The Pricefx Software Story: Beyond the ‘All the Same’ Claims

Pricing software is a powerful tool that businesses use to set and manage prices for their products and services. It encompasses a wide range of digital tools and applications designed to help companies optimize their pricing strategies, maximize revenue, and drive efficiency in their operations. These software solutions are essential for businesses looking to stay competitive in today’s dynamic market, where pricing plays a crucial role in influencing customer behavior and overall business performance. However, not all pricing software is created equal, and it is essential for businesses to understand the distinct types of pricing software available and how they can impact their operations.

Sure, if you’re really looking at the nuts and bolts of what makes us different, then clearly, the Pricefx platform stands out as a top pricing software choice due to its native integration. All our modules seamlessly communicate with one another, offering a unified technology stack. This is what sets us apart from ‘on-premises’ enterprise pricing software vendors, our direct industry competitors. Implementing pricing software, however, poses significant challenges. Pricing software is not an easy thing to implement first time, every time, on-time. It’s a tough task, for two crucial reasons: the need for skilled personnel and effective communication. It goes far beyond the mechanical nuts and bolts of what the software does. But I digress, let’s delve into that further shortly.

To understand how things arrived at this point, in this article let’s first backtrack a little to examine the different types of pricing software and how the pricing software industry evolved to this point. Once we’ve set the scene, we’ll jump deeper into what sets Pricefx apart, what makes us different, what our customers believe we can improve and precisely how and why we continue to keep evolving and not be thrown into the ‘all pricing software is the same’ bucket.

Pricing Software is Intrinsically ‘Not All the Same’

There are diverse types of pricing software, some designed to cater to specific industries (retail is a splendid example of that) and breaking it down even further to specifically online retail industry needs. Industry-specific pricing software solutions are built to address the unique challenges and requirements of each sector, providing specialized functionality and support for industry-specific pricing strategies.

On the other hand, there are also pricing software solutions that are pitched at different sizes of businesses and cater uniquely to the scale and requirements of those business proportions or ambitions.

Pricefx sits at the end of the pricing software spectrum in which the vendors have designed their platforms to meet the complex pricing needs of large organizations. These enterprise-level solutions are built to handle a high volume of transactions, support multiple pricing models, are generally multinational or multi-regional in their operations and usually integrate with other enterprise-level systems, such as ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) platforms.

Enterprise-level businesses by nature have a high-level degree of complexity and complexity can come in the form of a large portfolio or businesses that require differentiated prices. This is what you typically have in a B2B environment, where you have individual negotiations on the price that adds to the complexity. By conrast, Netflix, a huge B2C subscription-based retailer has hundreds of millions of customers, but a much simplier pricing model that contains only 2 or 3 price variations.

Pricing software tends to gravitate to areas with high complexity to solve individual situations where you may need customer-specific price optimization, and you need this many times a day for each salesperson for hundreds or thousands of salespeople and many countries. This is the end of the pricing software spectrum that Pricefx has gravitated to.

Breaking Down the Enterprise Pricing Software Differences

Among enterprise-level pricing software, older legacy and on-premises systems have long been prevalent but come with their own set of challenges of building new technology and top of their native, yet ageing tech stack. While they may boast robust functionality, their maintenance and scalability can be cumbersome, relying on dedicated infrastructure.

On the other hand, modern cloud-based solutions like Pricefx have redefined the paradigm of pricing software. in stark contrast, Pricefx epitomizes the evolution of pricing software, born in the cloud era. Its modern cloud-based architecture embodies flexibility, scalability, and accessibility, setting it apart from its predecessors. At Pricefx we like to call it; ‘fast, flexible and friendly.’

However, Pricefx’s distinctiveness doesn’t merely lie in its technological prowess. Unlike many other options in the market, Pricefx thrives on a foundational principle—configuration. Understanding that each business is unique, Pricefx tailors its solutions to individual client needs, avoiding the “one-size-fits-all” mentality. This focus on personalization empowers businesses to optimize their pricing tools effectively, aligning them with their distinct goals and models.

A significant hurdle for many in the pricing software realm revolves around data-related issues. Addressing this head-on, Pricefx introduces an integrated suite of tools intricately woven into a single platform. This comprehensive approach, offering a true SaaS 360° solution, not only resolves data intricacies but also streamlines the pricing process at every stage, setting a new industry benchmark. Being able to bring in data from SAP, Oracle or whatever your organization’s ERP may sound like a small thing, but ease of implementation is a critical point for many companies that are either beginning or evolving in their pricing software journeys. If you’ve read this far in this article, you already know it.

When selecting a pricing sofware provider in 2024, a key question to ask the software vendor, “is can the software be implemented and maintained by a third partner systems integrator, or by my own internal IT department, or am I forced to use the implementation team of the software vendor? Do I have this option?” Given the level of integration with ERPs, CRMs, and all of the essential customer specific process knowledge, it is now essential that the pricing platform is open, allowing customers the option of selecting a third party or internal IT for the implementation and ongoing maintenance.

But having the right pricing software engine under the hood is only part of the puzzle. Just like a Ferrari F1 Race car needs an elite team of mechanics and technicians to bring the car up to peak performance, Pricefx offers a wonderful team of implementation specialists and partners to tune your pricing software to be the best it can be. Yes, Pricefx implementers are part high-end mechanics. But more than anything, they are communication specialists that make sure the interviews with end-users are undertaken before implementation to proactively anticipate and solve problems before they occur, rather than put out emergency fires after implementation. After all, the faster the implementation gets you results, the faster you will achieve Return on Investment (ROI).

Pricefx Customer Feedback – Providing What Customers Want

Beyond its technological advancements and industry-leading implementation team and partners, Pricefx embodies a profound dedication to customer satisfaction. Recognizing that pricing directly influences customer perception, Pricefx places great emphasis on creating an end-user friendly product, crafting and adding new functionality to the software borne out of customer reviews and feedback and exemplary customer service. This unique commitment amplifies Pricefx’s distinction among competitors, highlighting its unwavering focus on meeting and surpassing customer expectations.

We thrive on the rich tapestry of feedback from our customers- whether it’s glowing reviews, constructive suggestions, reported problems, or shared celebrations. Positive reviews are more than just pats on the back, they affirm the effectiveness of our pricing software solutions. These uplifting moments not only boost our team’s morale but also shed light on the aspects of our strategies that truly resonate with users. They guide us in recognizing what elements contribute positively to customer experiences, motivating us to maintain and build upon these successes.

On the flip side, negative reviews and critical feedback are embraced as catalysts for growth and improvement. They serve as valuable markers, pinpointing areas within our pricing software that demand refinement or enhancement. Every critique becomes a stepping stone toward progress, urging us to reassess, reevaluate, and innovate. By acknowledging and learning from these challenges, we turn them into opportunities for evolution. Each customer suggestion, reported problem, or shared celebration becomes a crucial input, shaping how we respond and fueling the implementation of changes within our pricing software. This constant dialogue ensures our solutions evolve in step with the dynamic needs and expectations of our customers.

Some Recent Pricefx Platform Improvements Made from Review* (Good & Bad) Feedback

 

“A lack of flexibility in implementing changes to data tables” – A new functionality introduced that allows our customers to watch other existing data that can assist with their desired outcomes without being required to make data changes in tables.

 

 

“The interface is sometimes a little bit complicated with too much information” – A reimagined interface functionality, offering users the ability to filter columns, perform multiple selections, and effortlessly rearrange and enhance their display.

 

 

“Additionally advantageous is integration with other technologies (such as SAP)” – Pricefx integrations to SAP S/4HANA through SAP BTP Integration Suite are now available in the SAP Business Accelerator Hub and the Pricefx integration package Price Management with SAP S/4HANA has been officially certified by SAP.

 

 

“Some challenges with system performance in handling the huge amount of data we have” and “With the amount of over 9 million records to process, there are occasional performance issues” – A new database engine introduced for large data amounts.

  

“A more detailed learning portal and tool diagnostics for performance reports and suggestions” –

• An AI chatbot introduced to assist finding learning information quickly and intuitively.

• A redesigned knowledge base

*Please note that the reviews mentioned in this article are based upon information available on G2, a premier peer-to-peer review site where the business software and services reviews are based on user ratings and social data.

 

The “G2” trademark is owned by G2, and references to G2 are not intended to suggest affiliation with or endorsement by G2.

 

Nothing in this article is intended to suggest any affiliation with or sponsorship by companies other than Pricefx.

 

Other forms of feedback welcomed for suggestions on improvements to the Pricefx pricing software solution include:

• Within the Pricefx Solution itself: “Submit Feedback”
• Through Platform Manager – Platform Manager is a hub for customers, primarily administrative or power users, to submit nuanced product requests and suggestions.
• The Net Promoter Score (NPS) Survey for Product Improvement.
• The Pricefx User Group (PUG) stands as a pivotal source for refining our solutions. Any end user engaging with the application at least twice monthly gains access to this exclusive group and its monthly webinars.
• Part of our diverse feedback approach involves an exclusive Executive Roundtable held quarterly in the US, where executives from our customer base convene. It is uniquely designed for these leaders to present their experiences, showcasing how they leverage Pricefx pricing software, facilitating shared learning among peers.
• Our Customer Success Managers (CSMs) are dedicated professionals committed to ensuring customers achieve their desired outcomes with our pricing software product. Frequently, customers reach out to their CSMs, filing requests or highlighting important processes. The CSMs play a crucial role in advocating for the significance of these requests, not only guiding customers through the process but also considering how similar functionalities might benefit other customers. This engagement demonstrates the proactive involvement of our CSMs in introducing and advocating for new pricing functionalities.

Nonetheless, Pricefx acknowledges the journey toward perfection is perpetual. Continuously listening to customers, maintaining consistent 24/7/365 availability, and ensuring optimum quality round the clock are pivotal factors in preserving Pricefx’s competitive edge. Acknowledging its imperfections, Pricefx pledges to remain steadfast in evolving, ensuring that its dedication to excellence continues to set it apart in the ever-evolving landscape of pricing software.

What is the Best Thing That Pricefx Can Do Better for its Customers?

In 2023, Pricefx instituted an N Minus One policy, achieving a remarkable feat of keeping all customers just one release behind. By fall, every customer had transitioned to at least version 10, highlighting our commitment to staying ahead. To achieve it, our dedicated team (including frontline communicators), worked closely with customers and partners. However, to ensure this success, our focus extended beyond communication—it involved our product, configurations, and past implementations.

As a result, Pricefx has recalibrated its priorities based on valuable customer feedback. While we remain committed to innovation, our renewed emphasis is on the quality of our pricing software. This shift recognizes the essential balance between introducing new features and ensuring a robust, bug-free system.

With a dedicated focus on quality, our team strives to deliver a pricing platform that works seamlessly 24/7/365, minimizing downtime even at upgrade time.

We understand the significance of our customers’ time, emphasizing the need to prove the reliability of our software with each upgrade. The implementation process, particularly for enterprise customers, involves thorough testing and commitment to ensuring bug-free performance.

Pricefx’s improvement pledge is clear: enhancing the performance and engineering of our platform to provide our clients with an unparalleled pricing solution.

Ending on a High Note: Building a Flexible Pricefx Community

As we wrap up the Pricefx Software Story, it becomes evident that our commitment goes beyond providing exceptional pricing software. It’s about fostering a thriving community where relationships flourish. The dialogue with our clients, partners, and teams emphasizes the communal aspect of Pricefx. We believe in building lasting relationships, creating a community that extends beyond a mere customer-vendor dynamic.

The significance lies in the people, the connections formed, and the shared journey towards pricing excellence. Joining Pricefx means becoming part of a vibrant community, where collaboration, support and successes are woven into the fabric of our story. It’s not just software; it is a community-driven experience looking for flexible solutions to complex problems that sets Pricefx apart from the ‘all the same’ claims in the industry.

To learn why we say Pricefx is flexible and what that really means for your business, check out the handy article below:

Meanwhile, Happy Pricing!