How To Select The Best Pricing Analytics Software For Your Business

In this day and age of competitive marketing, companies are looking for ways to increase their success, as well as profits.  While marketing and product placement are key, pricing may be one of the most important factors in getting consumers to purchase your product.  Years ago, pricing a product may have involved calculating a specific percentage above cost.  Today, however, there are many more details to consider when pricing a product or service, including demographics, sales trends and industry.  Instead of spending the time to calculate through this lengthy process on your own, you may want to invest in quality pricing analytics software system.

Pros Pricing analytics software utilizes effective CRM strategies unique to the needs of each business.  Although the concept of pricing analytics isn’t new, it has grown in popularity more recently as the recession continues to recede.  The goal of the software is to educate the user on recommended pricing trends based on consumer demand, competition and other statistical information. 

Industry-Based

While many industries are unique when it comes to their customers and products, finding a software program that meets the demands of your company is important.  Before purchasing the software program, make sure that the software will interface with your type of business.  The programs may vary significantly between industries.  For instance, a pricing program that serves a medical supply chain would be different than a retail supplier. 

Quality Program

Of course you want to purchase a program that offers quality software.  Here are some other helpful characteristics to look for when selecting pricing analytics program for your company:

• Easy to use:  Selecting a program that is user friendly will affect the impact that it has on your business.  If you aren’t able to easily use all of the applications, they will not be beneficial to your company.
• Reputable:  Always check client and consumer reviews before selecting your software program.  Although the software program may look good online, it is hard to know exactly how it will work with your system until you try it for yourself.  Consult with other businesses in your industry to see how they liked the program. 
• Affordable:  Depending on the software program, there will be different features and applications available.  Decide between what your business needs and what you budget will allow.  You can avoid buying a more expensive software program that includes additional features that your business will not use. 
• Return on investment:  When making an investment on a software program, you will want to make sure that your return on that investment is within reason.

Price Management Solutions

An excellent software program will deliver the best price management solutions, which include:

• Formulating a plan:  This gives the project planner or business owner the opportunity to create a product portfolio, manage list prices, market segment strategies, forecast revenues and analyze market intelligence.
• Selling:  The software should encourage account and sales planning, provide guides to enable winning negotiations and give business owners the proper tools to analyze product performance.  Price management also includes negotiation and quoting solutions as part of the selling process.
• Track your product:  A good software program will allow you to track your product as sales trends change.

Buying the right price analytics software can change the outlook of your business and help you develop a successful pricing edge.  You can jumpstart your profit margin by investing in a quality pricing software program.