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5 Ways to Manage Inflation for CEOs and CFOs  Inflation concerns are skyrocketing, and the prospect of a recession sooner rather than later looms large on the horizon for many businesses and the CEOs and CFOs. Labor shortages abound, COVID-19 turned out to be more of a marathon than a sprint and right off the back of that, regional conflicts and global unrest are causing unprecedented price rises. How are CFOs and CEOs planning to address the situation and look to not only survive, but recognize and seize the opportunities for prosperity and growth? In that light, we examine 5...

Ethical Pricing in a Recession: How Pricing Software Helps  The question is on everyone’s lips right now; is it a recession, or isn’t it?   One thing is for sure, regardless of whatever you would like to call it, due to rising costs, supply chain breakdown, labor force shortages and a future that seems unpredictable is now the new normal. Companies face risks in every direction they look. Rising production costs pose a risk to your margins. Suppliers are renegotiating terms threatening business cash flows. Increasing prices and out-of-stock items are pushing customer loyalty to its limits, posing top-line growth dangers....

What a Pricing Strategy Partner Does & How Can They Help You Pricing is arguably the important strategic factor to consider in running your business. Your profit and losses are dependent on your pricing strategy. More than growing sales or decreasing expenses, optimizing your pricing by as little as even as 1% can increase your company’s profitability by an enormous amount. ______________________________________________________ Learn More Here How a Small Percentage Can Make a Pricing Difference & Unlock Profit  ______________________________________________________ But maybe you don’t have the expertise in your company, or the resources to develop a pricing strategy that will help you...

How to Profit in a Recession: 5 Ways Pricing Software Can Help  We’ve all seen the headlines. Record inflation and fuel prices, an energy crisis driving distribution and delivery costs through the roof and the specter of a looming economic recession hanging over the heads of many businesses. Sure, let’s talk straight out about it – coming out of COVID-19 and the follow-up impacts of the war in Ukraine – the volatility of market forces right now makes doing business a tricky prospect and only the resilient may come out the other side unscathed. However, rather than get swamped by...

How Do Web Scrapers Enhance Pricing Software?  In recent years, there has been rapid expansion in both the tools and services offering data for businesses with web scraping (also referred to as ‘data scraping’ in some circles) to use in formulating their pricing strategies. There has been a dramatic increase in both the number of requests for web scraping services and the diverse ways that data is used in used in the pricing industry. In that technology-rich environment, we thought it is high time we clarified the web scraping process, and that we addressed how web scraping can enhance your...

What Does a System Integrator Do & How Can They Help You?  Pricing software is a hot topic for many companies right now and becoming more so with each passing day as tricky and tough to navigate economic conditions bite globally. Companies just like yours are making decisions to switch to automated price optimization and management software in droves right now to help drive business efficiencies and prevent margin loss. Sure, you know your company can benefit too, but your internal IT Team do not have the resources to manage the pricing software implementation and integration tasks and/or they are...

Why SaaS Pricing Software Takes a “Long” Time to Implement Once you’ve decided to use pricing software, it might come as a surprise to learn that pricing software takes weeks to months to implement. You might even think to yourself, “why should I change when the Excel spreadsheets and databases that I use now already work (even if my price increases do take weeks to calculate)?“ We hear your pain. After all, other software like CRMs or ERPs can take a shorter time to implement. Purchasing new pricing software is a time of big investment and commitment. Choose incorrectly, and...

Why Do Pricing Companies Charge Using Revenue Under Management (RUM)? With the total cost of implementing pricing software starting at around $100 000 many companies are surprised to learn that vendors use a Revenue Under Management (RUM) approach to their subscription prices, meaning that the price of their software will keep going up based on the company’s revenue.  At Pricefx, we’ve spent a decade helping hundreds of customers improve their pricing strategies with our price optimization software and we have heard how they feel about the fact that we, like most vendors, charge RUM.  In this article, we’ll explore what RUM is,...

4 Reasons Pricing Software Companies Are Not Consultants  It’s great news that you are considering pricing software to power your business to new profit heights and increase business efficiencies for your organization. Congratulations! You are on the right path. But there is an important thing you need to know; pricing software will not set your business strategy and nor will pricing software companies set it for you. It’s time we clarified the confusion of what a pricing software provider can do for your business and that is why we decided to clear the muddied waters with this article, ‘4 Reasons...

4 Ways an Increase in Price Will Benefit You Charging less for your products than your competitors do can precisely signal the wrong message to your potential clients. The risk of introducing cheaper prices than your competitors is that your prospects can doubt the value of what you have on offer. Understandably in these inflationary times, it is only natural to assume that lower prices may attract more business, happier clients and offer better value for your customers. But what if your moves to decrease your prices and not charging what your products are truly worth were doing your clients...

What Is the Best Pricing Software to Start With & Why? Whether you are a B2B sales company, a manufacturing, distribution, or retail business, you need to track your products’ as well as your customer’s profitability and keep a close watch on the pricing. Today’s pricing software market offers a myriad of automated tools which offers these benefits, but you need to pick the right one for your line of work and business, as not all types of pricing software are created equal in terms of their functions and the pricing insights they can facilitate for. That is why we...

How to Determine the Value of Pricing Software to Your Company  Pricing is an important aspect for every business that sells goods and services. While seemingly very simple, pricing is a process that should be taken seriously and can have a significant impact on businesses, large and small regardless of industry or location. Anyone who is anyone in the world of pricing or works in a pricing department has probably heard of The Power of 1%. If you have not, it refers to a famous 2003 McKinsey study that a 1% overall higher price can result in an operating profit...

What is PraaS (Pricing as a Service) & How It Benefits You? Are you looking to pricing software as a method to wring the best out of your pricing and use it as a pathway to maximize your profit BUT you do not have the capital for a complex and lengthy IT project right now? In this era of tight budgets, it is perfectly understandable capital is scarce. If that is the case, then activating enterprise grade pricing software with a lower entry cost could be exactly what your business is looking for. PraaS (Pricing-as-a-Service) could be the answer to...

Industry – The Least Important Criteria for Choosing Pricing Software Choosing pricing software is no picnic. A lot of time and money is at stake, not to mention the future of your business.  So, it makes sense for companies to do their due diligence. And most companies like yours search for proof points – evidence that the vendors they’ve short or even long-listed worked with clients in their industry. It’s no wonder that you might see yourself asking this question repeatedly of vendors, “do you have customers in my industry?”. But is this question the best criterion when choosing software...

Key Metrics for Profitable Chemical Industry Pricing  We all presumed that as the world emerged out of the shadow of the global pandemic that the chemical industry would calm down from the challenges of the previous 2 years, where issues like sales volumes, prices, costs, and resulting margins abounded. However, then along came the war in Ukraine, which doubled–down the pressures on chemical industry worldwide, as companies remain under siege by an ever-evolving series of challenges. Shortages of raw materials, supply chain bottlenecks, shipping and trucking delays, unprecedented cost increases and inflation, plant shutdowns and restrictions on movement have increased...