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What is Price Management?

Thu, Jan 18, 2018

Price management is the most effective way to manage the balance between financial risk and revenue.

It is managing product pricing, being able to identify upsell or cross opportunities, and preventing margin erosion with ease.

However, attempting price management with internally developed spreadsheets and database tools will no longer provide a competitive edge for your business.

Download Guide: How to Develop Your Pricing Strategy (including free worksheet)

Price management adds more levels to your pricing without the admin headache

Think in terms of the construction of a building. Is it only two storeys? A two storey building can make do with a staircase. But what if you wanted to add another four storeys?

You will find yourself huffing and puffing your way to level six, praying for an elevator to appear.

Price management software is your elevator.

It elevates your ability to handle more complexity in your pricing. It gives you the power to use a combination of discount based components, such as dollar or percentage off based on volume breaks or total spend, and upcharge components like freight charges.

Automating this activity with price management software reduces the risk of margin erosion.

Price management delivers accurate pricing decisions and real-time pricing updates

With price management software, your Sales team are able to make the right decisions when it comes to discounting products to win a new customer.

With pre-planned price discounts already in the system, a Salesperson can select available discounts as they enter the order. They no longer have to rely on remembering what discounts are available and when they can apply them.

Price management software also reduces the amount of time your team spends on pricing administration. 

Any changes to your pricing rules or promotional and customer pricing, can be made quickly and are applied immediately.

Why price management software is the answer

However good you think your current price management system is, you have an uphill battle to remain competitive if you’re still using spreadsheets.

Errors can erode your profits, and time delays in communicating price changes can cost you the opportunity to react to a change in the market.

Price management software gives you better control over your pricing and how it is used to win a new customer.

pricing strategy guide

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