Independent Mechanical Supply Inc.
Location
Mississauga, ON | Canada
Job description
Since launching in 2009, Independent Mechanical Supply (IMS) has become GTA contractors’ preferred distributor of plumbing, hydronics, and PVF products. We’re proud to have one of the largest product selections in the industry. Our customers love both our selection and working with our team.
Overview
The Pricing Manager has a significant impact on the business by optimizing revenue and profitability. Through the development and execution of pricing strategies, they support the financial success of the business. The incumbent is tasked with creating and supporting the alignment of pricing with company strategies, consistency across product lines and customer segments. He/she will collaborate with sales, marketing, purchasing, and product management teams to meet business objectives.
By analyzing market trends and conducting experiments, they will identify optimal price points and recommend adjustments. He/she will implement pricing models and tools, develop policies for consistency, and analyze pricing's financial impact. They support negotiations and manage accounts and pricing discrepancies. Through reporting and analysis, they will inform decision-making, identify trends, and aid in financial evaluation. Overall, the role's strategic pricing initiatives, data-driven analysis, collaboration, and reporting contribute to business growth and success.
Responsibilities
Pricing Strategy Development and Execution
- Develop and execute pricing strategies to optimize revenue and profitability.
- Develop and maintain a pricing matrix that aligns with the company's pricing strategies, product hierarchy, and customer segmentation. Assists Sales, Branches, and Product Managers with implementing pricing strategies.
- Regularly review and update the pricing matrix to ensure accuracy, relevance, and consistency across product lines and customer segments. Ensure that matrix is being utilized accurately
- Lead development of net pricing and mix optimization strategies, including multi-year plans, in support of volume, share, and NRR goals.
- Collaborate with sales, marketing, and product management teams to understand market dynamics and align pricing strategies with business objectives.
- Provide information to sales, marketing, and product management teams to translate costing strategies into promotional strategy execution at the account level using mix optimization and advanced analytics.
- Analyze internal and external data to assess pricing effectiveness, identify pricing gaps, and recommend adjustments.
- Conduct pricing experiments and A/B testing to evaluate pricing strategies and identify optimal price points.
- Implement pricing models and tools to support pricing decision-making processes.
- Develop pricing policies, guidelines, and frameworks to ensure consistency and alignment across product lines and markets.
- Work with finance teams to analyze pricing impact on financial performance, including revenue, margins, and profitability.
- Collaborate with sales teams to develop pricing proposals and support negotiations with customers.
- Provide training and guidance to sales teams on pricing strategies, tactics, and tools.
- Monitor and evaluate the performance of pricing initiatives and make recommendations for continuous improvement.
- Oversee national accounts and dealer program price management and implementation
- Manage daily pricing discrepancies and promotional vendor cost management
- Implement various national accounts
- Conduct foreign exchange conversion to maintain margins at adequate levels to ensure profitability
- Manage pricing inquiries and upload template pricing to intranet base system?
- Create promotions
Market Intelligence
- Perform trend analysis and web scraping
- Conduct thorough market research and analysis to identify pricing opportunities, trends, and customer preferences.
- Monitor industry and competitor pricing trends to identify risks and opportunities for competitive positioning.
Rebate Management
- Perform semi-monthly rebate analysis and submit rebate projections
- Assist in developing "Rebate In" Profitably Tools/Reports
- Assist in reviewing processed Rebates and Ship and Debits
Price Adjustment and Data Management
- Update pricing information in the system accurately and in a timely manner, ensuring that all pricing data is current and reflects the approved pricing structures.
- Review and analyze instances of price overrides to evaluate their appropriateness and adherence to pricing guidelines.
- Identify and investigate potential causes of price overrides, such as system limitations, pricing errors, or customer-specific requirements.
- Collaborate with sales and customer service teams to understand the reasons behind price overrides and provide recommendations for process improvements or training.
- Develop and implement controls and procedures to minimize unauthorized or unnecessary price overrides.
- Collaborate with cross-functional teams to implement system modifications or enhancements related to pricing, ensuring that pricing systems and processes are efficient and effective.
Discount Code and Promotion Management
- Evaluate discount codes and promotions to assess their effectiveness and impact on revenue, margins, and profitability.
- Monitor and track the usage and performance of discount codes, ensuring compliance with pricing policies and identifying opportunities for optimization.
- Develop and maintain discount letter templates for various customer segments, ensuring consistency and accuracy in communicating pricing discounts or special offers.
Product and Data Analysis
- Generate reports and analyze sell prices to identify instances where negative list cost (LC) and actual cost (AC) gross margin percentages occur, providing recommendations to address pricing issues and improve profitability. Same/related to audit net pricing?
- Deploy non-list margin tables.
- Manage Customer Quote Review.
- Review Customer Quote Master Dashboard.
- Perform Margin Analysis. Ensure no margin erosion.
- Create and maintain NET pricing sheets for all product classes. Work with Sales and Product Management teams to ensure that the NET sheets are accurate, and information is communicated as appropriate.
- Assist Product Managers and Data Team in product categorization, refinement, and ensuring customer pricing is adjusted to reflect changes.
Manage CVR analytics and DC Markup Strategies regarding sales to branches/regions
Reporting
- Provide weekly Profit Reporting to Executive Team
- Analyze customer sales reporting and provide updates and alerts as appropriate
- Conduct reviews regarding vendor purchasing reports. Ensure inventory is being replenished with PA pricing where appliable.
- Provide cost variance reporting and resolve daily costing issues. AC vs LC/Order Entry Cost Overrides
- Conduct Product Group/Subgroup reviews and vendor review reporting
Other
Mandatory Requirements
- Bachelor's degree in business, finance, or economics.
- Proven track record of working in pricing strategy development and execution, preferably in a similar industry or role.
- Strong understanding of pricing concepts, methodologies, and tools.
- Strong analytical abilities including proficiency in data analysis, financial modeling, and pricing analytics. Adept at interpreting complex data sets and extracting meaningful insights.
- Solid understanding of business principles, market dynamics, and competitive landscapes.
- Demonstrated ability to align pricing strategies with broader business objectives and customer needs.
- Effective communication skills that facilitate collaboration with various teams, such as sales, marketing, product management, and finance. Ability to articulate pricing strategies, influence stakeholders, and provide guidance to sales teams.
- Ability to identify pricing challenges, develop innovative solutions, and adapt to changing market conditions.
- Attention to detail and a thorough approach to pricing data management, matrix maintenance, and analysis.
- Proficiency in pricing software, data analysis tools, AS400 and Excel.
- Strategic thinking skills, including the ability to develop long-term pricing plans, analyze market trends, and make data-driven recommendations for optimizing revenue and profitability.
- Proven track record of achieving measurable results in pricing optimization, revenue growth, and profitability improvement.
IMS is a mid-sized company with a small-company feel. We’re professional, but relaxed, and strive to maintain an open work environment with an accessible senior leadership team. We also value giving our people opportunities to advance. If you’re interested in learning and growing, this is the place for you. Independent Mechanical Supply is committed to accommodating applicants with disabilities throughout the hiring process, in accordance with the Accessibility for Ontarians with Disabilities Act (AODA). Please let us know if you require accommodation at any stage of the hiring process.
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