Radu Marin, Author at PriceEdge Blog

How to Find the Best PO&M Solution for Your Business, No Matter its Size

June 7, 2021 in Blog

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 Customers

July 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 Software

June 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 »

Pricing from Home: How to Do It and the Tools You Need to Stay Productive

May 12, 2020 in Blog

One of the biggest challenges that distributed teams and isolated pricing professionals face during a crisis like COVID-19 is staying healthy, engaged, and productive.

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 Comparison

April 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 »

The benefits of a PO&M software for your business

January 20, 2020 in Blog

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 »

Psychological Tricks to Use in eCommerce Pricing

December 11, 2019 in Blog

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:

Advantages of PO&M software: Three steps to help you find the right one

December 5, 2019 in Blog

Convinced that adopting PO&M software is the next step on your journey to pricing excellence? Then your first task is to figure out which one will work best for you and your pricing team, and then to evaluate the benefits of using a PO&M software.

There are hundreds of tools listed in Capterra’s price optimization software directory alone, not to mention on the market as a whole. The available features range from simple price data management to full-blown price optimizations & process automation.

The three steps outlined below will help point you in the right direction so you can start drawing up a list of PO&M options and their advantages that will lift you and your team up rather than weighing you down.

eCommerce pricing: How to stay competitive without loosing profits

November 13, 2019 in Blog

Profit is the driving force behind any retail business! The bottom line of your business is to grow your bottom line. You need to make money in order to keep your business afloat, but you also do not want to price yourself out of the marketplace by pricing your merchandise too high.

In today’s retail world, eCommerce accounts for over $3 trillion in overall sales and you can’t afford to pass up your piece of the profit pie! Digital technology now makes it possible for customers to compare prices on the items they want at many different retailers in seconds, and most customers will purchase the item they want from the retailer who is offering the most competitive price.

So, how do you ensure you are pricing your merchandise to sell?

What is Price Optimization & Management (PO&M)?

November 10, 2019 in Blog

What is Price Optimization & Management and how should you choose the right PO&M solution for your business?

‘Price Optimization & Management’ or ‘PO&M’ for short, refers to the technology and processes that an organization uses to efficiently manage and optimize the price of its products and services, both external and internal, including actions such as: