A few events to mention this week….
First, this Thursday, 5/12 – a LIVE WebX!
We’ll be talking about one of my favorite topics, PRICING! Hosted by Joe Skorupa from RIS News (), the panel includes the amazing Sahir Anand from EKN (@sahiranand, @EKNResearch) and Cheryl Sullivan from Revionics (@Revionics) who know a thing or two about pricing analytics!
Should be a great discussion!
Register here: http://risnews.edgl.com/web-event/5-Critical-Components-of-Advanced-Pricing-Strategy105100?referaltype=revionics
Then next week, Road Trip! LIVE in Chicago! Very excited to participate in a Innovation Enterprise event! Incredible line up of speakers and some just-added compelling panels!
-That Planning Guy
I commented this week that if an item sells really well, it is probably priced too low. The reverse is also true. There are no bad products, only products priced wrong!
Is this really true?
Part 1: if an item sells better than expected, the perceived value is bigger than expected, which should show in the pricing analytics. Demand > expected demand is a pricing signal… Giving away profit. (assuming of course elasticity supports this, and new retail X lower units is better than old lower retail X original units.) If not true, then the signal is wrong.
What about the reverse, the part 2? If an item sells worse than expected, can’t we just lower the price until demand is where it should be? Hmmm. Unless it is not profitable, in which case it was a bad product, bad timing, bad presentation even- and pricing is not the (only) issue.
When you run out of pretty, ugly sells?
But, how do you know what the right price is to start? What if your comparison items are wrong too? Comparing to competitors? We KNOW we are smarter than those guys!
Perception. Where is day 1, and where will day 2 end? The route to success can not be short-cut.
Note: Athena was the Greek Goddess of wisdom, justice, math… and war. Is the connection that direct between wisdom and war? Perhaps the natural order, linear context, direct path … Next, let’s look at some SunTzu – Art of War. Always some fun things to discuss.
-That Planning Guy
Looking to meet me or see me live? Well then, buckle up and catch this great event:
Marketing Analytics Innovation Summit. Should be a great event.
Recently a friend asked me how I find the time to write my posts, go to the gym, work a lot, and everything else in my life.
As I am THAT Planning guy— lets do the math!
168 hours in the week:
49 hours are spent asleep (I sleep about 7 hours a night)
45 hours a week average at work, with 5 hours commute (about 1/2 hour each way)
I spend 1 hour a day at the gym, 5 hours a week.
I like to play golf both weekend days, 10 hours
Eating? about 10 hours a week
For us, family time is watching TV or movies, near 3 hours a day, 20 hours.
Even adding in 30 min a day for shower and brushing teeth, getting dressed, etc, 7 hours.
That leaves 17 hours- or nearly 2 1/2 hours a day to do what YOU find important. For me it is writing, reading, thinking. Or close my eyes and do nothing. Maybe a short run. Maybe the shooting range.
Where does YOUR 2 hours go- is it productive? Is it leading you towards a goal? Every minute, every hour, every day should have a purpose.
Last, shout out to a dear friend who left a company after nearly 20 years. I have known you for most of them, and so excited that you are with a company I have known for more like 20 weeks, but a great group all the same. Congrats on starting a new chapter of your life!
-That Planning Guy
Attending a great event today, presented by Platt Retail Institute.
A lot of talk about how consumers are being engaged, and how to we do even better.
How do we measure tears? Emotional responses to IoT, interactions.
More to follow.
-That Planning Guy, on location!