The Teesside University-led initiative, DigitalCity is holding a one-off masterclass with an international business guru to showcase how technology and a data-driven approach can form a successful pricing strategy.
Tees Valley business leaders and entrepreneurs are invited to attend and develop their understanding on how to set the optimum price for their customers, products, and revenue goals.
The ERDF* funded session will take place on Friday 15 October, led by Alan Timothy, CEO of the award-winning, AI-powered price optimisation platform, Bubo.AI.
Alan brings a wealth of knowledge and expertise having previously founded four data technology businesses and delivered pricing projects across the globe. He has also built successful customer models for big-name brands including Jack Daniels, Ford Motor Company and Hugo Boss.
Over the course of 2.5 hours, businesses will be taken on a whistle-stop tour of pricing strategy, exploring key considerations including the 4 P’s, how to set the price, why the right price is so important for profit, customer segmentation, how to succeed in price negotiations and more.
Alan said: “Price is twice as effective as any other lever a business can pull to drive net profit, yet many businesses are frightened to ask for the price they deserve and leave the money on the table. According to McKinsey, a 1% increase in price will uplift net profit by 10%. With an understanding of the key techniques and approaches you will be empowered to get what you deserve.”
David Dixon of DigitalCity commented: “Most businesses struggle with value and price. This workshop, regardless of your business sector or age, will help you achieve the income that your product or service deserves. You will not fail to learn from Alan and this really is a unique opportunity to learn from the best.”
*The DigitalCity project has received up to £1,927,803.96 of funding from the England European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2019-2023.