Why you have to check out today’s podcast: 

• Understand how Data Science helps in pricing 
• Find out the disconnect between product managers and data scientists in terms of pricing a product  
• Discover why pricing work better with data analytics  allowing you to compare and assess different strategies

 

 

Neil Biehn is the Vice President of Business Analytics at Siemens Healthineers. He has over a decade of experience in analytics, segmentation, sales effectiveness, and pricing optimization. Neil’s specialties include Analytics, Segmentation, Revenue Management, Price Optimization, Operations Research, Willingness-to-Pay, and Data Science. 

 

In this episode, Neil shares with us how Data Science helps in pricing.  He also deep dives into why pricing works better with data analytics allowing you to compare and assess different pricing strategies. 

 

“Profit as a guide for price is limited and should be used only if it is in line with the strategy of a company. You are willing to lose customers to maintain a profit margin, ultimately, your customers don’t care about your profits, they care about the price of your services or materials or any products. Let Finance worry about running your profits.” 

– Neil Biehn

 

Get COV’s Pricing Metrics:

The Most Important Pricing Decision in a Subscription Business Course at https://www.championsofvalue.com   

 

Topics Covered:  

 

01:22 – How his path in Pricing started 

04:38 – A description of his current job   

05:45 – How does he describe the relationship of  “business people’ in an organization with ‘data science people’ 

10:17 – Logical comparison of the engineering team with the data science team 

13:40 – A look at one case study of coming up with good pricing at Siemens 

19:25 – How does he help solve a company’s price erosion problem 

20:24 – His one valuable pricing advice  

22:10 – How it looks like finding a solution to problems the data science way

 

 

Key Takeaway: 

“If you have data and have the facts, why wouldn’t you use it? Every single data point you have about price, every purchase someone makes at a price point will give you an unbelievable wealth of information and you should use it.” — Neil Biehn 

 

People / Resources Mentioned: 

• The Price Advantage by Walter Baker and Craig C. Zawada 
• PROS 

 

Connect with Neil Biehn: 

• LinkedIn 

Connect with Mark Stiving: 

• Email: [email protected]  
• LinkedIn  
• Twitter