On June 21, a Professional Pricing Society-hosted webinar presented by Zilliant’s General Manager of Pricing Excellence Solutions Barrett Thompson covered how pricing professionals can start quantifying “soft” benefits of the pricing function. In his presentation, Barrett covered how these soft benefits, namely time spent on manual price approvals, can and should be measured in your business.
According to a poll conducted during the webinar, 52 percent of attendees responded that their average quote turnaround time was between one and three days. While a "good" quote turn time can vary significantly from industry to industry, Barrett posed a thought-provoking question to these results: "How do these quote turnaround times compare to how quickly your customers actually want their prices?"
It's a great question, and one that company leaders continue to ponder. With new, non-traditional competitors encroaching on business, time matters when it comes to quote turnaround times and can make a measurable impact to your bottom line. Check out the webinar now to hear more of Barrett’s tips firsthand which include:
- Why quantifying soft pricing benefits is essential.
- How to measure benefits and costs when you don’t have data.
- How pricing exceptions have become the rule instead of the exception.
- What you could be doing instead of lengthy price approvals.
This webinar also includes user-generated poll statistics such as how many full time employees are in pricing and the average time to complete price approval.
Looking for more information on measuring the costs of poor pricing? Check out this article, "Are the Costs of Poor Pricing Weighing Down Your Financial Results?" in Industrial Distribution.