Suggestions and common pitfalls to avoid🔥for success in AI & Pricing🚀
Success in AI-powered Pricing is all about finding the right tools and how to use them properly to your company’s benefit!🚀Here we share some hints & tips from a 25-year journey in AI and Pricing!🙂
1 – DON’T UNDERESTIMATE THE POWER OF PRICING
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Pricing is the most powerful profit driver.
Directly affects growth and customer loyalty.
Influences perceived quality. Â
Use Pricing to gain competitive advantage.
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2 – DON’T IGNORE THE AI REVOLUTION IN PRICING
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AI is popular these days for a good reason.
It works and gives a competitive edge.
It can be used to quantify Pricing dynamics.
Things you would have missed otherwise.
Use AI to optimize your Pricing.  Â
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3 – LEVERAGE YOUR DATA WISELY
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Decide what is important vs. nice to have.
Utilize both internal & external sources of information.
Search for benchmarks, like competitors’ prices and your costs.
Conduct market research as needed.
Ensure data availability and quality.
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4 – LEAD THE WAY TO SUCCESS
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Decide your pricing objectives.
Ensure buy-in from key stakeholders and your team.
Make sure you offer guidance for your AI tool & partner.
Use the AI tool to inform your pricing decision-making.
If it looks strange, trust your instincts.
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5 – CONTINUOUSLY ADAPT
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Monitor your AI Pricing insights continuously.
Watch out for signals to change your pricing.
Check the market for upcoming disruptions.
Decide when it’s time to retrain or adapt the AI model.
Remember, this is a process and not a one-off task.
Would you recommend anything else?
Any suggestions or common pitfalls to avoid?
Interested in learning more about AI-Powered Price Optimization and Strategic Forecasting?
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