-size-fits-all approaches are a waste of time. They mean that you overprice people who don't want to pay for your products and services and that you undercharge people who are deriving considerable value from what you do. You don't know the difference, and that is wasteful and costly. Having a segmentation built around geography and size is not much better, because these distinctions don't reveal much from a value perspective. You need end-user, needs-based segmentation."

Recordar:

• "É o que te chateia, é o que te cria desconforto no trabalho"
• Intercom on Jobs-to-be-Done (parte IV)
• Intercom on Jobs-to-be-Done (parte III)
• JTBD e estratégia
• Intercom on Jobs-to-be-Done (parte I)

Matéria-prima para reler durante viagem de comboio, para preparar sessão de kickoff de um novo projecto de transição ISO 9001:2015.

A transição ISO 9001:2015 na sua empresa não abordou o tema dos clientes-alvo ou do JTBD, ou da segmentação? Não? Que raio de sistema de gestão é que a sua empresa tem?

Trechos retirados de "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value" de Stephan M. Liozu.

"You can't assume that value magically or organically emerges"

"The third prerequisite is the ability to meet your promises in the field and on the manufacturing line. If you don't deliver on your promises, then you will find it difficult to extract value. Companies have a tendency to offer price discounts to cover up shortcomings on the product or service side. This practice is flawed for two reasons: First, it masks and perpetuates the product and services deficits. Second, it diminishes perceived value. Fix your issues first, then build your foundation. Fixing the issues is not only a mechanical or manufacturing challenge. It is also a cultural one. A culture of execution to high standards prevents you from backsliding or accepting lower quality in the future. You have to make sure you deliver on your promises; otherwise, you may not get a second chance, no matter how good you may be objectively. Customers won't trust you.
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VBP has to be an explicit corporate priority. If value is just another buzzword you're entertaining, don't do it. It will fail. A company's strategic charter usually offers clues to how committed that organization is to value. When I read these charters, I often see talk about operational excellence, innovation, ethics, and sustainability. But where is the word "value"? Where is the phrase that I rarely if ever see: "differentiation value?" You can't assume that value magically or organically emerges through all of your other actions as a company. You have to identify it explicitly, and you have to measure it.
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teams quickly forget that value is subjective. It is relative, segment-specific, and future-oriented. For these reasons, value is always a moving target, rather than a fixed one you can home in on. The challenges of tracking that moving target are many,"

Trechos retirados de "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value" de Stephan M. Liozu.

"In B2B, customer value is a number, not a verbal expression"

A maioria das PME resiste a segmentar os seus clientes. Qual Bruce Jenner, com um histórico de generalista, não querem dizer não a ninguém, querem servir todos em simultâneo. Por isso, este sublinhado:

"You also need to define your segments and know them well. This means needs-based segments, not ones based on superficial factors such as geography or company size (small, medium, large). Only then can you begin to define and extract your true differentiation in your market, by segment. What you deliver in terms of value will differ from segment to segment, which means you can't make blanket assumptions about the benefits you provide customers in each segment. Their problems their solutions are all different, even if the differences are subtle. So the reality is and that you start building general customer propositions and introduce your teams to them. This first step often helps people realize the need to move away from one-size-fits-all processes to needs-based segmentation.
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In B2B, customer value is a number, not a verbal expression.
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continue with a discussion around how to share that value pool, because both parties need to derive some benefit from the relationship. It is unfair for the customer to claim all of the value, leaving you as the supplier with no material benefit. There is a name for the art and science of striking that balance.
That name is "pricing." It is also the end game!
But you will notice that in the previous three paragraphs, plus the statements, the word "pricing" never appears. There is a good reason for that. You need to lay the specific foundation before you can start with setting prices. That foundation is the central element to successful VBP. It depends highly on that third C, customer value. This foundation is the missing piece in most companies. It requires investments of time, money, and in many cases political and social capital. These are the foundational pillars of VBP. One does not become intimate with customers overnight."

Trechos retirados de "Dollarizing Differentiation Value: A Practical Guide for the Quantification and the Capture of Customer Value" de Stephan M. Liozu.