Pricing managers are marketing managers who develop pricing strategies for a company's products or services to increase consumer satisfaction and raise company profits or market share. Salaries vary by region and industry. To compose an effective cover letter, use the job description of the position you're applying for so that you can put your best foot forward.
According to the Bureau of Labor Statistics, the median hourly rate for pricing managers was $59.24 in 2013, and the median annual salary was $123,220 -- $4,000 higher than in 2012. The states paying the most are New York, New Jersey and Pennsylvania, with annual pay ranging from $154,060 to $172,800. The highest-paying industries for this profession include oil and gas extraction, financial investments and mineral mining, with annual mean salaries between $171,000 and $177,000.
Job Outlook for Pricing Managers
Job growth is average, with 12 percent anticipated growth from 2012 to 2022, according to the BLS. The highest concentration of employment in this field is in the tobacco manufacturing, information services and software publishing industries. The BLS also reveals that employment for pricing managers is highest in major states like California, New York and Texas. The minimum requirement for this position is a bachelor's degree; however, pricing managers often have experience in advertising, marketing, promotions or sales. A blend of education and experience can improve the chances of being hired.
Cover Letter Tips
A 2011 article in "The Guardian" newspaper advises to avoid "corporate-speak" in order to achieve "a professional, but friendly tone." Although it might be useful to be creative when writing a cover letter that shows your passion and enthusiasm, too much artistry may come across as phony, cautions the American Marketing Association. On the other hand, the AMA adds that though employers desire candidates who are professional, many applicants go overboard, resulting in the impression that they lack personality. Therefore, it might be prudent to seek a balance between professionalism and enthusiasm for the occupation in order to allow your true colors to shine through your cover letter.
Cover Letter Examples
The cover letter should showcase your experience in areas such as marketing, advertising, management, accounting and/or mathematics. For example, after a short introductory sentence, a sample cover letter on the Great Sample Resume website goes on to state the following: "I have a degree in mathematics and I have marketing experience. I stay updated on all of the new products and services related to this industry, along with the average prices for them. I also possess excellent research abilities and computer skills. This makes it possible to determine an appropriate price for items based on competitive pricing, quality and availability." The cover letter should also demonstrate what you have learned from your relevant experiences, and mention skills such as communication and organization, as well as your ability to work within a group and as a solo worker. Other things to communicate in a cover letter include analytical skills, interpersonal skills, creativity and decision-making skills.
About the Author
Nicole Manuel is a finance and economics writer with a degree in economics and more than six years of professional writing experience. She is also a Certified Professional Coach (CPC) known as The Personal Eco-nomist, who specializes in helping people live healthy, abundant lives on a budget.
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Pricing Analyst Cover Letter
Pricing Analysts are in charge for developing pricing strategies in a company. Essential duties and responsibilities of a Pricing Analyst include assessing pricing activities, aligning pricing strategies with merchandising categories, monitoring the marketplace, providing pricing analysis for top managers, updating commercial price lists, finding ways to optimize sales and increase profitability, preparing pricing models, collaborating with sales and marketing teams, and maintaining pricing data systems.
A cover letter sample for Pricing Analyst should concentrate on skills and qualifications such as the following:
- Commercial awareness and business acumen
- Analytical thinking
- Organization and planning
- Data analysis expertise
- Good math skills
- Strong verbal and written communication abilities
- Being able to work without supervision
- Details orientation
- Computer proficiency
Just beneath is provided a cover letter example highlighting similar Pricing Analyst skills and experience.
For help with your resume, check out our extensive Pricing Analyst Resume Samples.
Dear Ms. Walker:
As an experienced and highly skilled Pricing Analyst with more than 11 years of experience developing pricing models and analyzing opportunities to drive business success and margin enhancement, I am confident that I would significantly contribute to the objectives of your company.
My career accomplishments demonstrate comprehensive expertise in optimization modeling, product costing, general accounting, and yield management to facilitate improved financial performance and corporate success. Furthermore, my superior communication and team leadership skills allow me to excel in driving successful pricing project executions and ensuring optimal data quality and integrity.
I invite you to consider the following highlights of my qualifications:
- Driving accurate retail pricing all items within assigned categories as a Pricing Analyst for D.W. Hudson Bay, working closely with category managers and directors to compile competitive data and keep both BG% (Billing Gross) and CPI (Competitive Price Index) within acceptable ranges.
- Applying expertise in analyzing pricing models and data to drive customer and product margin increases and identify new opportunities in product mix, yield management, and pricing.
- Improving outliers by 27% by supplying category managers with suggested retail prices supported by information pertaining to BG%, gapping, and parity data.
- Utilizing my deep understanding of analytics software to drive implementations and utilization, facilitating enhanced efficiency and performance.
- Collaborating with fellow pricing analysts and accounting professionals to ensure top performance levels.
- Achieving certification as a Six Sigma Green Belt; serving as a Certified Pricing Professional for the Professional Pricing Society.
With my proven track record of providing comprehensive pricing analysis, along with my demonstrated quantitative expertise and my ability to thrive under pressure, I am positioned to exceed your expectations for this role and substantially benefit your organization. I look forward to discussing the position in further detail.
Thank you for your consideration.
Patrick A. Saunders