Director - Pricing Strategy
Vernon Hills IL
The Director of Pricing Strategy will be responsible for setting the pricing strategy for product platforms / channels, working with Product Management and working with Sales to create and execute account level pricing and trade promotion plans in line with this strategy. This position will be responsible for managing the pricing strategy and key account pricing teams and is part of the Pricing Leadership team.
This position reports to the Vice President of Strategic Pricing. The role is based in Vernon Hills, IL. Our hybrid work environment includes two (2) remote days/week.
Pricing Strategy Creation
- Work with Product Management leaders to design and maintain the pricing strategy for the product platform.
- In line with the designed strategy, create and maintain price guidance for the relevant product platforms to provide direction to the commercial team on the right price levels to use.
- Design new and innovative pricing models suited to the product platform aimed at maximizing margin while retaining customer traction.
- Sets the overall Pricing Fixed Projection and Latest Forecast for the organization, working in conjunction with Sales, Product Management and leadership.
- Provide oversight of the development and alignment of trade spend for promotional agreements and growth rebate programs executed for all accounts.
Price Execution Support
- Work closely and communicate frequently with Sales, Operations, and subject matter experts as needed for price increases.
- Create and share knowledge collateral to support commercial teams in pursuing price increases with customers.
- Provide pricing oversight through published pricing approval process (PAW system).
- Account-specific pricing review and approval within the pricing approval system (P&T system).
- Act as a strategic advisor to senior leaders and other executives across the businesses.
- Support commercial team on price negotiations.
- Leveraging innovative methods to identify and propagate pricing opportunities targeted at margin enhancement.
- Guide the key account team in measuring and tracking trade promotion and marketing co-op spend effectiveness.
- Manage team on day-to-day activities including planning & allocating tasks as required in collaboration with senior leaders.
- Coach and mentor staff, determine appropriate staffing levels, ensure employee development, maintain a positive employee relations environment, and develop analytical best practices that propagate throughout the organization.
- 4-year BS degree in business or mathematics/statistics or engineering with an MBA being an added advantage.
- 10+ years of relevant professional experience; 4+ years of management and leadership experience in Pricing and Business Strategy.
- A subject matter expert on Product Pricing or Pricing Strategy, trade promotion and co-op marketing investments.
- Analytic and strategic thinking skills, with ability to digest complex information and make data-driven decisions.
- Leader with a passion for people with the ability to exert formal and informal influence across functions.
- Passionate problem solver and creative thinker, with ability to pitch new ideas and be open to feedback.
- Dynamic and agile: Ability to think in a creative and strategic way but be adept at delivering operationally to ensure tasks are followed through to completion. Ability to work efficiently and flexibly to deliver results.
- Strong decision making and prioritization skills, especially when multiple trade-offs are involved and faster decisions are required.
- Empathy and good listening skills to understand the needs/pain points of your customers/ stakeholders.
- Excellent facilitation to effectively facilitate requirement gathering/elicitation sessions with senior business leaders/stakeholders.
- Strategic Planning: Is proactive, forward-looking and can anticipate trends. Has vision and can create competitive and breakthrough strategies and plans.
- Change Management: Ability to adapt to change, anticipate future needs, is flexible, overcomes resistance to change, and demonstrates managerial courage.
- Problem Solving: Can understand and evaluate complex issues and devise and implement successful solutions. Is focused on results, can see hidden problems, and takes logical approach and probes fruitful sources for answers. Is proactive and decisive in nature.
- Communication: Has effective verbal communication and presentation skills, has effective writing abilities (clear and succinct), had executive presence, has active listening abilities, and can convey important or critical messages that have the desired effect.
- Collaboration: Identifies opportunities for shared resources, seeks partnerships, is a team player, and involves others. Builds commitment, fosters open dialogue, and supports diversity and input from all team members. Is open minded and transparent.
- Decision Making: Uses critical thinking skills, has a track record of making high quality decisions, does not hesitate when making decision, is confident, and is action oriented.
- Developing Others: Coaches others and nurtures emerging leaders. Is a keen listener, provides challenging/stretch assignments, encourages development, confronts and deals with performance issues effectively and delegates tasks effectively in order to develop others.
- Judgement: Adopts strategic, analytical and carefully weighted decision-making process in the evaluations of alternative scenarios.
- Financial Acumen: Has demonstrated financial acumen, can successfully budget and forecast, and understands cost implications of decisions.
- Integrity & Commitment: Demonstrates integrity, has commitment, shows moral courage, demonstrates emotional intelligence, is values-driven, respects the Company culture, and demonstrates responsible entrepreneurship. Has a can-do attitude and the desire to go above and beyond.
The compensation package for this position is commensurate with experience and includes an attractive base salary with annual bonus incentive and a competitive PTO and benefits package.