Analyst vs Strategy Partner: Which is Best for You?
April 14th, 2023 (Updated 04/17/2023) | 9 min. read
By Steve Haskin
While doing the research for your pricing software project for your organization, you have probably come across references to Business Analyst vs Strategy Partner at least once along the way, or at the very least you have seen the terms used commonly as reference points in your LinkedIn feed. It all comes back to how you manage the priorities of your company and the plans you are making to become a better and more competitive company. In today’s competitive business environment, organizations just like yours need to analyze their operations and strategies to stay ahead of the game. This requires the assistance of experts who can offer insights into the best course of action. Two such experts who play a significant role in shaping a company’s direction are Business Analysts and Strategic Pricing Partners. But which one is best for your organization?
At Pricefx, over the 12+ years, we have signed up hundreds of new customers. On many of those occasions, we have matched them up with one of our qualified and experienced pricing industry partners that can assist you in achieving your unique set of business goals and getting your pricing ducks in a row. Along that pathway, we have discovered that no two businesses are identical in their scope and needs in what they require in the outcomes of their pricing software projects and accordingly, the level and kind of assistance they might require to make the shift from manual to automated pricing.
Your needs can vary from jet-propelling your pricing software with enhanced functionality, streamline effective and timely integrations to leveling-up on pricing strategy expertise. Whatever your company’s need, a qualified partner can enhance your pricing efficiency and decrease your time to return-on-investment.
In this article, we will dive into what business analysts and strategic pricing partners are and determine which one could be best for your business. Let’s take a closer look at the differences between these two professionals and what they can offer your organization.
What Are Business Analysts?
Business Analysts are experts in analyzing a company’s operations to identify areas of improvement. They use data analysis, process mapping, and modeling techniques to understand how the company functions and where inefficiencies lie. They work with stakeholders to identify goals and objectives and develop strategies to achieve them. They also act as a bridge between the technical and business teams, ensuring that both groups are on the same page.
Business Analysts can provide your organization with the following benefits:
- Increased efficiency: Business Analysts can identify areas of inefficiency within your organization and suggest solutions to improve productivity and reduce costs.
- Better decision-making: Business Analysts can provide data-driven insights that can help your organization make better decisions.
- Improved communication: Business Analysts can help bridge the gap between technical and business teams, ensuring that everyone is on the same page.
- Improved customer satisfaction: By improving efficiency and decision-making, Business Analysts can help improve customer satisfaction.
Where Do Business Analysts Fit into the Pricing Software Environment?
In the pricing software environment, business analysts play a critical role in ensuring that the pricing strategy of a company is effective and aligned with its business objectives. Business analysts can help to identify key market trends and customer behaviors that can impact pricing decisions. They can also analyze pricing data to determine optimal price points that will maximize revenue while ensuring that the product or service remains competitive in the market. Additionally, business analysts can provide insights on pricing strategies that can be used to drive customer loyalty and retention.
Business analysts can also work with pricing software vendors to ensure that the pricing software is configured to meet the needs of the organization. This includes identifying the specific pricing models that the organization will use, configuring the pricing rules and algorithms, and testing the software to ensure that it is accurately calculating prices. Business analysts can also work with other teams within the organization, such as sales and marketing, to ensure that the pricing software is integrated into the company’s overall business processes.
With their expertise and analytical skills, business analysts play a vital role in ensuring that organizations can effectively use pricing software to drive revenue and growth.
While business analysts play a crucial role in a pricing software project, strategic pricing partners bring a distinct perspective and set of skills to the table.
What Are Strategic Pricing Partners?
Strategic Pricing Partners are experts in pricing strategy. They use data analysis and market research to identify pricing trends, competitor pricing, and customer behavior. They then develop pricing strategies that align with your company’s goals and objectives. Strategic Pricing Partners can provide your organization with the following benefits:
- Increased profits: Strategic Pricing Partners can help your organization set prices that maximize profits.
- Better customer targeting: Strategic Pricing Partners can help your organization target the right customers with the right prices, improving customer satisfaction and loyalty.
- Improved competitive positioning: Strategic Pricing Partners can help your organization set prices that are competitive in the market.
- Better decision-making: Strategic Pricing Partners can provide data-driven insights that can help your organization make better pricing decisions.
Where Do Strategic Pricing Partners Fit into the Pricing Software Environment?
While business analysts focus on analyzing data and identifying trends to support pricing decisions, strategic pricing partners bring deep expertise in pricing strategy and market positioning. They can provide guidance on pricing models, market trends, and competitive analysis that can inform pricing decisions.
To dig deeper into the weeds on the intricate ways pricing strategy partners can help you achieve your business goals, click on the image below to register to watch this great webinar and the rest of the entire webinar library on demand.
If you are already registered to watch our library of webinar content, click here to watch now.
In addition to their pricing expertise, strategic pricing partners also have strong industry acumen and can provide strategic guidance to help your organization achieve your overall business objectives. They can help to identify opportunities for growth and expansion, and suppress margin leakage, in addition to identifying potential risks and challenges that need to be addressed and/or avoided.
Strategic pricing partners can also help to ensure that pricing decisions are aligned with your company’s brand and value proposition and can provide insights into how pricing software can be used to drive customer loyalty and retention.
How a Strategy Pricing Partner Can Assist You
Working independently, but hand-in-hand with pricing software vendors, strategy pricing partners can advise your business in the development, implementation, and eventual go-live pricing strategies. Most often, a pricing strategy partner will introduce a company to the definitive pricing software that best fits their specific requirements and matches the software’s functionality that best aligns with what they are trying to achieve.
Often (but not always), pricing strategy partners choose to remain in their specialized strategy field and not become involved in the implementation of the pricing software.
On the other side of that same equation, in the last few years, smaller boutique strategy pricing partners have begun partnering with businesses. These boutique strategy partners are becoming involved in helping with pricing software implementations and integrations to ‘value-add’ to their strategy advice and problem-solve for their customers who may not have those implementation skill sets or who simply prefer the convenience of a ‘one-stop pricing consultant’ shop.
Which is Best for You: Business Analyst vs Strategic Pricing Partner? – it Could be Both
Both Business Analysts and Strategic Pricing Partners offer valuable insights and solutions to improve your company’s performance. The decision of which one is best for your business depends on your organization’s goals and objectives.
If your organization is looking to improve efficiency and productivity, then a Business Analyst might be the best choice.
On the other hand, if your organization is looking to increase profits through pricing strategy, then a Strategic Pricing Partner might be the best choice.
However, that could be oversimplifying things a bit.
It is important to note that the roles of Business Analysts and Strategic Pricing Partners are not mutually exclusive. In fact, there is often overlap between the two roles. For example, a Business Analyst might identify a process inefficiency that can be improved through pricing strategy. In this case, a Strategic Pricing Partner might work with the Business Analyst to develop a pricing strategy that improves the process efficiency and maximizes profits.
Similarly, a Strategic Pricing Partner might identify a pricing inefficiency that can be improved through process optimization. In this case, a Business Analyst might work with the Strategic Pricing Partner to identify the underlying process inefficiency and develop a solution to improve it. Or it could in fact be two different services provided in-house by the same partner.
In some cases, it might be beneficial to hire both a Business Analyst and a Strategic Pricing Partner, (or use a partner that supplies both services). This can provide your organization with a holistic view of its operations and strategies. A Business Analyst can identify areas of inefficiency and develop solutions to improve them, while a Strategic Pricing Partner can ensure that pricing strategies align with your company’s goals and objectives.
Bring Expertise & Value with the Right Type of Pricing Partner for You
Now you know what both business analysts and strategy pricing partners are, the tasks that they can perform for your business and the added values that each can provide to your company’s bottom line. In fact, by working for you 24/7, analysts and partners generally do a better job of ‘client customization’ of establishing pricing software efficiencies and strategizing, than pricing software vendors can possibly do alone.
If yours is a business that is on the lookout for a pricing software solution with a dedicated strategic pricing partnership component, then learning more about the Advantage Pricefx Partner Network and the pricing strategy partners available should be your first port of call.
To learn more about the benefits of working with a pricing software partner, check out the handy article link below:
On the flip side, consider this article and click on the following link if you would like to dive in deeper and learn more about the specifics of implementing a pricing strategy for your company.