Yes, Even Now
Here’s a hint: it starts with pricing. Gartner Research found companies that implement a price optimization software to find and fix sources of margin leak increased their margins by 2-10% and saw a lifetime value increase of 20%. Here’s how to gain control and stop leakage:
Start with data. Get a clear understanding of where money is leaking and exactly how much revenue is gained from every transaction.
Gather intelligence. Avoid the hype and rely instead on what your customers are saying.
Don’t rush to drop prices. Pricing software can help you find weaknesses and opportunities.
Test for full visibility. Testing different market strategies shows you exactly how any small change will impact your bottom line.
Launch your strategy. Choose the best test strategy for your overall goals and circumstances.