Have you noticed how more and more people prefer to do business online these days? It’s become pretty clear that pricing is a huge factor in the digital world, and companies need to step up their game to meet customer demands. Unfortunately, many companies are struggling to adapt to this new environment, but there are a few things they can do to improve their pricing game and keep up with the times.
Keeping Up with Buyers
First, today’s buyers want an efficient and fair transaction, not a drawn-out sales cycle. So, companies need to shift their pricing to low- or no-touch digital channels that let customers self-serve and access market-relevant prices easily. In fact, research shows that many buyers are willing to pay more for the convenience of instant buying and avoiding lengthy price negotiation processes.
Secondly, companies need to use data and algorithms to deliver market-relevant prices that can be adjusted quickly based on current conditions. With today’s supply and cost volatility, customers expect prices to move dynamically, and companies need to be nimble enough to keep up. Many buyers also prefer personalized, market-based prices, so having the technology to deliver this kind of pricing is key.
Streamlining the Experience
When high-touch pricing negotiation is necessary, companies can use the same data and algorithms to create a “no-touch” pricing range supported by facts around what similar customers are paying. The goal here is to make the process as easy and frictionless as possible.
It’s also crucial to provide a consistent pricing experience across all channels. Whether a customer is talking to a salesperson or checking a page on the website, they expect to see the same pricing. This often requires an upgrade from using Excel to manage pricing across channels.
In With the New
Finally, with all the advancements in pricing technologies, companies can now build a more nimble pricing organization that takes a strategic role in crafting and testing different pricing strategies. This shift allows pricing groups to open up new growth and profit opportunities for the company.
These are just a few things that companies can do to improve their pricing game in the digital world. By making these changes, companies can keep up with customer demands and remain competitive in today’s market.