Pricing for the Chemical and Process Manufacturing Industry
In the challenging Chemical and Process Manufacturing industry today, pricing strategies are a science. A successful approach requires targeted goal setting, proactive pricing, constant monitoring and using data to pivot. We can help you get it right.
Talk to an ExpertIndustry Trends: What to Address and What to Look Out For
If you’re in the Chemical and Process Manufacturing business, you’re all too familiar with the barrage of bottlenecks and price fluctuations. Still, understanding these challenges is the key to overcoming them; it’s how we arrived at The Most Important Chemical Industry Issues & Pricing Strategies for 2022.
Supply Chain Instability
Bottlenecks from global conflict, shutdowns and shortages are compressing margins. Some of the added costs are passed on to customers, but manufacturers are being forced to revisit their product mix.
Raw Material Shortage
Feedstock shortages are driving up costs and limiting manufacturers’ ability to produce at full capacity. Filling orders is taking longer and creating a backlog of demand.
Rising Costs and Inflation
The soaring cost of energy and materials isn’t just making shipping and production more expensive; it’s also worsening global inflation and increasing the cost of labor.
Labor Shortages
There was already a labor shortage and skills gap in manufacturing before the pandemic, and it continues in greater numbers. Manufacturers are struggling to keep operations churning without fully staffed floors.
7 Mistakes Chemical and Process Manufacturers Need to Stop Making Right Now. And What to Do Instead.
Even at the best of times, most sectors in the Chemical and Process industry only see modest growth. Making rash moves in our current condition could undermine price, profitability and recovery.
Read more about what to avoid and what to lean into.
Price Consistently Across the Value Chain and Give Your Sales Team the Tools to Negotiate Confidently
Full pricing transparency minimizes risk in complex value chains. With complete data and the analysis behind it, sales teams – wherever they’re located – can quote, discount and offer rebates accurately, without margin leakage.
Read the Top 4 Components of a Chemical Industry Strategic Pricing Plan for more insight.
Make Your Pricing Strategy Transparent and Sell More
A fully visible approach to pricing allows you to analyze your data, uncover profit drivers and turn them into effective pricing strategies across your complete value chain.
Increase Business Agility
Drive Profitable Growth
Reduce Effort and Risk
Boost pricing insight, precision and speed
- Gain insights into your pricing so you can react with precision and speed
- Leverage powerful analytics to understand profit drivers for every price agreement transaction, product, salesperson and customer
- Quickly identify and eliminate drags on profit margins
- Utilize dynamic pricing (parameters-based repricing, variable price contracts, etc.) and “what-if” simulation before implementing
- Lose fewer deals and dollars to outdated or inaccurate pricing
- Maximize profits via segment-specific pricing that addresses differential willingness to pay while considering factors of market demand, capacity, supply and other strategic value drivers
Your 360° Suite of Pricing Tools
Turn data into actionable insights that drive your competitive pricing strategy.
PLAN using advanced analytics with data from all your systems
PRICE using AI-optimized price management solutions
PROFIT with AI-optimized quoting and quote configuration
Suggested Products:
Stahl Holdings
Stahl Holdings came to Pricefx with four problems.
- They didn’t have a clear company-wide pricing strategy.
- Their pricing systems were disconnected and they over-relied on Excel.
- Their processes were inefficient and exposed risks.
- They weren’t able to measure business-critical KPIs.
Discover how we helped them solve all four issues, while eliminating margin leakage.
See their insights Price Proactively in 3 Simple Steps
Effective pricing software should help to future-proof your business. Follow the steps below to enhance your business performance.
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Extra Insight
We’ve done a lot of homework to understand the Chemical and Process Manufacturing industry, and we have some pricing ideas we think you’ll appreciate.