8 Reasons Why You Need Price List Software

By Philip Huthwaite on September 22, 2016

Pricing_Software.jpgIt's really not rocket science – in order to maximise your profits and stay ahead of the competition you know you have to price at the optimum level.

In order to achieve this, what your business needs is an accurate price management system (definitely not spreadsheets) – and the modern, accurate and most efficient solution to all your pricing demands is to invest in price list software.

In this fast-paced, competitive world it's crucial to stay ahead of the competition and this is what price list software is all about – to safely and speedily manage all your pricing data, allowing you to focus on what matters most to your business, maximising profits.

 

Why use Price List Software?

OK, maximising profits gets a great big tick but I guess you'd also like to save time and money too?  All this will be your reward if you make an investment in this software because:

  1. Price List Software Enables Real Time Pricing

Changes to your benchmark pricing, pricing rules, promotional pricing, customer pricing and exception pricing can be made in minutes with easy to use workflows. There will be no need to spend days and weeks on pricing administration.

 

  1. Price List Software Allows for More Accurate Pricing Decisions

It will be easier to anticipate the business impact of pricing changes with a visual financial summary. There will be clear visibility of where you are losing margin because items are priced too low, or where you are losing revenue because items are priced too high. Price List software will accurately point you towards your pricing 'sweet spot'.

 

  1. Price List Software Optimises Price Testing

The key is to optimise your pricing decisions, and get to a point where you can be sure you are achieving the highest price possible whilst still supporting revenue and profitable growth.

Your sales history is at your fingertips so you can easily identify the areas of margin leakage and complete pricing tests to find that optimum price. Price list software can even flag up and rank the areas of greatest opportunity.

 

  1. Price List Software Ensures Rule Conflicts are Handled Automatically

Have you previously struggled with rule conflicts, perhaps when running a promotion? Price List software automatically identifies conflicts that require resolving.

 

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  1. Price List Software Allows For A Full Audit History

It will log all the changes behind the scenes, giving you the power to question what has happened previously, and keep a record as to the rationale of individual pricing changes.

 

  1. Price List Software Enables a Move Away from Cost-Plus Pricing

An online pricing solution is a must if you’re looking to take advantage of applying different pricing strategies across multiple product, customer and market segments. 

Simply by moving away from a cost-plus approach, you’re already on the journey to value based selling, which statistically is proven to support business growth.

 

  1. Price List Software Allows You to Keep up With the Competition

You will receive your competitors' prices as often as you need, with weekly, daily or even hourly updates. It will allow you to benchmark all your product lines against competitors, and gain a clear view of competitor product assortments.

 

  1. Price List Software Allows You to Increase Deal Sizes

Pricing Software allows you to quickly identify key pricing strategies and to increase deal sizes because of cross-selling and up-selling opportunities.

 

Conclusion

If you are still using spreadsheets to manage your prices then you are definitely not maximising your business potential.

Any time delays in communicated price changes can cost you money because you have lost the opportunity to sell at the new price for the period before the new price 'gets through' to the sales force.

This will be especially important if you're correcting an error or reacting to a change in the market. Remember, errors can seriously eat into your profits.

This makes it almost imperative that you change to Price List software that allows you to quote professionally, increase deal sizes, eliminate errors and drive better pricing decisions.

This type of software gives you greater control over your prices and allows you a distinct competitive advantage.  You really do owe it to your business to make the switch.

 

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Sources

Is Your Company Ready for Pricing Software?

8 Reasons Why Excel Based Pricing Could be Hurting Your Business

The Benefits of Price List Management Software

The Strategy and Tactics of Pricing by Tom Nagle and John Hogan, 2016

Pricing Strategy: Tactics and Strategies for Pricing with Confidence by Warren D. Hamilton, 2014

Pricing with confidence: 10 Ways to Stop Leaving Money on the Table by Reed K. Holden and Mark Burton, 2014

Pricing for Profit: How to Develop a Powerful Pricing Strategy for Your Business by Peter Hill, 2013

Harvard Business Review on Pricing, 2008

http://www.inboundmarketingagents.com/inbound-marketing-agents-blog/bid/360726/Upsell-Cross-Sell-CRM-How-They-Work-Together

http://www.inc.com/guides/price-your-products.html

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