For the past four months, TeamFit has been working with the pricing consulting firm Ibbaka to understand the skills needed by pricing experts and to understand how these skills are changing. This work is an example of our Skill Insight Research. We undertake a number of research projects each year to deepen our understanding of the skills used in a specific industry, role or profession. We do this for several reasons.
What is the TeamFit Skill Graph? It is the underlying data model we use, plus the data it contains, that we use to power our skill inference, skill recommendation and expertise assessment engines. The Skill Graph defines the relationships between skills and between a skill and a role (in this case pricing expert), person (who performs a role and demonstrates a skill) and the projects within which skills are used.
How do we undertake Skill Insight Research? We seek out information from many different sources.
All of this information is gathered together. It is used to deepen and connect the Skill Graph and passed through our proprietary clustering and pattern analysis software.
We will be reporting on the results of this research at the Professional Pricing Society Spring Conference in Chicago today (May 3) and publishing the results later this May. The interviews themselves make interesting reading.
Chris Herbert from SV Pricing gives a recruiter’s perspective.
Tim Smith is the thought leader at Wiglaf pricing and describes how he trains new consultants.
Tom Nagle is the senior statesman of value-based pricing.
Reg Nordman looks at pricing as a sales coach.
Alan Albert is a product management guru who has thought deeply about value creation and value perception (critical to value-based pricing).
Sometimes Skill Insight Research uncovers gaps in the how an industry is thinking about skills. I think this has happened in this work. At this point, we see three basic skill patterns among pricing experts.
The strategist – works with the C suite on how to use the pricing lever to achieve organizational goals.
The analyst – crunches data, lots of data, and finds patterns. This role was prominent in the B2C and distribution industries, but with new technologies like deep learning, it is becoming more in demand at B2B companies.
The coach – works with other functions to clarify, shape and help implement pricing strategy. There are sub-patterns depending on whether the focus is sales, sales operations, product development or product marketing.
Are these the only patterns? We think there may be a fourth–The designer, though that is not yet apparent in the data. The designer combines pricing skills with skills from design thinking and customer service design. This is the approach that Ibbaka is taking and may be an important part of their differentiation. See for example Don’t set prices, design pricing and Where does pricing fit in the customer journey.
TeamFit’s next piece of Skill Insight Research will be on the changing role of product managers. We are also planning research into the skills that financial institutions will need for the adoption of Fintech technologies such as distributed ledgers.
Do you need to understand what skills you have in your company and how they are being applied?
Are you planning to adopt a new technology, process or business model?
Contact us to discuss how Skill Insight Research can tilt the table in your favour and increase the odds of success.
Understanding the skills you have and the skills you need shouldn’t be so hard.
TeamFit can quickly and precisely give you the skill insights you have always wanted.
Gregory Ronczewski leads the design of the TeamFit platform - view his profile on TeamFit Top image: A silver and a black Tesla Semi in Rocklin, California A PWC 2017 Report states that by the year 2030, …
Steven Forth is a Co-Founder of TeamFit. See his Skill Profile. Many people think of their careers as a series of roles. We get a job, build skills, and then parlay those skills into a new role; hopefully, …
Gregory Ronczewski leads the design of the TeamFit platform - view his profile on TeamFit It is hard to think about skills without trying to imagine a role where the skills will be applied, at least …
Steven Forth is a Co-Founder of TeamFit. See his Skill Profile. People Analytics is the use of data to get insights into people, generally in an organizational context. That is a nice generic description, but it begs two …