In today's dynamic and competitive business landscape, staying ahead of the curve requires a laser focus on optimizing pricing strategies. Having the right software to power these strategies has become essential rather than a luxury. However, navigating the implementation process of such a powerful tool can sometimes feel daunting, and many organizations might require a guiding hand to help them maneuver their way through the process. And even if your company has the technological prowess for a smooth integration, do you also have the pricing strategy expertise to find the right pricing pathway to your business objectives? Those are both precise points where the assistance of a pricing consultant (we like to refer to them as “Partners“ at Pricefx) can help your business escape any hiccups along the way to achieving better pricing.

At Pricefx, we have been working with hundreds of new customers over the past decade and more, and often helped them find pricing industry partners that can help them achieve their specific business objectives. Along the way, we have realized that every business is different in their scale and needs.

Those needs can range from adding more features to your pricing software, simplifying integrations, or using strategy consulting expertise. A good partner can improve your overall solutions for price optimization, price management and sales guidance, whatever your specific need.

In this article, we will examine the tasks a pricing consultant can assist you with, the top 7 questions to ask yourself when hiring a pricing consultant, and why you should be asking them on route to be achieving your organization’s business goals.

Hiring the right pricing software partner/consultant can be overwhelming. Let's explore the two main types that can significantly benefit your business: Strategy Partners and System Integrators (SI’s).

Strategy Partners: Guiding Your Pricing Journey

Strategy partners typically act as trusted advisors, specializing in crafting effective pricing strategies for your unique needs. They analyze your business model, target markets, and competitor landscape to recommend the most suitable pricing software solution.

Here is what to expect from a strategy partner:

·       Expert Advice: Gain valuable insights into maximizing your pricing potential through strategic planning.

·       Software Matching: They identify pricing software vendors best suited to your specific requirements.

·       Implementation Considerations: While some strategy partners focus solely on the strategic aspect, a growing trend sees smaller firms offering implementation and integration assistance. This caters to businesses lacking in-house expertise.

System Integrators: Building Your Pricing Ecosystem

System integrators (SI's)possess a powerful combination of consulting and technical skills. They bridge the gap between your new pricing software and existing business systems like CRMs (Customer Relationship Management software), ERPs (Enterprise Resource Planning software), and e-commerce platforms. Here's how SIs can benefit you:

·       Seamless Integration: SIs ensure your pricing software seamlessly connects with your existing technology stack, eliminating data silos and streamlining operations.

·       Technical Expertise: They possess the technical know-how to assess compatibility between your systems and advise on the best course of action for optimal integration.

·       Customized Pricing System: The SI's ultimate goal is to create a cohesive pricing ecosystem where all software functions harmoniously across your sales channels. This empowers you to achieve your desired business objectives with precision.

Beyond Strategy and SI’s: A Diverse Partner Landscape

While Independent Software Vendors (ISVs), value-added resellers (VARs), and other specialized partners exist, their services often cater to very specific needs. To learn more benefits of working together with a pricing software partners, check out the useful article below:

For the sake of maximizing your business outcomes ASAP, let's dive straight into the top 7 questions to ask yourself before hiring any one of these diverse types of pricing consultants.

Ask These 7 Questions of Yourself Now to Get the Right Pricing Consultant for You

So, when hiring a pricing consultant, there are several key questions you should ask yourself to ensure you select the right partner for your needs. Here are some important considerations (some may not apply depending on your company’s structure, business goals and key requirements):

1.     A System Integrator? A Pricing Strategy Consultant, or Both?

As discussed above, a System Integrator can help you to integrate your pricing software with your existing systems, ensuring a smooth flow of data and a successful transformation process. A Pricing Strategy consultant, on the other hand, can provide strategic guidance on pricing strategy, operational efficiency, and change management, ensuring your new solution integrates seamlessly with your existing workflows and empowers your team to maximize its potential.

If your business requires both system integration and pricing strategy expertise, it may be beneficial to choose a partner that can provide both services. This will ensure that you have a single point of contact for all your needs, streamlining the implementation process and ensuring a successful outcome.

2.     Do They Have Experience in Your Industry?

Look for partners/consultants with a proven track record in your specific industry. They will understand the unique challenges and opportunities you face and can tailor the solution accordingly.

Industry experience can be crucial when it comes to implementing pricing software, as it ensures that the partner understands the nuances of your market and can provide valuable insights and guidance.

3.     Do They Have Expertise in the Pricing Software You Are Using?

Seek consultants/partners with extensive knowledge and certifications in the pricing software you have chosen. Ideally, they should have a history of successful implementations for clients in your industry or of a comparable size. This ensures they possess the in-depth knowledge required to configure the software to meet your specific needs.

4.     Do They Have Experience Working with your ERP/CRM environment?

Partners/consultants with experience in complex system integrations and with your organization’s in-house integration tools ensure your pricing software solution integrates seamlessly with your existing ERP (Enterprise Resource Planning software), CRM (Customer Relationship Management software), and other critical systems. For example, if you only use SAP, then getting a partner that only works with Oracle might not be the best choice. This alignment helps to eliminate data silos, ensures a smooth flow of information, and will provide a holistic view of your pricing data across the organization.

5.     Do They Have Specialization Areas That Align with Your Needs?

Does your business need help from a partner with pricing strategy expertise, experience with data issues, or project preparation? Some partners cover all these skill sets while others specialize in one area or another. It is important to choose a partner whose specialization areas align with your needs, as this will ensure that they can provide the most valuable assistance.

6.     Do They Have Strong Project Management Capabilities?

A strong project management methodology is essential for ensuring timely delivery and adherence to budget. Look for consultants with a proven record of accomplishment of successfully managing complex projects. Effective project management is crucial when it comes to implementing pricing software, as it ensures that the project stays on track and is completed within the agreed-upon timeframe.

7.     Are They a Good Cultural Fit?

Select a consultant with a collaborative approach and one that aligns with your company culture. Clear communication and a shared vision are vital for a successful partnership. A good cultural fit is important when it comes to implementing pricing software, as it ensures that the partner understands your company's values and can work effectively with your team.

By asking yourself these questions and carefully considering your answers, you can ensure that you select the right pricing consultant to help guide you through the implementation process and unlock the full potential of your pricing software.

Why is it So Important to Choose the Right Pricing Consultant?

It is all about the best time-to-value (TTV). By understanding the value proposition of partner-led implementations or the advice of strategy consultants, you become best equipped to embark on a successful pricing software journey.

Working with the right external expert empowers you to unlock the full potential of your chosen pricing software, optimize your pricing strategy, and achieve sustainable growth.

In today's competitive landscape, a data-driven pricing strategy is no longer optional. Using an automated pricing software solution coupled with a seasoned external expert’s skills and knowledge offers a collaborative and efficient path to pricing excellence, ensuring you can confidently price to win, deepening your organization’s TTV and maximizing the return on your investment in pricing software.

To learn more about identifying and achieving value in the pricing software environment, check out this useful article below to learn more: