At its core, achieving pricing excellence centers around the concept of value. PROS recently interviewed three pricing and sales experts to get their insights into three top value-driven pricing topics: value selling, value creation, and value capture.
Pricing is the moment of the truth. It is the time to capture the value of all your previous development and marketing efforts in the form of profits. Ideally, you would use the best tools available to capture these profits.
For manufacturers with substantial parts catalog and multi-channel parts distribution, parts business is an important piece of the product life cycle and a not-insignificant revenue and margin driver. However, with the challenges companies face today in meeting growth objectives, from improving sales effectiveness to dealing with more complex engagements with savvier customers, the parts topic is often not considered in earnest until a customer calls looking to get one.
In my last blog I focused on how questioning the status quo helps companies gain insight that can translate into a whole new level of strategic thinking and performance. Now let’s take a closer look at another practice: know your customers.
As companies undertake critical business transformations to improve revenue and profitability, what is often overlooked in the all the numbers is the positive impact these changes can have at the individual and team level.
Price transparency is a growing concern for many businesses. Increasingly sophisticated buyers rely on more reliable price monitoring tools to build rich pictures of market pricing trends. The expansion of ecommerce as a core business model has exposed many companies’ market pricing and discount strategies.
According to recent research from the Aberdeen Group, there has been 30% increase in sales teams reporting responsibility for bottom-line results in the last year alone.
A great way to make your quote-to-order process faster and more effective is to combine two systems: customer relationship management (CRM) and configure, price, quote (CPQ) tools.