ATLANTA--(BUSINESS WIRE)--The Professional Pricing Society, the largest professional association dedicated solely to the science and study of pricing, announces its bi-annual survey results from more than 1,000 professional pricing managers and executives. The results confirm the growing importance top management gives pricing, and increased recognition of its bottom-line impact, especially in challenging economic times.
That recognition comes in the form of both higher salaries and proximity to top management. The average salary of a dedicated pricing manager/executive in 2011 was $112,872, ranging from $134,764 in high tech to $83,698 for his or her counterpart in wholesale companies. Technology industry pricing managers enjoyed salary increases of 9.2% versus the previous survey with an average salary increase of 1% across all industries.
The pricing specialty remains predominately a large company function as 79% of respondents work for companies exceeding $500 million in revenue. Only 10% represent companies with less than $50 million in revenue. According to Professional Pricing Society president Kevin Mitchell, “The survey suggests a significant opportunity for small and mid-size businesses to increase their bottom lines by enhancing their focus on the science of pricing. More companies are beginning to realize that just a 1% increase in topline price can generate a 10% or more increase in bottom-line profit.”
More than 26% of all pricing professionals report to top management, a 1.3% increase since the last survey. Another 34% operate within the marketing department and some 20% within finance. One reason for the slightly higher ranking of pricing professionals is that it is a career that seems to reward seniority with some 26% having 11+ years of experience and 29% with six to ten years’ experience.
The survey also showed a slight increase in job satisfaction with an average 3.7 satisfaction score (up from 3.6) on a one-to-five scale with one being very dissatisfied and five, very satisfied. One of the reasons for the relative job contentment is that 87% of respondents take satisfaction in knowing their jobs are strategically important to the company, and 71% feel their careers are appropriately challenging. The typical respondent said the most satisfying part of their job was having a positive impact on the bottom line and ensuring company success. The least satisfying aspect was dealing with corporate politics.
The Professional Pricing Society is the world’s only professional society dedicated solely to pricing training and education. Its mission is to nurture a growing community of pricing professionals while staying committed to disseminating pricing expertise throughout the business world. The Professional Pricing Society provides pricing professionals with current strategies, market trends, analysis, research and resources from today's leading pricing experts and technology. For more information on membership or events visit the organization’s website at www.pricingsociety.com.