Pricing Director Salary
Earnings for Pricing Directors in the United States come in at around $116K annually on average. In the world of Pricing Directors, overall income ranges from $75K near the bottom to $187K at the top; this can include more than $33K from bonuses and more than $30K from profit sharing in exceptional cases. Experience level is the biggest factor affecting pay for this group, followed by geography. Male Pricing Directors are far more common among survey respondents than their female counterparts, who typically comprise less than one-third of the field. Job satisfaction is high and work is enjoyable for most Pricing Directors. Medical benefits are awarded to nearly all, and most earn dental coverage. This snapshot results from replies to PayScale's salary survey.
Job Description for Pricing Director
Pricing director jobs are generally classified as overhead administrative or sales positions. The pricing director is typically in charge of creating the pricing strategy for a specific product group or for all of the organization’s salable products. The main objective of the pricing director is to create, maintain, and discuss the pricing strategy of the organization and to keep the pricing strategy in line with the organization’s overall pricing structure and policies. Pricing directors work in a large variety of industries including construction, building materials, machinery, electronics, computers, and consumer goods, among others.Read More...
The pricing director is directly responsible for the implementation of the pricing strategy and associated best practices regarding price management, including the creation of price and costing models, the execution of the pricing strategy throughout all levels of the organization, and collaboration with organizational group and division leaders to be sure pricing remains consistent throughout the organization. Additionally, the pricing director is responsible for developing, communicating, and promoting all documentation related to the pricing structure and must ensure that the concepts are properly communicated to other employees of the organization. The pricing director generally manages a team of many different employees including the sales and pricing administration team, which is made up of pricing managers, coordinators, and analysts.
The pricing director's day-to-day responsibilities may vary depending on where they are in the price planning process, but they typically involve working with sales, marketing, and executives to plan out the pricing and market structure and how it will be applied in the current market. The pricing director also participates in the development of new strategies that help the organization grow its business and product lines, as well as maintains and develops the organization’s pricing database.
Pricing director jobs typically require a minimum of a bachelor’s degree in marketing, business management, or a related field, as well as at least eight to 10 years of previous experience. Previous experience with pricing development, strategy, structure, and implementation is required. Pricing directors must be familiar with relevant regulatory requirements and possess knowledge of the auditing procedures.
Pricing Director Tasks
- Develop models to aid sales department in appropriately pricing products and services.
- Design pricing strategies and discounting policies for company's products.
- Analyze market price trends to ensure product prices are set competitively.
- Communicate with product development, marketing, and sales departments to establish pricing policies for products.
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Pay by Experience Level for Pricing Director
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Pricing Directors with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. New workers enjoy hefty six-figure paychecks when they take on this position — $107K per year is the median for people who claim less than five years' experience. The average pay reported by folks with 10 to 20 years of experience is around $140K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $148K on average.