Got a knack for pricing products or services? Wouldn’t it be wonderful if there was a career in pricing? Well, you are lucky! There definitely is a promising career in pricing, and if you think you are well-suited for the job, this article is for you.
Let’s read on.
Is There a Career in Pricing?
In the current job landscape, you can build a great career in pricing. A decade and a half ago, such an opportunity was rare. However, times have changed, and now organizations are keen on hiring experts with strong pricing capabilities and knowledge about pricing software.
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The Career Path to Pricing
There really is no specific academic field that majors in pricing, which actually broadens the scope for professionals from various avenues to pursue a career in this path.
However, studies reveal that most pricing analysts commence their journeys from finance, while others join the stream after a stint in marketing, sales, operations, and consulting. Only a very small percentage originally kickstarted their career in the field of pricing itself.
Nevertheless, the qualifications required to shine in pricing are the same for all candidates. Togai, a top monetization platform and usage billing software for SaaS businesses, explains what professionals need to succeed in this field.
Unlock Your Potential: 5 Must-Have Traits for a Successful Pricing Analyst Career
1. Academic qualifications
It goes without saying that for a career in pricing, one must have a bachelor’s degree in any of the following majors:
Additional skills like portfolio management and commercial finance will boost your chances of bagging coveted jobs.
2. Master in Business Administration
An MBA may not be mandatory to qualify for a pricing-related job. However, MBA degree holders specializing in accounting, finance, or marketing have better chances of making it to the recruiter’s list. Additionally, individuals who have completed an MBA program that includes coursework in risk management, corporate strategy, business ethics, and financial decision-making possess the necessary qualifications for pricing-related positions.
3. Industry experience
Employers typically prioritize candidates with a demonstrated ability to analyze and develop optimal pricing strategies when seeking new pricing analysts or consultants. Additionally, employers may seek individuals who have experience within the relevant industry. A junior pricing analysis or finance position may provide a suitable entry point for individuals pursuing expertise in this field. Prospective employers may also prioritize candidates with one to two years of prior experience within the industry.
If you aim for a well-paid job in pricing, it is best to polish your computer skills in Microsoft programs, database management, and numerical aptitude. Knowledge of billing systems and back office work are additional arsenals you ought to have.
5. Personality traits
One of the main attributes of a sound pricing analyst is the ability to understand human psychology because pricing is intensely psychological. Employers will evaluate:
- Your understanding of pricing with the relevant business
- Consumer interaction with pricing
- Product-line pricing
- In-store changes in pricing
In relation to these aspects, recruiters will also give preference to candidates excelling in:
- Analytical thinking
- Attention to detail
- Problem-solving capabilities
- Attention to detail
- Mathematical and statistical aptitude
- Customer-centric attitude
- Verbal and written communication skills
It is important to note that recruiters can expand their search for potential pricing latent beyond conventional channels. Prior experience in this field is not mandatory since companies are ready to hire qualified candidates from other fields and train them for the job.
This approach broadens the pool of potential candidates where individuals with varied backgrounds can bring unique perspectives and ideas to the pricing function to enhance the company’s competitiveness and profitability.
What is the Job Description of a Pricing Expert?
Pricing experts, or pricing analysts as they are professionally called, are hired as part-time or full-time consultants to fulfill the following responsibilities:
- Closely monitor evolving pricing standards in the industry.
- Keep an eye on competitors’ pricing strategies.
- Leverage industry databases and other sources to track marketplace pricing trends.
- Analyze consumer trends to determine their willingness to pay.
- Analyze production, marketing, and sales expenses and analyze the profit.
- Lend insights into product packaging and presentation.
- Guide the R&D to increase overall revenue for the organization.
- Collaborate within departments to ensure compliance.
- Review pricing quotes for various products or services.
- Generate pricing reports on sales revenue.
- Developing budgets and revenue forecasts for projects.
Pricing Analyst Employers: Who Hires Them?
Pricing is standard for every business and industry. Hence, the sky is the limit when it comes to job opportunities. However, pricing analysts and consultants are in demand in the following industry verticals:
- Commercial and industrial goods manufacturers
- Construction and agriculture-related companies
- Food and beverage industries
- Healthcare institutions
- Financial institutions
- Educational institutions
- Pharmaceutical companies
- Transport and logistics
- Professional services like architectural, legal, and engineering firms.
Pricing is valued by many professionals as a career enhancer, regardless of whether they plan to stay in the field. Also, companies seeking candidates for pricing jobs can promote the idea that such roles can prepare them for other careers, too. One practical approach could be to have people rotate in and out of specific pricing jobs to gain experience that could be valuable in their future roles.
A pricing career offers a unique opportunity to carve out a niche due to its non-mainstream nature. It is also an opportunity with immense scope and room for growth. So, if you have the business acumen, numerical aptitude, and an eye for pricing, go for it! Good luck in achieving your career goals as a pricing expert!