What Happens After You Hire a Pricing Software

SoftwareSuggest

SoftwareSuggest

Senior editor

Parul Saxena

Chief editor

Last updated: March 2, 2021

Congratulations! You’ve managed to sort through all of the price optimization tools out there to select the one that meets your business wants and needs the best. However, now that you have what you need to get accurate and detailed data regarding the market, as well as corresponding visuals, what’s next?

How to get the most bang for your buck through a Pricing Software?

Pricing software is highly automated and self-consistent, but you are the one to vector your faithful assistant before engaging it in autopilot. As with the majority of things in life, you begin by preparing. You don’t want to miss an opportunity to rotate a high-demand stock line weekly. What you do want is to mind KVI factors and commence fruitful monitoring. There are six critical steps that you need to do to make things happen. Here they are:

1. A goal without a plan is just a wish

It doesn’t matter how you define your target in price intelligence. The only thing that matters is that you do it. For instance, if you’re a visual type of person, write it out, make a list. Just do it. This will be incredibly beneficial to you in the long run because it’ll help you:

  •    boost turnover, margins, share
  •    modify prices
  •    beat dumping
  •    introduce promotions

Keep your objectives visible and feasible all at the same time.

2. The more you analyze, the more you know

By helping pricing software, take a look at what you have in your inventory at the moment, you can figure out which items bring in the most money, thus helping you understand which goods are your top sellers.

Additionally, you’ll be able to pinpoint your KVIs, which are the products that push the majority of value perception. In other words, take advantage of your competitive pricing software to get answers to all of your items related questions.

3. They’re not your competition if you don’t even compete

With seasoned price analysts on a team, you know exactly who your competitors are. If you’re a startup, you might be employing a hit-or-miss method. The truth is, many companies do not have a clear view of their rivals and go through trial and error approach, which is an essential part of business life.

On this occasion, proceed by stages, initially mapping product crossings, analyzing A-list marketplaces and successful retailers, identifying specific competitors for specific categories of goods and services. It’s always a good idea to have a thorough look at the counterparts in your area and those who deliver bulk quantities there.

Defining your main competition is crucial since here you are figuring out how often to monitor your competition. This begins by detecting your key rivals, and once that’s determined, you’ll have the answers to questions such as, “How often do they reprice certain items?” This information will help you set the monitoring frequency, that way you’ll always have fresh and accurate data.

4. Knowledge is power

Mr. Mandela wasn’t lying when he said, “Education is the most powerful weapon which you can use to change the world.”

The world may not be significantly impacted in this case, but your business will undoubtedly be, so your small slice of the world. It’s up to you though, to make the change positive or negative.

Pricing and category managers need to be aware of their audience goals and aspirations. Customer success experts will always have something important to share and to teach. Most notably, in the face of continually changing dynamic markets. Tutorials and knowledge base training sessions are imperative for anyone seeking a decent level of competence.

In the following steps, managers will be applying their newfound skills practically. Eventually, this sorts of exploration will make them understand the pricing software. Yes, knowledge is power, so you want to make sure your managers know how to get the most out of the system. Be prepared to invest some time into it.

5. Not adding value is the same as taking it away

Add-ons are enhancements that modify the way your pricing software behaves. The deeper you go into those pricing strategies, the more you have to discover to benefit. Wiring up various variables, such as retail activity history, conversion rate, MAP monitoring, desired margins, markups and other functions, will allow more accurate tuning with higher sales and profits.

You need to choose which add-ons you’d like your price tracking software to have so that its performance increases while making sure that it caters to the financial indicators, as well as the requirements specific to the market.

6. The best way to predict the future is to create it

With the creation of an ROI forecasting, you’ll be able to predict when the price-tracking solution that you implemented will begin to pay off. It’s always important to have an objective you’re trying to reach, and as soon as you have the estimate, you’ll have a goal to push to, so that you can make sure you can realize that plan.

Let’s say, you’ve stated realistic objectives (e.g., to reduce time input, to bring prices up by 10%, find new targets to compete over). Here’s your chance to measure gains and evaluate your first results after a month. Have you come any closer to the goal? Has your ambition ultimately been feasible? Once you manage to grasp a good sense of ROI and correlation between broadly construed investments and specific outcomes, you take that essential step towards further growth by pricing software.  

How to integrate pricing software seamlessly and make things smooth 

Now that we’ve gotten our price intelligence software all prepared and ready for what’s to come, we can move to the integration portion. Comprehensive integration of all critical elements and major data (desired margins, clear-cut repricing regulations aligned with the competition in commodity sections, relevance of information in feed, etc.) will team up your allied forces. For that to happen, there are three things to do.

1. Out with the old and in with the new

If you were using some other software solutions previously, it’s high time to import all the data you accumulated from the old one into the new. After all, you don’t want to lose that hard-earned valuable information that can still be useful. A start from scratch is possible, but not recommended in the event of handicap.

2. Tiny tweaks can lead to great changes

Don’t be afraid to make some tweaks to your price comparison software. You can accomplish it by selecting the most suitable pricing rules as well as situations.

If you aren’t sure of which pricing rule to select, you can read about a few of the top ones to get a better understanding of the direction that you should head. That is to say, the more data you pour into your pricing software solution, the more opportunities for improvements you create.

3. The decision is the ultimate power

You need to decide how you’ll be downloading the data to your ERP. There are a few options to choose from, but it’s up to you to decide which one would be the best pricing software for your company. A few options include:

  •    Downloading Manually;
  •    Integrating with API;
  •    Directly importing new prices from the price-tracking solution straight to your online shop.

How to conduct an adequate onboarding?

We’re forging ahead with a couple of other steps to be taken, and now it’s all about onboarding activities. To succeed in their endeavors (regardless of its nature and field), one should be ready to immerse deeply into the subject. Just like pearls do not float on a surface (they rest down below, right?), outstanding results do not come easy.

Start with a courageous dip into a domain knowledge base, venture to participate in demo calls with success managers who know their oil better than anyone else. Get to understand pricing plans and their philosophy, engross into repricing practices and nuts and bolts of marketing. Here’s a guide-board to keep on track and to go.

1. Difficulties mastered are opportunities won

Now’s the time to define every single technical problem that you’ve encountered while working with the platform so that you can meet your business goals. Additionally, make the information known to the pricing software provider, so they can make some alterations to the system that will positively change your working experience.

There are few things that should be kept in mind. Right off the bat, you may run into specific issues during crawling procedures. For instance, website format is a subject to regular, careful examinations where modifications take place. Likewise, marketplace parsing might be a hazard-prone area. Keep your eyes and ears open to spot out even minor discrepancies. It won’t happen overnight, but it will bring you the level of confidence you are looking for.

2. Consistency is the key

Be sure to check up on both your category and pricing managers. It is critical for to your employees to utilize the price-tracking platform on a daily basis. Because different things happen, and some of them side-track attention in a heartbeat. Before you know it, it’s been weeks since your team members employed the strategies you counted on.

Lack of consistency has decimated plenty of promising undertakings, and you shouldn’t underestimate that snake in the grass. Otherwise, I can assure you that you won’t be meeting the goals that you want at the pace that you’re striving towards.

So, check the adaptability of your team and their alertness towards innovation. Have they managed to transgress from Excel to modern pricing software?

3. Great gains are earned, not given

What you do here is blue-pencil your employee’s time spendings, thus investing extra hours and efforts into something more potent than manual labor. Put your best foot forward for the betterment of your repricing strategies. Your best men deserve more challenging and creative tasks than wasting burden-hours over the assignments that should have long been automated. That is the pure beauty of knowledge.

The information you gather will help you become more competitive and far-sighted. Once you know your market and its players, you are capable of anticipating what your competitors are thinking of, what targets they are about to attack and what measures you should take to prevent them from outperforming your business.

The talent to adjust and comply with the conditions has little to do with natural gifts. That is a skill to foster and develop until you can stay ahead of the curve with discounts, sales, special offers, promo campaigns and whatever else your rivals come up with. Taking the lead means making more money. And it will never happen unless you have relevant data at hands.

You need to figure out, via analysis, how the pricing software aids you in gaining more money.

4. Change is good

Nine times out of ten, you’ll need to change your repricing tactics, if you’re using your pricing software correctly. Based on what happens, you’ll need to ask yourself questions such as whether or not you need to add some new competitors to the list as your way to boost competitor pricing. Yes, there’s a certain degree of risk involved (just like anywhere else in a successful business), but some smart planning and qualified guidance will minimize your burdens, notches, and fears. Don’t hesitate to look back, reflect and make bold decision to take the initiative.

You’re doing so well! We’re almost at the finish line. Now it’s time to ensure a steady workflow.

5. New week, new goals

Having analyzed your market specifics and syntonized the software, pricing experts can shift the goalposts dynamically, under unfolding situations. Based on your new goals from changes such as work in a new region, an introduction of a new store or tail-piecing of new competitors, or either increase or decrease in the inventory, — it’s time to adjust your repricing. Don’t forget you’ve got to keep an eye on those variations and work with them instead of working against. After all, change is ever constant.  

By the way, new origins of data and source items are always welcome and can be easily worked into new add-ons to facilitate the work you do. 

6. Go Big or go home

By steps above your repricing activities change beyond recognition in the best sense of this expression. You can guess the advantages (and there will be a whole range of those), but there’s also a flip side of the coin. You will need more smart analytics to keep things going the way you want. Pricing assistant will be of great help in this case. A decent pricing assistant will take you higher, so you see a bird’s eye panorama of eCommerce platforms with their processes, competitive intelligence, perspectives, and turns.  

If necessary, don’t hesitate to select a larger price optimization plan. This will allow you to track more rivals, that way you’ll get much more data in regards to the market. If your company and the market that it’s in is growing, it’s time to upgrade your software as well. You don’t want it to hold you back!

Bottom Line

You made it! Now you can go out into the mad world of competitive pricing with ease and confidence. As you can see, every new story turns out to be as old as the sea. You’ve got to have a boldness to embark on a journey, diligence to learn and to work, and a vision to make sure you keep your goals and know where you are heading for.

At the outset, dedicate time and energy to learn the ropes and introduce your team to the crux of the problem. Experience has proven that some of us are way too often reluctant to change, keeping to the beaten track even though it is troublesome and time-robbing. Positive changes always demand assiduity and mindfulness that pay off ones you put a finger in the right spot.  

In ancient times, our remote ancestors used to take readings of celestial bodies and follow the delicacy of Ariadne’s thread originating in legendary. Today this guiding thread stretches to the reservoir of hi-end digital solutions which have outgrown old view of life. However, it still encourages us to work up to the nerve, reach heights and strive for some modern era exploits. The time is right to step up and win. And on that note, we’ll end as we began: congratulations!

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