Airline Pricing Strategies: The Best Way to Sell to Corporations in 2022

December 16th, 2021

Steve Sparough
Sales Consultant at Pricefx

Airline Pricing Strategies: The Best Way to Sell to Corporations in 2022  The airline industry is under constant pressure. The level of competition is at an all-time high. The dependence on costly fossil fuels is forcing some airlines to impose fuel surcharges. Many are working at overcapacity thanks to the steady but strong emergence of low-cost carriers. And many airlines are resorting to steep discounts for corporations in order to retain market share.   And, as if things weren’t bad enough, along came COVID. Industry revenues in 2020 were just 40% of the previous year ($328 billion), taking things back to...

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4 Benefits of Price Optimization and Management Software

December 13th, 2021

Vicki Roberts
Account Executive Americas at Pricefx

4 Ways Price Optimization and Management Software Benefits You Implementing a radically new business idea, such as adopting pricing software for your firm, can be a painful process. If you can’t get everyone to understand why pricing software is important and dedicate time to the project, then you’re already starting on the back foot. Sure, the executive arm of your business will undoubtedly see how it will assist the company in making more and lasting profit but getting wide-support is key. The harrowing challenge is to overcome the intrinsically human resistance to change and have everyone heading in the same direction.  At Pricefx, helping companies implement pricing software is a huge part of what we...

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3 Ways to Integrate Your ERP Systems with Pricing Software

December 6th, 2021

Jose Paez
Solution Strategist at Pricefx

3 Ways to Integrate Your ERP Systems with Pricing Software  Are you performing repetitive pricing tasks each Monday morning with your Excel pricing spreadsheets before you even get to make your first coffee of the working week because your price list needs a manual update after the weekend? Yep, we’ve heard that story more times than we care to admit. One solution to prioritizing your Monday morning caffeine intake is to have that manual price list update job set as an automated task. Not only will it make your work easier, but a bi-product will be getting home earlier and in a better...

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Key Roles & Responsibilities You Need On A Software Project

October 19th, 2021 (Updated 12/22/2021)

Chris Keenan
VP Customer Enablement at Pricefx

What Roles and Responsibilities Does My Team Take in a Pricing Software Project?  The last thing you want to be doing is spending months building a pricing solution only to find that the people you need to be its users are resistant to change and are unwilling to use it. Something that your management team would certainly be displeased to discover.  At Pricefx, we’ve spent the last decade advising project leaders on the key internal resources they need to successfully complete a pricing implementation project. The roles and groups of people highlighted below are a necessity in any implementation project....

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How Long Does It Take to Implement Pricing Software?

October 14th, 2021 (Updated 11/04/2021)

Chris Keenan
VP Customer Enablement at Pricefx

How Long Does It Take to Implement New Pricing Software?  If you were to go to any pricing software vendor and ask, “how long does it take to implement pricing software?”, you would get as many answers as there are vendors. That’s because the length of an implementation project depends on a variety of factors, including what you want to achieve, the complexity of your business process, the number of people involved, your dedication to meeting milestones, and supplying feedback.  But generally speaking, we’ve seen it take as little as 6 weeks to as long at 7 months to implement...

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4 Reasons Why Our Software Projects Fail

October 12th, 2021

Chris Keenan
VP Customer Enablement at Pricefx

4 Reasons Why Our Software Implementation Projects Fail You’re probably here because you’re ready to implement new pricing software but have heard many horror stories about software projects that went horribly wrong. You know, the implementation projects where there was a lack of dedicated internal resources, so the project went over budget and took double or triple the time to be implemented. And after all of that, the final result was a tool that no one used or worse didn’t do what was intended.   We’ve helped several companies to implement software that’s so well received, it gets rolled out...

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8 Pricing Essentials to Help Mitigate Cost and Risk

August 4th, 2021 (Updated 08/05/2021)

Carolina Alvarez
Business Development Representative at Pricefx

8 Pricing Essentials to Help Mitigate Cost and Risk   A common struggle many businesses are familiar with is mitigating costs and controlling risks to reach margin targets. Cost-plus pricing methods (where price execution is determined from static rules rather than real-time changes) are unable to respond to fluctuating market dynamics. Therefore, prices become outdated and potentially harmful to your business – often overnight.   Another problem is inconsistent pricing deviations, meaning prices do not reflect a customer’s willingness to pay.   Basically, in the absence of pricing and quoting processes standardization, contract pricing and customer agreements are inconsistent, and because of habitual over...

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How to Gain the Competitive Edge by Always Meeting Customer Expectations

July 30th, 2021

Gabriel Smith
Chief Evangelist at Pricefx

How to Gain the Competitive Edge by Always Meeting Customer Expectations Both B2B and B2C customers are influenced by their e-commerce experience. They want a seamless and easy digital experience with great service levels and delivery, and the same applies to pricing. There’s a lot of pressure on distribution companies, who typically sit in the middle of that value chain, to up their game and compete more effectively in a space that’s become very tight. Join Gabe Smith and Stephanie Yee, Management Consultant at Bain & Company, as they discuss how by looking at and learning from other industries, and...

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Amazon Prime Day Postmortem: Should Retailers Compete?

June 26th, 2021 (Updated 07/26/2021)

Jochen Schmidt

Amazon Prime Day: Should Retailers Compete with the Giant?  Retail behemoth Amazon does not release its sales figures for its annual discount extravaganza event, but the sales estimates alone are enough to make any fully grown retailer weep. And as many of you look over the numbers of this years’ Prime Days and plan whether to go up against the giant on their other major sales days; we’ve put together some things to consider for the next Prime Day event taking place in   To compete or not to compete? That is the question and a painful one at that!  There...

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Choosing Pricing Software: What Questions Should You Be Asking?

July 1st, 2021

Randy Spal & Peter Barranca
Business Development Managers at Pricefx

Choosing Pricing Software: What Questions Should You Be Asking? Choosing a pricing solution is an important decision and a major commitment – one that has the potential to make or break your pricing efficiency and success.  If you’re at the software vendor evaluation phase of your pricing digital transformation journey, you’ll have got past all the buzzwords and sales hype, and will be getting down to the nitty gritty of what each company can offer you and whether it will help you get where you want to go.  You’ll have whittled down your potential vendor list to include only those...

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What Is Value-Based Pricing and Why Do You Need It?

June 28th, 2021 (Updated 10/05/2021)

Duncan Hendy

What Is Value-based Pricing?    When it comes to sales and profit scalability, pricing is the real fulcrum. Developing a strategy for pricing helps brands maximize profits and market demand, among other factors. Simply put, a pricing strategy is an approach you can use to determine the best price for a product.   Pricing is hugely influenced by various market indices, such as production, competitors’ pricing, and target customers. More often than not, sales executives need to account for the pricing strategy due to factors such as business objectives, revenue goals and product positioning. Researching your current market can help provide...

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Is Managing Value Perception Essential in the Manufacturing Industry?

June 15th, 2021

Jose Paez
Solution Strategist at Pricefx

Why Is Managing Value Perception Essential in the Manufacturing Industry Warren Buffett once said, “Price is what you pay; value is what you get”. Value can be seen as everything in sales. You’re no longer just buying an item, or thousands of items as the case may be. You’re paying for the value that purchase provides you with. The opportunity for increased business, the improvement in efficiency in your processes, the reduction in cost or rework, the added features your product or service will have that will enable your organization to expand to new markets, or maybe even all of...

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How Fair Is the Expectation That Digital Transformation Will Revolutionize the Chemical Industry? 

June 11th, 2021

Robert Smith
Industry Advisor at Pricefx

Can Digital Transformation Revolutionize the Chemical Industry Where It Counts? Success or failure within the chemical industry lives or dies on any given business’s ability to adapt and revolutionize.  If your business is merely riding the waves, trying to stay above water, it’ll soon be falling by the wayside. Only by driving ahead and revolutionizing your business will you see true success.  One way in which many businesses believe they can achieve this revolution is through digital transformation.  The integration of digital technology through all areas of business is increasingly prevalent throughout the chemical industry. With that, it’s becoming more...

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5 Ways B2B Manufacturers Can Successfully Adopt B2C Strategies 

June 8th, 2021

Manuel Pfeifer
Senior Solution Strategist at Pricefx

How B2B Manufacturers Can Successfully Adopt B2C Strategies Over the last few years, we’ve seen a wave of B2B companies adopting some of the profit-driving strategies of their B2C cousins, and to great success.   Let’s explore some of the growing trends.  1. Skipping Steps in the Value Chain   Traditionally, customers who wanted to buy direct from manufacturers were politely but firmly turned away. But with the growth of e-commerce and platforms like Amazon, Direct to Consumer (D2C) selling has become an opportunity for manufacturers to connect directly with their end customer.  Today, customers do their research. Not only will a...

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Pricing in Excel: Retail & eCommerce’s Very Own Black Box of Despair

June 7th, 2021

John Gilbo
Account Executive at Pricefx

Pricing in Excel: Your Very Own Black Box of Despair  I know, I know. Everyone these days is harping on about why you should be promoting your pricing out of Excel into some new fancy bells-and-whistles solution.   But to those of us passionate about pricing and helping retailers achieve pricing excellence, it just happens to be a fact: pricing in Excel is holding you back in ways you may not even be aware of. Not because it is bad software – it’s excellent at doing what it was designed to do – but because no one could ever have imagined...

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How to Price in Alignment with Key Business Objectives Using Market Simulation 

May 12th, 2021

Toby Davidson
Chief Product Officer at Pricefx

Pricing in Alignment with Key Business Objectives Using Market Simulation  Traditional price optimization helps you maximize profit on your products based on price elasticity derived from historical sales transactions. The problem is that it calculates the optimum price for individual products without considering the wider impacts of a price change.  Let’s say that your traditional price optimization software recommends a change of price to product A, showing a potential uplift of 10%, and another on product B, showing an uplift of 15%. It’s fair to assume, therefore, that if you applied the suggested changes to both products, you’d see a combined increase in profit of 25%.  Alas, the fact is that applying price changes to two products at the same time could actually result in no change or even...

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How to Reduce Overhead and Risk in the Chemical & Process Industries 

May 10th, 2021

Robert Smith
Industry Advisor at Pricefx

Reducing Overhead and Risk in the Chemical and Process Industries  Today’s CFO encounters ever-increasing complexity in addressing the subjects of risk and overhead in the chemical and process industries.    Typical risk factors include:  Earnings volatility  Cash flow  Accurately projecting earnings in the face of business uncertainty  Efficient and effective use of capital  Exchange rate exposure Hedging to address raw material and currency volatility  Many overhead factors contribute to complexity in today’s market.    Some that capture the most attention are:  Inventory and work in progress  Selling and administrative costs.    Investing in a pricing solution like Pricefx helps you address overhead and...

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Stevie Awards Manufacturing Solution Business Award Winner: Pricefx

April 29th, 2021

News&Blog
Admin at Pricefx

Business Solution for Manufacturers: Pricefx Wins Stevie Awards Pricefx has just been awarded the Silver Stevie® Award in the 2021 US Business Awards® in the category of manufacturing solution. The award was determined by the average scores of judges comprising of executives from around the world. Out of the over 3800 submissions, we’re proud of the fact that experienced leaders view Pricefx’s solutions as drivers to help manufacturers leverage pricing opportunities within their organization. Last year, Pricefx won 2 Stevie awards, making this the third award in two years. A Little About the Stevies: The American Business Awards are the U.S.A.’s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit...

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Pricing: The Real Differentiator in a Commodity-Driven Business 

April 28th, 2021

Robert Smith
Industry Advisor at Pricefx

Pricing: The Real Differentiator in a Commodity-Driven Business  Commodity-driven businesses are challenging to run successfully.  Price transparency is high, and value differentials versus competition are low to non-existent, driven primarily by service differentiation.  Earnings and margin targets are heavily impacted by volatility in underlying raw material and energy costs.  As well documented by many consulting firms, price is the biggest lever available to a company to address earnings improvement, with far higher leverage than cost reduction or increasing volume.  Additionally, most commodity-oriented businesses are mature and the temptation to improve business by seeking additional market share or volume simply leads...

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The Next Evolutionary Step in Price Optimization: Market Simulation 

April 27th, 2021 (Updated 05/12/2021)

Milan Haba
Senior Manager | Product Marketing at Pricefx

The Next Evolutionary Step in Price Optimization: Market Simulation  We’re delighted to be releasing Bijou 7.0 this week and to announce its substantial number of usability improvements for even greater efficiency. (More on these below).   But we’re most excited to tell you all about our pièce de résistance: Market Simulation.  Market Simulation: The Game Changer for Business  Cannibalization is the biggest hidden challenge companies are facing today because most algorithms pretend that changing the price of one product won’t impact the sales of another. Harsh is the lesson that teaches that applying “optimal” discounts to two products at once (hoping...

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Pricefx Next Gen: How Students Used Pricefx To Uncover Key Profit Drivers

April 21st, 2021

News&Blog
Admin at Pricefx

How the Winners of the Simon Pricing Club Case Competition Used Pricefx To Uncover Key Profit Drivers  Our rapidly evolving digital landscape means business students must be able think critically and adapt quickly to change. Partnerships between business, technology and academia are vital in preparing them for the challenges they’re likely to face in the real world.  The world-class Simon Business School at the University of Rochester is dedicated to putting real-world technology into the hands of its students in order to better prepare them for careers with companies using modern, digital approaches to compete.  That’s why Pricefx has once again partnered...

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How to Protect Your Margins in a Competitive Landscape (Chemical Process Industry)

April 20th, 2021

Robert Smith
Industry Advisor at Pricefx

How to Protect Your Margins in a Competitive Landscape    Consider recent news headlines from the Wall Street Journal, reflective of ongoing change in the COVID landscape:  March 18, 2021 – Oil Prices Fall on Fresh Fears of Dwindling Demand  “Oil prices fell more than 7% on Thursday, recording their biggest one-day drop since September…”  March 24, 2021 – Leap in Gas Prices Puts $3 a Gallon in Sight  “Some analysts see further gains ahead…Booming gas prices join a recent rally in other commodities…Supporting gasoline’s climb is a rebound in crude-oil prices and a big drop in the amount of...

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Why E-commerce Is NOT a Threat to Retail

April 16th, 2021

Jochen Schmidt

Is E-commerce Is A Threat to Retail? Not Unless You Allow it to Be. When Amazon and eBay launched in 1995, the disruption to traditional retail stores was immense. Retail music chain Tower Records and Borders bookstore went bankrupt, Musicland was sold and Blockbuster couldn’t survive.  But old-fashioned brick–and–mortar retail still offers buyers a unique opportunity to try on, test out or physically feel the product they’re about to buy. The offline shopping experience can be therapeutic and social, and a growing attitude for ‘shop local’ gives hope to smaller retailers across communities.  However, the unexpected events in 2020 only...

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How to Determine Proxies for Pricing and Build Value in Your Products

April 6th, 2021

Jose Paez
Solution Strategist at Pricefx

Steps to Determine Proxy Pricing in Aftermarket  How does your business determine proxy pricing for aftermarket sales?  With some organizations holding thousands of products that have been developed over decades, it can be difficult to determine their real pricing power, not to mention your position in the market for said products, if any.  For example, when you have customers seeking parts for machinery 10 years old, how do you begin to determine pricing?  How does your competition factor in? What say does brand value have? Does it come down to win and loss?  There are some key variables to consider...

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Get Your Retail Data Pricing Analytics Ready

April 1st, 2021

Jochen Schmidt

Join us to discover how you can simplify complexity in your channels to get clear insight into your data and report results in a way that other departments will appreciate and can rely on, and start optimizing prices with efficiency and speed – just what you need in today’s environment.

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It’s Time to Get Pricing Software

March 31st, 2021

Pricefx

If you get to the point where you’re scrolling down your Excel sheet to the millionth line, STOP! It’s time to get pricing software. Find out how pricing software can help you to Plan, Price and Profit for ease and success.

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Price Optimization in the Food and Beverage Industry? Oh, Yes! 

March 3rd, 2021 (Updated 03/24/2021)

Ryan Fritz
Account Executive at Pricefx

Price Optimization or F&B in 3 Steps As a company in the Food and Beverage industry, you know that your product portfolio, types of customers, and regions served change and grow along with you. Blanket pricing doesn’t work, but the more complex your organization becomes, the harder it is to optimize prices according to product type, customer behavior or region.  And if your margins don’t reflect that New Yorkers go crazy over bagels, that plant-based nutrition and local produce are trending, or that tariffs on exports to the UK are now dearer than to Ireland, you’re not optimizing prices.  Optimizing...

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The Art of Listening: How to Bring Customer Focus Back to Everything You Do

November 5th, 2020 (Updated 03/24/2021)

Gabriel Smith
Chief Evangelist at Pricefx

The Art of Listening: How to Bring Customer Focus Back to Everything You Do When it comes to pricing and developing products, being as close to the customer as possible will always lead to better results. By gaining a shared sense of empathy and ideally walking in your customers’ shoes, only then can you really design something that speaks to your customers and price it accordingly based on their willingness to pay and the perceived value they are gaining. Join me (@SwEvangelist) and David Cancel (@dcancel), CEO of Drift, as we discuss from our personal professional experience why placing the...

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