How can Product Marketing best influence pricing when owned by a function other than PM? For example, Strategy or Bids/Tender Rev Ops team

Product Marketing can have a significant impact on the pricing strategy, even when it's not owned by them or their Product counterparts. First and foremost, building strong working relationships with key stakeholders (such as Corporate Strategy, Partnerships, etc.) who may have a key role in setting pricing is critical to effectively influencing as decisions are made. Secondarily, actively asking key questions that probe on the supporting rationale for pricing construct and price points will open the door to surface key market and customer insights that either support the key pricing structure OR where change is needed.

Below are key areas for where Product Marketing can play an active role in gathering and sharing necessary data and insights to influence the pricing strategy:

1. Market Research: Conduct in-depth market research (qualitative and quantitative) to understand customer needs, preferences, and willingness to pay. This data can help determine optimal pricing points for different customer segments.

2. Value Proposition: By clearly articulating the value proposition of the product and how it solves customer pain points, you can influence pricing based on the perceived value of the product to the customer and how much that value is worth.

3. Competitive Analysis: Analyze competitors' pricing strategies to ensure that the product is competitively priced, this can help identify gaps in the market where premium pricing or discount pricing could be advantageous.

4. VOC: Product Marketers can gather feedback from sales teams, customers, and other stakeholders to understand how pricing may be impacting purchasing decisions. This feedback can inform pricing adjustments as needed.

5. In Market Performance: Track customer adoption, monthly revenue, customer behavior, and customer behavior to optimize pricing strategies over time.