E109 - Jon Manning - Science vs Art & Data vs Behaviour in Pricing

Have you ever trusted your gut feeling to make a decision?


Maybe you have when making a random online purchase, or when
deciding which road to go down when your GPS stops working.


But what about the big decisions - such as in your business?


Are all your decisions based entirely on logic and research then?


How about when pricing your products and services?


Science vs Art.


Data vs Behaviour.


Which do you choose?
Meet Jon Manning

Jon’s Role as a Pricing Leader at
PricingProphets


Jon Manning is the Founder and Chief Expert of
PricingProphets.com - the world’s first crowdsourcing platform
for pricing. Since launching in May 2011, PricingProphets has
enabled companies struggling with pricing to ask a panel of
global pricing experts and thought-leaders what price to charge
for a product or service and why. PricingProphets has won
accolades from customers and the media alike, finishing in the
Top 20 in the Anthill Smart100 awards in 2012.
Jon’s Other Work in Pricing

While Jon is the Founder and Chief Expert of his own company, he
is also the Head of Pricing at MYOB, a tech company that exists
to help businesses start, survive, and succeed. MYOB assists with
everything from accounting, payroll, payments, retail point of
sale, CRM and professional tax solutions - and more - with
solutions for businesses of every size, shape, and sector. MYOB
believes in Australian and New Zealand businesses, having a range
of initiatives to help support them.


He has hosted over 80 public workshops and in-house seminars
conducted across the Asia-Pacific, the Middle East, and the UK,
as well as co-presented the ‘Pricing Strategy & Revenue
Management’ Executive Education Program at Lancaster University
Management School.
Pricing, Data, and Behaviour

In this exclusive analytics podcast episode, Jon shares:


His experience travelling to the UK for an educational
program including in procurement

How to detect early signals when pitching to companies with
procurement

His role as the Founder and Chief Expert of PricingProphets

The world's view of pricing

His journey through the world of pricing

Overselling flight tickets and dynamic pricing with Internet
cafes

A key lesson he has learned that could help others starting
out in the industry

How important data is in the world of pricing

A case study for when data has positively impacted one of his
pricing decisions

"Gut" pricing

Pricing = Science and data-driven examples

Pricing = Art and behaviour-driven examples

Combining both art and science into pricing while striking a
balance between the two

What factors come into play when choosing between science vs
art

Advice for those looking to renew their pricing strategy
through the use of data analytics



If you are a pricing professional looking to incorporate data
analytics into your strategy or deciding which school of thought
you fall into, this is the episode you do not want to miss out
on.