In an earlier article, Innoware looked at the benefits of customised software in the context of Pricing & Quotation Software. As a follow-up, this article aims to explore the benefits of subscription based out-of-the-box pricing software (also known as Software-as-a-Service).
Custom software (also known as bespoke software or tailor-made software) is software that is specially developed for a specific organization. As such, it can be contrasted with the use of software packages developed for the mass market, such as commercial off-the-shelf (COTS) software, or existing free software.
About one-third of consumers are purely hung up on price, while the other two-thirds are open to at least hearing another argument, says Tom Reilly, an author and value-based shopping expert. "Value is always long term," Reilly says. "Price is short term". If your customer is fixated on price, the best strategy is to turn that to your advantage – it can actually help shape the value of your product and signal value.
According to Forrester, an independent technology and market research company, dynamic pricing is “an innovative pricing mechanism made possible by recent advances in information technology… that allows online companies to adjust the prices of identical goods.”
Also known as QTC or Q2C, "quote to cash" is a term that is used to describe a business process that covers product or service selection, pricing, quoting, contracting, invoicing, payment checking, and contract renewal. It is typically achieved through the support of a software solution.
To make it as a successful Pricing Manager, there are many desirable skills/traits to have in your arsenal. Pricing Managers today are very different to pricing managers of 10 years ago (if the role even existed in many companies).
The pricing of your product or service is a key element in determining the profitability of your business. However it is not always easy to get it right. How do you make sure that money ends up in your pocket and you avoid those endless sleepless nights?
Finding the right price management strategy is an important element in running a successful business. Naturally, as markets change, so do the strategies required for price management.
One of the most controversial decisions for almost any business owner is whether to post pricing information on their website. Traditionally, business owners have been inclined to keep this information off their websites – but is this a fundamental error?
We hope your Christmas was a good one, but now it's back to work for the New Year with (here's hoping) renewed intentions and impetus to improve those margins. Unfortunately there are no quick fixes, "no work, no pain" will not boost your margins. It will require major strategic changes, but if you're truly serious about becoming more profitable, then read on.