Download the eBook below to learn how an electronic components distributor leveraged Zilliant Price IQ® and Price Manager™ to transform the way sales reps think about strategic pricing for their customers.
Creating a New Pricing Mentality to Help Sales Reps Quote with Confidence
It is extremely challenging for large electronic components distributors to consistently price products in a way that captures margin and revenue goals. This is due to the complex nature of often highly configurable orders, a wide spread of customer types and a massive transaction volume. Sprinkle in our current economic burdens, with inflation and supply chain crises causing costs to balloon, and optimized pricing becomes even more difficult.
One electronic components distributor was in a better position than most to meet these post-pandemic market stressors head on, as its pricing team had invested in Zilliant Price IQ® and Price Manager™ years before. Zilliant pricing and visual analytics tools were brought in to help:
- Determine when prices should be updated, and by exactly how much
- Replace a rules-based cost-plus approach to customer-specific pricing
- Garner confidence from the sales team in the prices it was quoting
- Easily measure compliance and price performance
The distributor’s pricing team’s stated mission was to leverage science instead of rules to recommend prices that sales reps would use, while being agile enough to adjust to the changing market conditions. That agility would come into play in a major way after COVID upended everything.
The distributor's strategic partnership with Zilliant, a full embrace of intelligent price optimization and management, and a disciplined approach to change management/enablement laid the foundation for success. The company was able to achieve a massive reduction in percent-priced-below-floor while more than doubling its target price usage in the field. The resulting shift in the pricing and sales culture has given this company an edge on its competition in an unpredictable new normal.
Download the eBook below - "Creating a New Pricing Mentality to Help Sales Reps Quote with Confidence" - for an in-depth look at how this electronic components distributor enabled its sales team to quote with confidence amid a high-volume, high-velocity sales environment that serves more than one million customers.