Hermann Simon and Adam Echter on Beating Inflation

Is unabated inflation the new normal? Inflation is back and here to stay. For companies, this means that the world in which they do business has fundamentally changed. This book examines inflation from multiple perspectives and offers actions and strategies for companies to cope with and manage it to ensure their survival. For businesses and consumers, it is not a question of eliminating inflation, but how to cope with it in order to suffer as little damage as possible. This includes not just price management, but also sales, finance, purchasing, cost management along with digitalization and innovation activities in equal measure. It also requires corporate cultural change, which if managed fast and successfully, the prospects of defeating inflation and thus ensuring the survival of the company are good.

Hermann Simon is the Founder and Honorary Chairman of Simon-Kucher & Partners. He is an expert in strategy, marketing and pricing. He is the only German in the “Thinkers50 Hall of Fame” of the most important management thinkers in the world. In German-speaking countries he has been continuously voted the most influential living management thinker since 2005. The magazine Cicero ranks him in the top 100 of the 500 most important intellectuals.

Adam Echter is a Partner and Head of the Silicon Valley office at Simon-Kucher. For 17 years, Adam’s career has focused on value-based sales. He gained 12 months of focused sales training at The Timken Company and then worked in outside industrial sales for the next five years.

During his time in industry, Adam developed his sales skills from outside sales to restructuring, engaging, and empowering sales teams for industrial companies of various sizes, ranging from 100 million dollars to several billion. He has helped design pricing and sales organizations on three continents, installed enterprise-level pricing software for several Fortune 100 companies, and supported sales engagement for thousands of sales professionals around the World.

Topics in this episode include:
01:00 - About Hermann and Adam
10:55 - Using data to beat inflation
18:28 - Communicating price increases with your customers
25:35 - Why you shouldn’t fully pass on 100% of your cost increases to customers
36:25 - Utilizing price escalators to beat inflation
40:29 - Dynamic pricing vs. multi-dimensional pricing and other pricing systems

Get the book here: https://www.amazon.com/Beating-Inflat...

About Gene: Gene Marks is a former columnist for The New York Times and The Washington Post and now writes weekly on political, economic, management and technology issues affecting small and mid-sized businesses for The Guardian, The Hill, The Philadelphia Inquirer, The Washington Times, Forbes and Entrepreneur. He runs a 10-person financial and technology consulting firm near Philadelphia.