Celebrating the World Pricing Day
George Boretos
AI Founder & CEO @ FutureUP | Building the Future of Price Optimization | Top 50 Thought Leader in AI | Raised $9m in VC funding in AI
Welcome to the eleventh edition of the FutureAI newsletter, where we journey through cutting-edge future trends and delve into compelling AI stories, all designed to supercharge your business!??
Happy World Pricing Day to all fellow pricing experts and enthusiasts!??
This day was established in 2022 and is celebrated on Sep 9th every year. It is a special opportunity to rethink the current status and prospects of the Pricing field in a new era full of challenges and opportunities. It is also the main topic of this edition!??
Pricing today is facing:
??Intense market volatility, including fierce competition, economic slowdown, inflationary trends, exchange rate fluctuations, supply chain disruptions, and global conflict.
??Quick AI adoption that affects all aspects of our personal and professional lives.
All the above and many other factors already influence Pricing, making it more complex and intellectually challenging than ever. This also makes it more important.
However, despite all these, most companies still neglect pricing or prioritize it lower than they should.??
Why?
?Some companies consider pricing just a check box, an operational task to be done. Not a top priority.
?Some companies understand pricing is important but don't have the necessary skills and/or AI or other tools to proceed.
All these companies are missing a lot because:
?Pricing is the most significant profit driver and a strong determinant of growth and even perceived quality.
?It can also be a strong competitive advantage, e.g., as SaaS was for software companies.
?The gradual application of AI in Pricing quickly transforms the market landscape and changes competitive dynamics.
In this edition, we'll explore how AI and Econometrics transform pricing strategies, allowing companies to optimize pricing, forecast demand, and drive profitability in today’s competitive, data-driven landscape.??
Also, remember to participate in our ongoing joint survey organized by Valuebizbooster and FutureUP regarding the use of AI in sales and pricing! You can take the survey here.
The Evolution of Pricing in the Age of AI
How does AI transform Pricing in our emerging and highly volatile world????
Thrilled to share my new chapter contribution, "The Evolution of?Pricing?in the Age of?AI," to the newly released book, "AI in the Service of Marketing" by SylvAIn Montmory (Dunod, 2024)! ???
Explore how AI and Econometrics?are transforming pricing strategies.??By leveraging AI, companies can optimize pricing, forecast demand, and drive profitability in today’s competitive, data-driven landscape.
Discover:
?? The critical role Pricing plays in?profitability?and?growth
?? Why AI is now more relevant than ever
?? How AI redefines pricing strategies by analyzing diverse sources of data
?? Applications and real-world examples for strategic, dynamic predictive insights and optimum price suggestions
?? The ethical and strategic balance between human expertise and AI capabilities
Quick guide for AI-powered 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!??
Read on to find out:
??Why you should never underestimate the power of Pricing
??Why you shouldn't ignore the AI Revolution in Pricing
??How you should leverage your data wisely
??How to lead the way to success
??Why you should continuously adapt
Price: The Biggest Profit Driver & Its Significance for AI
Many companies today struggle with reduced or suboptimal profitability due to rising costs, inflation, intense competition, and other factors. ?? But how can you fix this?
Our recent poll indicates that Price is confirmed by most respondents as the biggest by far profit driver, more powerful than increasing volumes or decreasing costs!??????
Read on to learn more about why this happens and the relative strength of Price, Volume, and Cost in improving profits!
The Secrets of Maximizing Profits with Price Elasticity & its Significance for AI
Can a product’s price elasticity change between elastic and inelastic?How will this affect profit?
Our recent poll indicates that Price elasticity depends on many factors, both external and internal, for the company. Therefore, we don't have the luxury of assuming a relatively constant price sensitivity & elasticity, so we need more sophisticated approaches and software tools to support us????.
Read on to learn more about the dynamics of price elasticity and why it is essential to use Predictive AI to boost sales and profits!
Thought Leader interview, Thinkers360, July 2024
My recent interview with Thinkers360 where I share insights from my 25-year journey with AI, Price Optimization, and Startups.
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I am George Boretos , founder of FutureUP
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Fractional Monetization & Pricing Architect
5 个月Nice. Thought you made that one up George ??. Let’s celebrate anyway ??
AI Founder & CEO @ FutureUP | Building the Future of Price Optimization | Top 50 Thought Leader in AI | Raised $9m in VC funding in AI
5 个月By the way, World Pricing Day was yesterday, Sep 9, but due to a post-scheduling conflict, you got the new edition one day later, Sep 10! ?? I hope you enjoy this one and that it will spark some interesting discussions and thoughts about pricing and its intersection with AI!????