Four Pillars of Pricing: How to Become More Efficient in Pricing with Vikas Pal Boaddh

<p><strong>Vikas Pal Boaddh</strong> is the Senior Strategic Marketing and Pricing Leader at Honeywell. He started out as a Software Engineer but has switched careers after getting an MBA in Marketing and General Management. His pricing journey in Honeywell was a happy accident for him. His startup in Food Tech wasn’t working in his early years, so he was introduced to Honeywell’s pricing team. Now, he’s been with them for 10 years. </p> <p>In this episode, Vikas discusses why value-based pricing is the right thing to do and shares why understanding how your customer thinks is a must in dealing with pricing.</p> <p> </p> <p><strong>Why you have to check out today’s podcast:</strong></p> <ul> <li>Discover how important it is for you to understand the customer’s business first before making them understand how much money they’re going to make once they buy your product;</li> <li>Understand the four pillars of pricing frameworks in organization; and</li> <li>Find out how you can become more efficient in pricing through tips that will help you avoid repeatedly doing the same thing with progress.</li> </ul> <p> </p> <p align="center"><strong>“When you have an opportunity to price something, first, go and try to talk to the customers.”</strong></p> <p align="center"><em>– Vikas Pal Boaddh</em></p> <p> </p> <p><strong>Topics Covered:</strong></p> <p>01:44 – The happy accident that led to Vikas joining Honeywell</p> <p>02:48 – What’s in the cost plus model that made Vikas passionate about it?</p> <p>04:35 – Two things to take note of when implementing value-based pricing</p> <p>05:51 – How Honeywell understands customers and their business</p> <p>09:37 – Where should pricing sit in an organization?</p> <p>10:53 – The difference in the roles of a pricing person and a product manager</p> <p>12:32 – The first pillar in pricing frameworks for an organization</p> <p>14:03 – The three other pillars of pricing organization</p> <p>16:19 – The competition of having the credit for the price</p> <p>18:36 – Where does Vikas put the