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Tips & Tricks to Perfect Your Pricing

Fri, Aug 21, 2015

Pricing. Get it wrong and you could damage your company’s financial health. Get it right and you could have new business streaming through the door.

Competitive elbowing is a never ending battle with companies asking themselves “what will happen if we lower our price to beat or match the competition?” Not having pricing flexibility or full visibility can lead to lost revenue associated with pricing errors and missed opportunities due to slow response times. 

By integrating an advanced pricing engine into an existing or new Enterprise Resource Planning (ERP) system, companies will be able to better manage their pricing to stem the flow of lost revenue.

Tools for success

As one of the most important factors that influence a customer’s choice of products and services, companies need to have complete control over their pricing.

In today’s market, it is not good enough to update pricing once a week, or even daily, your company needs to have real-time, calculated pricing, with approved changes instantly visible and available.

Replacing spreadsheets with a solution that calculates and updates pricing in one place, accessible by any source, means that regardless of where the customer gets the product price from – it will always be the same.

This eliminates manual pricing lookups, reduces lost revenue associated with pricing errors, and increases response times.

The devil is in the details

With a stable ERP system in place, you will have the framework to perfect your pricing.

The next step is to integrate a pricing engine that can keep up with demand and be the single source of truth for the company. To find the right solution, you need to consider pricing flexibility, performance, scale and e-commerce.

An ideal solution allows for configurable pricing rules using various customer, product, and transactional attributes.  Your current solution might perform a single price request in 1,000 milliseconds but what if you’re a business with thousands of customers and products? Suddenly you’re back in the dial-up era, when grass grew faster than a page loaded in your internet browser.

Scale is next, why invest time and money in a solution that only does 10 price requests per second when you could have one that performs 30,000 per second. You need to look at your requirements carefully.  Will your solution handle 10 price requests the same way it handles 30,000? With the ability to handle bulk price requests quickly, it means the solution will grow with the company rather than hold it back.

Finally, look at your e-commerce or omni-channel sales strategy. Do you have a call center where customers can ring up to get a quote, internal or external website pricing, or a need for large price catalogue generation? If you have even two of those then there is potential for two different prices for the same product without a single source of truth for pricing requests.

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