A new year is upon us, so this is the perfect time to consider what objectives you’d like to set for yourself in 2020 – both professionally and personally, and commit to them in writing. Goal setting doesn’t just help focus our energies in a specific direction, but studies show that the mere act of writing down a goal makes you 42% more likely to achieve it. So get those goals on paper, now.
I recently saw an ad by MIT that caught my eye for their Entrepreneurship Bootcamp class. I watched a video on it and the curriculum reminded me of the skill set of a pricing professional. 5 of their 6 bullet points were key areas in our profession: Creativity, Strategy, Marketing, Sales and Finance. It got me asking myself the question: would pricing professionals make the ideal entrepreneur?
With pricing teams generating tens of millions of dollars if not sometimes a hundred million it would make sense that pricing professionals get compensated based on that production. So, when we will see our first million dollar a year compensation? Or do we already have some people who are making over a million dollars a year?
80-90% of the roles we’ve been working on lately are asking for consulting experience in some form. They don’t necessarily require pricing consulting, but any consulting experience on the resume. So, don’t ignore this if you are early in your career or are looking to move up the ladder. Consulting may not pay the highest but may do more for your career in the long run.
In the most recent salary survey I collected some data that show us what pricing professionals look like in every role. Today, we are talking about average years. That is average years in their current role, average years of pricing experience and average years of overall experience. The years of experience can vary from metro area and industry, so take that into consideration if you are using this as anything other than a reference.
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If I were to ask you how you feel about your job, would your reaction reflect excitement and fulfillment? Or would you sigh with a guilty sense of apathy? All too often, I meet pricing professionals who report the latter, which prompted me to wonder why, and what can we do to help?