If you've ever had to manage prices across several regions and product portfolios then you know how much of a nightmare that can be. Luckily there's price management software.
Tune in to Fox Business Network on July 17 at 5:30 pm ET to find what advice our CEO has for organizations looking to embrace price management software today.
Price Management Software FAQs
What is Price Management Software?
Things change so fast these days, and this is what price management software is all about allowing you to do for your organization – to manage all your pricing data safely and speedily, allowing you to focus on what matters most to your business, maximizing those profits.
Most types of business will benefit with the use of price management software. Small to medium-size business may have a lower number of users making actual use of the price management software, while large enterprise-size businesses may have a larger number of users, but each have will be able to derive benefit and value from the technology.
However, there are some business model exceptions that may not benefit with the use of price management software. See below.
Who is Price Management Software Not Right For?
Pricing management software may be of little value to service companies, or companies that basically don’t produce physical products, or don’t have very many products.
Long story short, if your company does not produce many products and/or there is little differentiation in either the price or the regions you operate in, the less effective or necessary pricing management software may be for you and your business.
What is Dynamic Pricing Strategy? – The Definition
Dynamic Pricing goes by many names such as real-time pricing. time-based-pricing, surge-pricing, and demand pricing. It is, by definition, a pricing strategy where a company sets flexible and variable prices on its products and services depending on any number of standalone or competing factors such as demand, supply chain, competition, location, time frame, and other market conditions.
However, most importantly, dynamic pricing is contingent on market forces. A dynamic pricing strategy is not designed to work for every business nor in every industry. Find out more about one company used dynamic pricing to boost revenue by 36%
What's the difference between price optimization and price management software?
Pricing management software is not about telling you exactly what you have to do with your prices or the software telling you what the right pricing answer is. It is really all about giving you a workspace or a platform for you to operationalize your company’s own pricing strategies.
Ont the other hand, price optimization software analyzes a wide range of internal and external data to work out where the perceived value of your offering lies and then recommends price points (or ranges) based on your customers’ willingness to pay.
It also helps you determine the best pricing strategies to use with certain product or customer groups, to establish regional or seasonal strategies, to plan discount and promotion cadencies and strategies, as well as work out how best to combine products to maximum effect.
Got More Questions?
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