A pricing strategy can be the single most important driver of monetization for an organization and of value for its customers. Yet, deciding what the right price should be for a specific product, customer, and sales channel is a huge challenge for many B2B companies. When a company has millions of price items, it’s simply an impossible task. Couple that with the dramatic shift to digital and you have even more pressure.
The acceleration of digital channels created new rules in price management and optimization—leaving companies unprepared to meet the demands of modern buyers and digital selling objectives. They became much more vulnerable to competitors. And still, the lack of market-relevant prices drives customers away, dilutes revenue, and erodes profitability.
Pricing is no longer about setting and managing a list price from time to time. To be successful today, B2B companies must power optimized, dynamic prices—instantly and at scale—to ensure customers and new buyers get personalized offers that 1) reflect value and their needs, and 2) are relevant to the channel they choose to engage with.
The right price now considers not only different variables like fast-changing market conditions, buyer preferences, and competitor strategies, but it’s also the result of tying all that information together, in a centralized manner, and dynamically feeding it into your pricing in real time. How do you achieve this? Leveraging the power of dynamic, optimized pricing to drive business monetization and customer value is not a single step: it’s a pricing journey that starts with simple tactics and leads to smart, multi-channel strategies.
In my session at the PPS Fall Virtual Conference on October 15, I’ll be talking about this topic including:
- How to move from simple price management to dynamic optimized pricing
- Why pricing is key to serving omnichannel buyers and driving more customer value
- How to gain a competitive advantage in digital selling with the help of AI price optimization
I hope you can join me! You can register for the event here.
About the AuthorMore Content by Eldho Kuriakose