Executive Summary
Kelly Hickey successfully transitioned from a Senior Pricing Director at Eaton to an independent consultant with the help of MFG Leaders Inc. and American Industrial Partners (AIP). Her story highlights the challenges she faced in the corporate world, the solutions provided by her new role, and the measurable success she's achieved in her consulting career.
Introduction
Kelly Hickey's career is a testament to the power of professional reinvention. With a robust background in corporate pricing, Kelly decided to leave her secure position at Eaton to pursue independent consulting. Today, she runs her own firm, Pricing Concepts Plus, and collaborates with American Industrial Partners (AIP), a private equity firm. This case study explores Kelly's transition, the challenges she overcame, and the results she achieved.
The Problem
In her corporate role as Senior Pricing Director at Eaton, Kelly often felt constrained and underappreciated despite her expertise in pricing strategies, gap analysis, and go-to-market strategies. The corporate environment, marked by political hurdles and slow decision-making, left her yearning for a faster-paced, more impactful role. She wanted to leverage her skills to their full potential but didn't know how to initiate this change.
The Solution
The turning point came when MFG Leaders Inc. approached Kelly with a consultancy role at AIP. This opportunity was instrumental in allowing Kelly to start her own independent pricing consultant firm, Pricing Concepts Plus. After agreeing to the contract consultancy role, Kelly collaborated with a CPA and payroll company to transition smoothly into her new 1099-based consulting position.
In January 2023, Kelly began her first contract with AIP, assessing process and pricing opportunities at GD Energy Products. She documented their pricing strategy, developed a pricing roadmap, and assisted with their price measurement plan. Kelly's role expanded to include projects with other AIP portfolio companies like Optimus and ADDMAN.
Key Responsibilities:
- Pricing Strategy Development: Building comprehensive pricing strategies from the ground up.
- Process Implementation: Establishing processes and governance structures for pricing.
- Performance Measurement: Creating metrics and tools to measure pricing effectiveness.
Results
Kelly's transition to independent consulting has been nothing short of successful. Here are some of the key outcomes:
Professional Satisfaction and Growth
Kelly found new professional satisfaction and personal growth in her consulting role. The autonomy and high level of accountability in her projects allowed her to make quick, impactful decisions. Unlike her corporate experience, where her expertise was sometimes undervalued, AIP and its portfolio companies highly regard her input and expertise.
Key Metrics
While specific metrics on price increases or improvements are confidential, Kelly has helped companies realize general price increases ranging from 5% to 15%, depending on the client's objectives.
Enhanced Skills
Kelly has significantly improved her skills in several areas due to her consulting experience:
- Sales Compensation Strategy: Initially rated as a 3.5/4, Kelly's expertise has grown to about a 5/5.5 due to increased exposure.
- General Skill Development: Kelly feels that her overall skill set has become much stronger due to the high level of exposure and involvement in higher-level conversations.
- Case Studies: Kelly has developed at least four or five solid case studies that she can share as examples of her work.
Personal Growth and Well-being
The reduced stress levels and increased job satisfaction have led to significant health improvements, including weight loss over a year and a half. Kelly attributes this to the more active and fulfilling nature of her consulting work, contrasting sharply with the sedentary and stressful corporate environment.
Conclusion
Kelly Hickey's transition from a corporate pricing strategist to an independent consultant exemplifies the potential for professional reinvention. Her story underscores the benefits of taking calculated risks and finding a work environment that aligns with one's skills and aspirations. Kelly's ongoing collaboration with AIP continues to thrive, and she is now looking to diversify her client base beyond AIP.
Are you considering a similar transition or looking for expert pricing strategies? Contact us today to learn how we can help you achieve your goals.
Jim Baran | 828-708-3712 |