Friday, August 8, 2014

10 Tips to Manage Your Virtual Team




Business has gone virtual and it has gone global. You may have a pricing manager in Bangkok and one in New Delhi. Heck, you might just have a pricing professional in every city across the country. So how do you manage that kind of a team? The rules are simple and could apply to following almost anyone running a virtual team.

Originally published by Forbes.com
By Prof. Sebastian Reiche,  Professor of Managing People in Organizations at IESE Business School 

Be available
It can be isolating working virtually. Don’t make team members feel you are absent; be in regular contact to talk not just about their day-to-day duties, but beyond that to general queries about their day, mood and social life.


Organize regular meetings with both individuals and the whole team
This should be done both online – through IT technology such as videoconferencing, social media or Skype – and face-to-face, at least once or twice a year. Even if companies are cutting costs, it’s a cost well spent on building relationships.

Encourage informal conversations
Humans are social animals, and people tend to assume the worst if they don’t know what others are up to.  To help build relationships and trust between members, encourage your team to share their feelings and chat informally whenever they can.
Take this example – Pete to Maria: “I hate coming in on rainy days, traffic is awful and I feel I am wasting precious time, plus it stresses me out.” Maria thinks: this explains why he is so cold and to the point some days… Not good that he lives in London. Maybe we can be a little more flexible with his working times.
Rotate
To further break down barriers between team members, try to ensure at least one team member spends a short period of time in another location.
Be creative with team bonding
For example, after your team achieves a particular goal, organize a virtual reward ceremony. Send a small present to all team members and get everyone to open it at the same time during a video call.
Treat time zones fairly
With teams spread around the world, you may have a very short window to meet some members or the whole team. Rotate every week the times for meetings to make sure one member is not always waking up early for meetings and that another is not going home too late.
Prioritize cultural sensitivity
Being culturally aware in a virtual environment, where people are based around the world, is even more important than in face to face settings. It´s crucial you have an awareness of the cultural differences in your team and promote cultural training for all members. For example – Susan sends short and “very direct” emails to other team members. If they don’t know that’s part of her culture, others may feel uncomfortable and feel she’s treating them poorly.
Invest in socializing pre-existing teams
If you inherit a strong pre-existing sub team (everyone knows each other and works excellently together) – bear in mind that these teams may create even more barriers if they begin working virtually with other, unfamiliar, team members. People in strong pre-existing teams are more reluctant to share information as they have a method that ´works´. Invest in building relationships between the whole team or, recruit someone new in every location and start from scratch.
Look for shared understanding when recruiting
If recruiting, look for people that have worked internationally and who share previous experiences and similarities. Not necessarily in terms of culture, but in terms of shared training activities, having worked on similar projects, education background etc. The aim is to have some diversity but to make it easy to build trust with some point of contact.
Manage expectations
Team members might be expecting certain global opportunities (like moving to headquarters at some stage). How do you motivate your team? What happens if the team goes well?  You need to deal with this along with HR – so you should know from the beginning what you can offer them.


5 Ways to Motivate Your Pricing Team!




Your pricing team is a valuable asset to your company and you know it, or else they simply would not be there. They are hard to find and hard to hold on to because of the demand for their not-so wide spread talents. So how can you make sure they don’t leave you for another company without having to empty out your pockets? Here are a few simple things you can do:

1. Communicate With Them
When it comes to motivating staff, most employers think an incentive program of some sort is the only way to go. But how about this for an idea: Communicate with your employees. Institute something like a “Monday Morning Cup of Coffee”. Each week, choose one staff member with whom you can spend 30 minutes to an hour just talking. Often, the conversation isn’t even business-related. When an employee knows they’re truly valued and that their boss has a genuine interest in them, they’re much more likely to perform well.

2. Job Title
It costs nothing to improve someone's title but may mean a great deal to him or her personally and the way that they are perceived in the workplace.  For your pricing professionals, they are mostly MBA holders and have an affinity for large job titles. When posting for jobs you can even make sure you carefully write flashy job titles in the descriptions in order to attract candidates that would be more likely to stay with your company longer, and work harder due to the title.

3. Train All for the Price of One
Providing people with the opportunity to attend an external training course is a great means of stimulation and simultaneously shows that you are prepared to invest in their development. After they return, encourage them to outline what they've learned to the rest of your team. This will encourage not only team building, but it also help you notice who the leaders are in your group. 

4. Offer Telecommuting Options
Working from home is an amazing perk these days.If you have staff members, who  you know can be productive from home, consider offering a telecommuting option. Your employees are sure to love it, as it will save them plenty of time and money.

5. Take Part in Team-Building Activities
This method may seem cliché, but it actually works. Staff members who develop close personal relationships with their coworkers are much more likely to stay with a company. Even if your team building activity is nothing more than after-work bowling, your employees are sure to enjoy it.

Final Thoughts

Motivating and keeping your pricing team is very important to having a productive workforce that will stay for a long time with your company.  In the world of pricing, the longer a pricing professional stays with your company, the more valuable they become as they begin to understand the market for your industry more and more and can help you make the best pricing decisions to help your company grow. There are so many things you can do to keep them motivated and interested, but nothing beats having a genuine interest in the people who work with you. 


Wednesday, August 6, 2014

Building a Value-centric Pricing Team





Whether you’re a startup or and established Fortune 500 company you’re always growing. As you grow, however, you'll find you need additional people to handle specialized jobs. These will someday include a chief financial officer and vice president of operations, among others. But one of the most important specializations in which you're likely to need to hire is pricing. This makes sense because pricing is an important part of rolling out new products and services. Adding a pricing professional to your team will improve your existing sales and are essential parts of growing your company.
Evaluating Your Pricing Team
Maybe your pricing team is fine the way it is. How can you tell? Evaluating your current pricing team is an important step in the process of deciding whether and how to grow it. If your existing pricing team is fine, you still might need some additional training or perhaps a revamped compensation package. On the other hand, your team may need to grow by a few heads, or you may choose to stay the same size but have different people filling the pricing positions. Maybe you don’t even have a pricing manager, and have discovered  now is the perfect time to bring one on board.


Step one in evaluating your pricing team is to decide what you want it to do for you. It won't require a lot of thought for you to come up with a good description of what you want your pricing manager to do.
Measuring Pricing Productivity
In a nutshell, this is the job of a pricing professional:
  • Ensuring existing pricing structures have not matured or are stale dated.
  • Ensuring “Money is not being left on the table” Reviewing customer interaction and conducting market research to ensure that that the price of each goods and service equals the customers perceived value. i.e. If 70% of Starbucks customers request a skinny latte perhaps a premium should be charged.
  • Last but not the least, increasing profit margins. This could be achieved by providing the sales force with tools with which to provide accurate pricing and reduce excessive discounting.

If you’re looking for someone to look after any of these tasks, then you need to start the process of hiring a pricing professional.

Hiring A Pricing Professional
Adding a pricing professional can result in steadily increasing sales by helping your company stay on top of market trends and insure that you are offering competitive pricing for your products or services. This can free you up to spend time and energy on other tasks.
Pricing managers aren't just the people responsible for helping build your bottom line accurately. A pricing manager determines pricing schemes for a company’s products and services. This includes coordinating with production departments to learn how much they cost to make, as well as working with staff in marketing on appropriate campaigns and promotions. When you have new products to roll out, these are the professionals you will turn to.
To hire the right pricing manager for the job, you have to understand and be able to describe what the job is. That means clarifying exactly what the position requires. Do you want someone who is more stats oriented or someone with a leader mentality? Matching your company's needs to your new hire is the first step in getting a good pricing manager.
Given the fact that pricing professionals work in the finance and marketing arena, and most likely have an MBA, its important for you to make a very good offer for their services. Pricing professionals are rare, and are well-paid professionals. For all potential new hires, explain precisely what the compensation plan is. In addition, clarify your performance expectations, any training you will offer, and any tools you will provide. You should also provide candidates with a thumbnail description of the market and the competition. Then you will know that you've explained the opportunity accurately to anyone who's interested.
Don't stop by describing your needs. Imagine the ideal pricing manager for the job, including his or her personality, experience, energy level, reputation and abilities. You may not find someone exactly like that, but if you don't know what you want, the odds of making a bad-hiring decision are high.
Only now should you actually start looking for a pricing manager. But before dashing out a three-line ad and calling the classified department of your local newspaper, consider some other options:

Look internally. You may have technical, support, operations or administrative people who would
and could successfully move into sales. Post the ad on a bulletin board and see what happens.

Ask for employee referrals. Chances are your existing employees know the kind of people who would be happy working for you. They may be able to suggest some people for you to contact.

Network with suppliers, customers, colleagues, advisors and social contacts. This can be
cheaper, faster and more reliable than advertising to the general public.

Check with professional associations. They may have job lines to help members find employees.

Try online advertising. The speed, freshness and search ability of online job banks make them attractive options for both candidates and employers.

Check with your local college. You may be able to hire a recent graduate who's enthusiastic, effective and less expensive than a seasoned professional.

Contact Pricing Recruiters. Headhunters specializing in pricing personnel aren't cheap, but when labour markets are tight, it may be worth the cost to find a solid pricing professional. Consider using temporary and staffing services. Temporary and staffing services can provide you with sales and marketing personnel on a temporary, temp-to-perm, or permanent direct-hire basis.

Visit us at www.pricingrecruiters.com to find out how we can assist in your search for the perfect pricing candidate!