Signs that Your Company Should Evaluate its Pricing Strategy.
Though you’re not limited to these, there are four distinct areas that can help indicate that your strategy could use a reset. You can perform a quick strategy test now. Scroll through the following challenges; if you’re currently experiencing one or more, it may be time for a chat.
Lack of symmetry
Reliance on Excel
Inability to measure KPIs
Lack of strategic symmetry across divisions.
For larger companies that have multiple groups working in isolation, it’s critical that you remain on the same strategic page. Not doing so could escalate company-wide inefficiencies that may lead to margin leak.
If you have different sets of data across many divisions, find out how you can prepare for a seamless pricing software implementation.
Teams being overly reliant on Excel.
We get that it’s a tried-and-true method of pricing, but using Excel can lead to discrepancies through manual copy-and-paste errors. Plus, the wider company outside of those doing the work has zero visibility. It’s not a great situation when you consider every employee is impacted by pricing.
Do you already see this trait present with your team? Discover 5 reasons why switching from Excel to pricing software could benefit your business.
Overly complicated, inefficient processes.
This goes alongside the challenges of manual pricing. If pricing changes require management or C-suite sign-off, workflow approvals via email or manual entry can be tedious and time consuming.
This is a big one. If your company is having a hard time measuring quotes or the deals that you’ve completed, you could be looking at a massive gap in your profit margin. If this is the case, it’s time for your company to get online with an optimized pricing solution.
We’re in a particular challenging time, so find out 8 ways that you can manage price fluctuations and supply chain problems.
Recognizing Strategic Areas for Growth.
We’ve noted the challenges you may be having, but it’s also key to look at the positive side of the coin. Engaging with Pricefx can help bring to light exciting new opportunities for your company and identify them within your strategy. These can include:
Aligning your online and offline pricing;
Ensuring your prices are in line with the competition;
Increasing pricing symmetry across multiple groups/divisions; and
Segmenting your customers based on their attributes (e.g., size, purchase history, sales potential, etc.).
Discover what a major retail company was able to achieve once it joined forces with Pricefx.
What’s the next step? First, try out our Margin Lift calculator to discover the impact pricing software, combined with the right strategy, can have on your company. What kind of ROI could you be seeing? Well, it’s time to find out.
Powered by artificial intelligence, Pricefx pricing software can be implemented is as quickly as 6 weeks and your business could be seeing ROI in as little as 6 months. Find out how by watching this short video.
Hear about Companies that have Partnered with Pricefx.
Below, you can read case studies about organizations who were challenged with their pricing strategy and how working with Pricefx has optimized how they work.
One of the featured products in the Plan Package allows you to analyze every aspect of your pricing strategy to improve your margins, win rates and more. Want to learn more? Now’s the perfect time to chat with a Pricefx expert.
Ready to Put Your New Pricing Strategy into Action?
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