Today, April 16, Pragmatic Marketing announces a new course called Price. As the lead content developer, I found the experience fascinating.
The course was developed to help product managers and product teams be more effective through pricing. The question I struggled with though, “what do product people need to know about pricing to do their job well?” The answer turns out to be “a lot”.
First, understanding how buyers use prices to make purchase decisions helps product people truly understand value. They understand which products have value and why. When product people clearly understand where value comes from, they are better prepared to create products that have more value.
Product teams are often involved in creating pricing strategies. Understanding price segmentation and the different ways to charge different customers different prices produce increased profits.
Product people also manage portfolios (at least they should). Pricing knowledge guides them in their abilities to create the proper versions and complementary products that drive profit to the portfolio and the company.
Product teams often are in the escalation path when salespeople are looking for better prices on specific deals. It turns out product people have the ability to help salespeople be more confident they can win at higher prices.
As you might imagine, these are the four main topics in the pricing course.
This really was a fun experience. I got to work with a great team of marketing folks at headquarters. They continually re-focused me on the topics that were most important to product teams. In the end, I’m very proud of the final course and hugely grateful for their help.
If you’re interested in learning more about the class: pragmaticmarketing.com/courses/price