(Part 3) Where Are You on the Pricing Journey?

May 23, 2019 Team Zilliant

Introducing our Online Assessment Tool & Pricing Impact Benchmark

More than two decades of research, product innovation and hands-on work with clients across many industries has taught us that the pricing discipline tends to follow a distinct path. That path can be broken down into four stages, each with specific challenges and opportunities. We believe it’s important to nail down where your organization is on the path, so you can focus on solving problems now while planning for the future you want.

That’s why Zilliant offers a fast, free, self-service online assessment tool. Simply answer a few questions about your organization’s pricing practices to receive a full current state report with recommendations for instant improvement and long-term growth.

You took the assessment and discovered you’re at Stage 3 – Automated. Congratulations! You’re ahead of the curve and beginning to realize the benefits of the foundational work accomplished in the previous two stages.

Companies at the Automated stage take advantage of real-time pricing updates at scale and efficient deal management thanks to connected processes across systems, data sources, teams and business functions. 

Not only are pricing recommendations consistently delivered across channels in real-time, but Automated companies harness analytics to constantly track price acceptance and price performance. This creates a rapid feedback loop that serves to keep prices improving while revealing proactive growth opportunities. 

Potential hurdles remain, however. Despite high levels of automation and integration, there can still be bottlenecks in approval processes, as well as sales reps not adhering to pricing recommendations consistently. From a technical standpoint, it is still difficult to predict potential impacts to revenue and profit when considering a pricing change. This affects the effectiveness of your overall pricing strategy.

As much progress as you’ve made, there’s still one more level to get to if you want to be the best of the best from a pricing perspective.

How Do We Reach Stage 4?

You’re now more than ready to bring in price optimization products like Zilliant’s Price IQTM and Sales IQTM. While your data is humming through integrated systems at the Automated stage, the next level is to bring in outside data. Market-driven data provides a broader perspective that allows decisions and predictions to be driven by real-time, real-world market conditions. To reach that level of intelligence there are steps to take beyond just adopting new technology. The Pricing Impact Benchmark report you receive upon completion of the online assessment contains individualized recommendations, so be sure to read that in full to become fully Optimized. For a Cliffs Notes version, read on!

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The Automated pricing team is a valued and strategic asset for the organization. It’s proactive in its ability to provide price guidance to sales based on segment-specific strategies. It empowers front-line commercial teams by giving them more decision-making authority over prices, since the consistent accuracy of pricing can be trusted. It does all this while reducing man-hours, making pricing resources available for other important needs.

Those “important but not urgent” needs are usually ones that have been postponed for years. You can tackle long-term agreement maintenance, master data clean-up, revise price matrices and explore eCommerce pricing strategies. With resources working strategically and proactively on these items, the opportunity to reach the Optimized stage comes into focus.

Clouding that focus are the day-to-day headaches that an Automated team has to deal with. Consider it the curse of success. Your sales team, impressed by quicker response times and better price output, starts to expect more of you. Management does as well. Heavy lies the title of “strategic partner.” You’re now so good at producing analytics and guidance from current and historic pricing, you may be expected to predict the future. Trouble is, your current capabilities don’t enable you to predict potential revenue, profit and volume impact when considering changes in prices or strategy. 

Additionally, the current tools you have aren’t quite intelligent enough to adjust pricing to reflect diverse business strategies for specific markets, industries, product categories and other distinct scenarios. You’ve read Zilliant’s B2B Benchmark Report so you know there are pockets of revenue and margin that you’re missing out on, in places you don’t even know to look. 

It’s time to get Optimized. Keep building on your momentum and give pricing its rightful seat at the table in high-level strategy discussions. An Optimized pricing team is data- and market-driven, predictive, integrated, automated and above all, a profit center for the business. Zilliant has the tools and experience to be the trusted advisor to navigate this next level of complexity. The mountaintop is within view, let us be your Sherpa.

Take the Online Assessment Now! CTA

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