Get senior leaders aligned
Lack of pricing strategy alignment can result in limiting the tool’s usefulness. Also, changing directions during or after a rollout can limit potential.
Vet your data inputs.
Typically, the more accurate your data, the better your results. If cost information is incorrect or lacks sufficient historical data, recommendations will be impacted.
Set clear standards and guardrails.
Ensure your whole team is trained on revised pricing processes. Set clear boundaries for when analysts can make their own decision versus when they require approval. This gives them the right level of flexibility and accountability.
Choose products carefully.
Not all products are equal. Sometimes items with low turnover, for example, don't have enough historical data for the software to accurately recommend a price.
Decisions around loyalty programs and discounting must also be made with your pricing strategy in mind. Pricefx’s pricing software can ensure these remain aligned.