Come and join this interactive ProductBC session in-person at Microsoft in Vancouver, featuring Andreas Munk, Founder & CEO of Evara AI, and Paul Save, Founder of Cascadia Data Science Institute | xMicrosoft.
How Important is determining your profit maximizing price point? Have you had challenges pricing with incomplete or imperfect data due to time constraints and wished there was a better method? How many times have you wished there was a better way to update your model with actual prices customers would pay to predict the best price for your product?
In this interactive session, Paul and Andreas will demonstrate the remarkable potential of Bayesian inference for pricing in a live real world pricing example. Much like how counting cards in Blackjack can give you an edge on the house, Bayesian inference can help you navigate uncertainties with price points by leveraging sophisticated algorithms. Algorithms that update each time new information is provided. New information; such as, whether a handful of people would pay at certain price points or not.
Witness a live pricing magic show where you will see step-by-step how to apply Bayesian inference. We will collect some data from the audience and then hope to leave you astonished as we unveil the optimal price for the entire audience.
Agenda:
- Demystifying Pricing Methods: An overview
- Bayesian Inference Unraveled: What it is and why it is valuable
- Collaborative Exercise: A step-by-step example on how to price an AI course by applying Bayesian Inference to the Van Westendorp Pricing Model in Excel
- Open Q&A
Who Should Attend?
° Product managers seeking innovative pricing strategies
° Professionals interested in leveraging statistics for market estimation
° Anyone curious about the applications of Bayesian inference in pricing and beyond
° No prior background in statistics is required – this session is designed for all levels of expertise!
Join us and discover how Bayesian inference algorithms can guide you to make decisions that lead to an optimal outcome as your Excel model is updated with actuals. No need to be concerned about the inner workings of Bayesian inference at the moment, as you can think of it as a machine learning backend to your existing Excel model for forecasting and decision making. Bayesian inference is not as widely known as there are only a handful of research groups studying this area and this is perhaps the first application to pricing using our methodology. I.e. you get to learn some cutting edge technology!
Special note: Much like how machine learning or various large language models are paid for services, so are the customized Bayesian inference algorithms for pricing.
