Mastering the Pricing Game: Are You Ready for the Next Big Shift?

Ever wondered what makes a pricing strategy not just good, but great? This episode unveils the art of balancing price and perceived value, revealing how technology is revolutionizing the way businesses approach pricing in the modern marketplace.

In this episode, we dive into the world of pricing strategies with Hermann Simon, a renowned figure and the author of "Confessions of a Pricing Man." With over 20 years of expertise, Simon shares his journey and the insights that led him to become an authority in the field.

What we discussed:

00:00:00 Introduction

00:00:24 Hermann’s early pricing roots

00:01:24 From academia to practice

00:02:47 Why he wrote Confessions

00:04:16 Value behind pricing

00:05:25 Price equals value

00:05:45 Assessing perceived value

00:07:19 Trust shapes pricing power

00:08:23 Building customer trust

00:09:53 Artificial intelligence examples

00:10:39 Data reveals hidden patterns

00:12:38 Personalized versus dynamic pricing

00:13:54 Principles of dynamic pricing

00:16:32 Inflation changes sensitivity

00:18:26 Pricing during crises

00:21:41 One pricing advice