Who We Are
Although the name World Class Pricing is new, our roots go back twenty years. World Class Pricing was founded by George Cressman. George has nearly thirty years industrial experience in a wide variety of business functions, and over fifteen years of consulting experience in a number of industries, companies and geographies.
World Class Pricing uses tools and processes that have been successfully applied to a wide array of business to business firms. These pricing management tools and processes have contributed substantially to the profits of a number of client firms, for example:
· A major packaged goods firm had developed a highly differentiated offering that delivered unique value, but powerful customers ignored the value and demanded price concessions. Unfortunately the firm had a history of price negotiation and was threatened by the possibility they might lose some larger customers. In this engagement, World Class Pricing helped the firm estimate their value delivery versus competition and structure a less valuable offering in case customers continued to demand lower prices. Significant investment in value based marketing and sales processes was provided for the firm, and the sales team helped to prepare for negotiations. The product was moved into the market at significantly higher prices than initially planned, resulting in a $2.5M profit uplift.
· A large manufacturer of capital goods was introducing a new product, but target customers claimed there was little difference between the new product and existing offerings. The starting point for this engagement was a value estimate for the new product versus competition. As significant value delivery was uncovered, value communication messages were prepared to begin shifting customer perceptions. The sales team was assisted in preparing for negotiations. The result was a highly successful launch with $2M in first year sales.
· A major chemical company faced large and powerful customers demanding price concessions. Because of a history of price negotiations, the firm found it difficult to counter these demands. At the same time, smaller customers, who were less price demanding, were unhappy with service levels. There was considerable price spread between customers, and significant sales team time being spent on internal negotiations aimed at getting additional price concessions. In this engagement, a new segmentation scheme was developed using customer business models as the base. Different offerings were structured for customers in the new segmentation scheme, and customers offered service level choices. The new offering structure more closely aligned customer need with offering components. The result was a substantial increase in realized price levels, and improved customer profitability.
George Cressman is founder and president of World Class Pricing, a consultancy specializing in helping clients build world class pricing managers. George has nearly 30 years of experience in the Chemicals industry, having worked in positions of pricing, marketing and business management, finance, research and manufacturing. George has consulted for the past 12 years with the Strategic Pricing Group and the Monitor Group. He has consulted with clients in Europe, South America and Asia in areas of business and marketing strategy, planning, pricing strategy, competitive strategy and marketing research. He has held Business, Sales, and Marketing Management positions at DuPont, Monsanto, and Union Carbide. Currently, Dr. Cressman is a member of the Advisory Board for the Institute for the Study of Business Markets, has served as a Trustee for the Marketing Sciences Institute, and is a Visiting Scholar at the University of Virginia. Dr. Cressman is an Adjunct Faculty Professor at the University of Delaware and Drexel University. Dr. Cressman holds an undergraduate degree in chemical engineering, an M.B.A., and his doctoral work is in marketing.
Dr. Cressman is a regular speaker at Executive Development programs and has presented at the University of Minnesota, Ohio State University, University of Chicago, Purdue University, and Columbia University. He has been quoted in The Economist and a number of trade journals.
Dr. Cressman has written extensively in business and marketing strategy. A recent three part series “Building Business Profitability – The Value Connection: Out of the Swamp” appeared in Chmica Oggi and has been widely reprinted. His recent article “Snatching Defeat from the Jaws Victory: Why do Good Managers make Bad Pricing Decisions?,” appeared in the Marketing Management Magazine. He is the author of “Successful Business Strategy Needs a Consistent Pricing Policy” which appeared in the Journal of Pricing Management “The 5Cs of Value Based Pricing” which appeared in Chemical Marketing Review, and “How to Manage an Aggressive Competitor” which appeared in Business Horizons. A recent paper (co-authored with Thomas Nagle) “Don’t Just Set Prices, Manage Them” was named one of the top 50 business publications in 2002. His other works have appeared in Business Horizons, Chemical Marketing Reporter, The Journal of Business-to-Business Marketing, Chemical Marketing Reporter, Marketing Science, Marketing News, PharmaChem, Journal of Professional Pricing, The Pricing Advisor, The CEO Refresher, and Quirks Marketing Research Review.