Impact Pricing The Pricing Landscape: Insights from the Professional Pricing Society Conference with Steven Forth
Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business.
In this episode, Steven delves into the dynamic world of pricing strategies as revealed through the lens of the Professional Pricing Society event. He talks about the latest developments, innovative practices, and thought-provoking discussions emerging from these events of pricing professionals. From uncovering cutting-edge pricing technologies to dissecting evolving pricing trends that offer valuable insights to help you in navigating the ever-changing landscape of pricing strategies especially where AI is concerned.
Why you have to check out today’s podcast:
- Discover what's in store for this year's Professional Pricing Society conferences
- Find out the significant and engaging topics discussed in the PPS event
- Look forward to Steven's valuable insights and key points on pricing trends and innovations, particularly in relation to AI
"The other problem or challenge, I think, that one can have with AI-based approaches to pricing is the sort of black box nature. And generative AI, gives something of a path forward for that."
- Steven Forth
Topics Covered:
01:46 - Steven highlighting how the Professional Pricing Society [PPS] listens to Impact Pricing podcast
03:29 - Professional Pricing Society's calendar of events this year
04:39 - What's coming up for this year's event: Return of the book store
06:25 - Featured and notable books available at the event
09:54 - Other interesting things coming up for PPS' event
11:28 - Steven's important thoughts on pricing sustainability and some examples on point
15:41 - What differentiates a value model from a sustainability model as far as Ibbaka's concerned
17:26 - What he thinks of these big pricing vendors approach to AI
18:46 - Talking about pricing industry frustration and the black box nature of AI and the shift to generative AI
21:19 - Discussing the application of generative AI in a dynamically configuring software and its implications on the pricing strategies
24:56 - Sharing about the scale and complexity of traditional value model as well as the potential of generative AI to quickly adapt to different pricing and value configurations
28:39 - Watch out for an upcoming webinar on May 23rd
29:08 - What he thinks of people's reception to his presentation at the Professional Pricing Society's conference
Key Takeaways:
"Feel good metrics or social responsibility, none of those things are really going to get people to buy and pay for sustainable solutions. It has to be tied to value, and you have to be able to show that your green solution provides more value than the competing solutions." - Steven Forth
"I think the secret here, at least from a pricing and modeling approach, is to find those variables that get used across the different models. And by having the same variable used in different models you can pull sustainability together with value together with pricing." - Steven Forth
People/Resources Mentioned:
- Arnab Sinha Impact Pricing Episode 564: https://impactpricing.com/podcast/564-exploring-game-changing-pricing-dynamics-for-different-industries-with-arnab-sinha/
- Game Changer: How Strategic Pricing Shapes Businesses, Markets, and Society by Jean-Manuel Izaret and Arnab Sinha: https://www.amazon.com/Game-Changer-Strategic-Pricing-Business/dp/1394190581
- Stephan Liozu Impact Pricing Episode 582: https://impactpricing.com/?s=stephan+liozu
- Nick Nalepa: https://www.linkedin.com/in/nick-nalepa/
- Stop Racing In A Blindfold!: Big Data + Pricing Science Drive Bigger Profits by Jim Vaughn: https://www.amazon.com/Stop-Racing-Blindfold-Pricing-Science/dp/099068380X
- Michelin: https://www.michelinman.com
- Hydropoint: https://www.hydropoint.com
- Vendavo: https://www.vendavo.com
- Pros: https://pros.com
- PriceFX: https://www.pricefx.com
- Totogi: https://www.totogi.com/
- Resilience: https://www.bcg.com/publications/2023/resilient-pricing-for-uncertain-world
Connect with Steven Forth:
- LinkedIn: https://www.linkedin.com/in/stevenforth/
- Email: steven@ibbaka.com
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mark@impactpricing.com