PriceEdge, a fast-growing provider of Price Optimization and Management (PO&M) software, today announced that it has achieved ISO 27001:2013 certification for its Information security management system (ISMS). The certification and extensive audit process were performed by Bureau Veritas and conform to international and UKAS requirements. Continue reading »
Find out about all the big changes we’ve made to PriceEdge in the last quarter, including adding a new way to work with processes, a new interface for attribute-based pricing and bundle (BOM) pricing, as well as a bunch of smaller improvements and additions across the solution. Most of our updates will affect all our users and be rolled out to production environments during the evening of the 15th of June.
As part of the release, we will also sunset some of the legacy views in the system, including some standard reports and the set price screens. What was possible in these sunseed views can to a large extent be recreated with KPI columns and via the price grids. Continue reading »
Price Optimization & Management (PO&M) customization can help you boost your margins and win more business. Adapting your PO&M solution to match your pricing process can save you time, improve your bottom line and systemize what you do best.
When it comes to PO&Ms, the benefits you get out depend on the effort you put in. Fail to define your process and you’ll end up with low-quality data and poorer performance.
A customizable PO&M software supercharges reporting, too, as insights that are specific to your organization give you a higher chance of success by helping you to understand exactly what needs to be improved. Continue reading »
If you’re looking to maximize profits, you need the right tools for the job.
However big or small your organization, having the best PO&M software is crucial to boosting pricing performance across your product portfolio —without one, you’ll be wasting time and losing opportunities you could be converting into profits.
But not all PO&Ms are created equal. There’s a vast array of options out there, so when asking yourself, “what is the best PO&M software?” it’s important to know what features you need.
To help you, we’ve developed this guide of key features you should be on the lookout for when trying to find the best PO&M system.
Navigating Price Increases: 5 Tips for Announcing a Price Increase to Your CustomersJuly 24, 2020 in Blog
Announcing a price increase can be difficult for business owners. This is because there are many fears associated with how customers will react to a sudden increase in prices. Many businesses feel that customers will not be ready or receptive to new price changes, causing sales to plummet. But what do you do when you need to increase your prices and also maintain your customers?
Here are 5 tips to help you navigate announcing a price increase to your customers. Continue reading »
How to Convince Your Team to Invest in a Pricing SoftwareJune 8, 2020 in Blog
You’ve found the one: the pricing tool that will change everything. You know it will help you better manage price lists, set optimized prices, and spend less time on manual tasks. It’s customizable and easy to use.
But there’s one big step you need to take before you can start implementing it: you need to convince your boss, team, colleagues, and/or other decision-makers it’s the right pricing tool for your company.
You need more than just budget approval, you need a fast and easy adoption so you can start seeing better margins and ROI sooner.
In this guide, we’ll show you how to make your case for a pricing software and prove it’s worth the investment, both if you’re just getting started with a pricing solution or you’re switching from a different pricing tool. Continue reading »
If you now find yourself setting prices from home or managing others in a remote work environment for the first time, it can help to remember that in a vibrant, data-driven profession like pricing, nothing ever stays the same for very long.
So whether you operate as a one-person pricing tribe, or you’re part of an established pricing team, consider this your opportunity to master a new price from home strategy and discover some of the remote working tools that will keep you productive. Continue reading »
6 Red Flags to Watch For When You Do a PO&M System ComparisonApril 15, 2020 in Blog
Considering the wealth of information available online, it’s easier than ever to make informed purchasing decisions. On the flip side, it’s just as easy to feel like you’re drowning in wave after wave of value propositions and unique selling points when shopping for a PO&M solution.
Knowing the features you need and the prices that suit you is great, while understanding how to choose a PO&M tool that will give you the best possible price advantage is essential. On the other hand, understanding the things to avoid can often be just as helpful, especially if you have too many candidates to choose from.
To help you navigate through the crowded market of price optimization & management tools and software, we cover the six biggest signs that a PO&M software would be more of a problem than a solution.
Continue reading »
From tweaking your pricing to running large price revisions, every aspect of your pricing process contributes to the overall success of your business. While this means there are plenty of opportunities to improve and grow, it also means that there is a lot to keep track of, which is why you need a Price Optimization & Management (PO&M) system. Here are the benefits of PO&M for your business and your pricing team.
And then there’s everything outside the business.
No organization works in isolation, and staying in tune with the market and industry you operate in is just as important as knowing what’s going on internally.
You have a knack for spotting new opportunities, but if you want to grow your business and build your team, you need visibility across your entire business and every member of your organization needs to be aligned.
There’s an entire industry of software tools designed to help you keep your finger on the pulse of your business, and it goes by the name of Price Optimization & Management (PO&M) software. Continue reading »
This shouldn’t come as a surprise, but we humans aren’t always rational creatures. Sometimes we make choices based on sound reasoning and logic, and sometimes based on our emotions and our “gut feeling”.
When pricers set prices assuming an “economic” model customer (using rational choice theory), they risk missing out on the best pricing strategies.
Shoppers don’t always carefully consider the quality of a product, its relationship to other products on the market, or the correlation between its price and its actual value. Sometimes they make purchasing decisions based on whether a product is made to look like a great deal, or whether it seems like it might sell out quickly.
This unpredictability can complicate the work of setting prices in eCommerce stores. Fortunately for eCommerce marketers, there are several psychological “tricks”–we prefer to think of them as good strategies–that can make customers more receptive to certain prices.
Here are some of our favorite strategies: