Price Management Software:
Terms & Online References
Price Analysis / Analytics
Tracking / Monitoring
Database / Products
Repricing / Changes
Price management is the analysis of separate revenue-altering aspects from consumer behavior to competitor pricing and product value, among others. That information is used to develop strategies for price optimization, inventory control, forecasting, promotion, and more.
Can companies in the service industry benefit by adopting pricing strategies? In this article, we look at price sensitivity and how it plays a role in the service industry.
Is the customer looking for your service different from a consumer who shops online for certain products? Consumers who shop online are known to be more price sensitive than ones who shop at retail stores. With the dramatic increase in the number of consumers shopping online, one might presume they are also price sensitive towards other types of purchases.
You can sell your services online, but the service is not tangible. You can't zoom in on a picture and rotate it. You can't say, "That service will look good with red pumps!"
So, how does price sensitivity factor in towards an optimized price? In the service industry, price sensitivity only plays a small part in the consumer's decision to buy your service. This does not mean there won't be customers who will always take the lowest price. It means that there are more important factors to consider to obtain the ideal price for your service. With that in mind, you can focus on other influences that will determine your optimized price.
The first question being, "What can you do to increase profits without losing the quality of your service while being competitive in your market?" Now that's a tough question. How do you know what is the best price for your service? Are you riding the wave of competitor prices? Do you only run promotions during slower revenue periods? Are you achieving the best price possible while maintaining growth?
If you are a service organization who wants to grow and increase profit ratios, you might consider incorporating a price management program into your financial business model. As I stated before, price management is about analytics and strategies. Financial analytics has changed considerably in the past ten years. New strategies can be evoked to get more customers buying your service while maintaining a healthy growth.
|Cincom:Cincom CPQ software integrates with CRM systems to: simplify complex sales processes; automate quote and proposal generation; optimize pricing and discounts; and enhance customer experience/CX.|
|Competera:Price tracking & Price optimization software | Competera provides the innovative Price monitoring, MAP monitoring, Price tracking & Price optimization software enabling you to maximize your profits.|
|epaCUBE:epaCUBE | Price Optimizer - epaCUBE.com | Optimised Pricing. Maximized Profits.|
|Flintfox:Advanced Pricing Software | Flintfox delivers innovative solutions for advanced pricing, customer and vendor rebates, trade promotions and claims & deductions management for any ERP system.|
|Intuit:Pricing Strategies | Enterprise Price Management Software | Advanced pricing strategies help you implement special promotions, cost-of-goods increases, manufacturer markdowns, price changes by class & much more.|
|JDA:Solutions | JDA Software | From planning to delivery, our game-changing solutions will take your operations to the next level.|
|Oracle:Price Management | Applications | Oracle's Price Management solution is the single most important lever organizations have to improve profits. Price Management is a closed-loop process whereby companies analyze, plan, publish, execute and negotiate price.|
|Prisync:Prisync is a competitor price tracking and monitoring software for all sizes of e-commerce companies worldwide.|
|PROS:Control: Dynamic Pricing Management Software | PROS Control, a dynamic pricing management solution, replaces spreadsheets with a single source for centralized price management and execution. Learn more.|
|Schmitt ProfiTools:Price Management & Analysis Software | Manage your pricing and establish profitable pricing strategies with our pricing software tools.|
|Stratinis:Stratinis Pricing Suite Enterprise Edition. Analyze, Optimize and Manage your prices, discounts and rebates with Stratinis Pricing Suite Software.|
|Syncron:Energy Utilities HVAC after-sales service software solutions from Syncron help companies resolve outages quickly through service parts availability.|
|Vendavo:Price Manager™ | Vendavo | Download this data sheet to find out how Price Manager enables you to quickly implement and deliver optimized pricing to the "front lines".|
|Vistaar:Price Management Solutions | Vistaar is an innovator of price and revenue management solutions. Vistaar™s pricing software enables companies to achieve pricing best practices through price analytics, price optimization, price list management, and deal management. |
|Vistex:Price Management Solutions | Pricing provides the fastest and most effective way for companies to grow profits. However, even companies who agree with this tenet often find it difficult to implement pricing best practices with any consistency and lasting impact.|
|Zilliant:AI software that uses machine learning and predictive analytics techniques to deliver prescriptive intelligence that maximizes customer lifetime value.|