Pricefx Grows in Another Record Breaking Quarter
Patrick Adams, Chief Revenue Officer, at Pricefx has many reasons to smile. As the CRO and one of the many key players in the company’s growth, when he joined in 2016, Patrick has been able to lead the sales team from record-breaking quarter to record-breaking quarter. And Q2 of 2019 has been no exception when Pricefx closed strong and delivered 134% year-over-year growth.
When Patrick started at Pricefx he was pleasantly surprised to learn of the breadth of capabilities that Pricefx had in the platform even at that time – that it offered an enterprise-class pricing solution which captured the whole pricing journey. This was particularly surprising since the company had been founded only five years before.
This article is based on an interview with Patrick. To the question, “What makes Pricefx customers want to become Pricefx customers?”, he responded with the following:
The Big Picture
We have seen strong strides in furthering the user experience overall. This includes rebate management, integration ability, flexibility, and the fact that we are cloud-native.
Rebate management including ship and debit automation stand out. It is an area which many of the traditional pricing software programs do not provide at all. We have spent large investments to enable these benefits.
A big area of advancement is the way we have positioned automation into our integration capabilities across many different IT systems. As with any new customer, we come into an existing IT landscape, which has been historically built over many years, and we have to adapt ourselves into that. It’s not the other way around. With new capabilities in our platform, we now have user-interface based methods to connect our system efficiently to the IT systems on the customer’s side. It’s also amazing how quickly we enable the many different stakeholders in the pricing arena: pricing, management, sales management, finance, controlling, marketing, our platform reflects a true open systems approach.
The software architecture itself is flexible in terms of deploying it to many different industries. This is our deliberate strategy: to be available horizontally across the board. These changes, based on market demand and developments, enable a customer to change pricing strategy, have different changes in their business units across different countries, and manage their entire sales force or multitude of sales channels. These are extremely easy to configure in our platform and do not require a full rebuild of the configuration; it can be done on the fly. A lot of customers look to us for this.
The fact we are a cloud-native solution means that our clients are always using the latest version of our software. They don’t need to take care of any upgrades; we upgrade over the weekend, so they move on to the new experience without any disruption. This is a huge difference from the more traditional pricing solutions. Even those who do provide this solution as software as a service may still have an architecture which requires much more complex upgrades.
Some companies still offer a choice of on premise or cloud based. They come from an era where their clients still run different versions and ultimately have separate upgrades. This is a private installation and cannot be compared to our cloud-based software. Being cloud-native means that everything is configured through the user interface. With that, there is never a deviation from the actual software code which means you can always upgrade and that’s where the big difference lies.
“How is the company able to grow quarter after quarter?”
The biggest reason is our existing customers. By this, we mean the proven success of our customers and our customers communicating this freely to the market. We have seen this lately on the customer reference platform of G2 crowd; how this materializes is again one of those massive proof points. Another reason is company culture. At the very beginning, the three founders set solid values for the company. These include delivering what we have, and that we communicate this; doing what we say we can do – we do not commit capabilities with which we struggle; providing full transparency on our skill sets – where we’re strong and where we potentially need to improve.
The other big asset is the combination of the points we discussed earlier: our enterprise-class brand of software and the fact that we provide a cloud-native solution with all its associated advantages. Our customers are no longer willing to go for a traditional approach; they are looking for true cloud solutions with all the accompanying benefits.
In these ways, we meet customer expectations, build trust, and provide a business model for our customers to engage, which gives them a limited risk in comparison to traditional solution providers.