Tag Archives: pricing strategies

Profit Improvements opportunities with a Pricing Consultant

When a customer looks at a product on the shelves or consider hiring a service, several concurrent thoughts immediately run through his or her head. Is it high-quality? Is it fast? Is it affordable? Will buying it impact my lifestyle?

In the end, what every customer wants is maximum value for his money. Thus, to attract greater sales, many believe that lowering prices is the way to go. A Pricing & Value Consultant however, can show you that this simplistic attempt at pricing often fails to maximize profit. Pricing increases that do not address the customer's assessment of value will often backfire.

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Best Features of the PrivalEdge PowerPricer Pricing Software

Performance in Pricing & Value Management has a huge impact on bottom line results and competitiveness in any business… but Pricing & Value Excellence is hard to reach for a number of reasons:

-      Data access and visibility required just to be able to see / monitor & control pricing data… often lacking or inconsistent in companies

-      Complex analytics required to derive Price response / elasticity functions

-      As a fairly new ‘subject’ for many companies, Pricing and Value culture & expertise is often still in development

Because of the analytical & data intensive nature of the subject, software is an essential component to the creation of maximally effective pricing strategies and allowing businesses to make well-informed decisions that improve bottom line & competitiveness.

There are varying packages of pricing software available in the market these days. Most established suppliers require important investments & long set ups, but, increasingly, a new generation of network-based Pricing & Value Management software is emerging with superior features, yet lower costs and easier / faster deployment.

When it comes to choosing pricing software, companies focus on cost, functionality, features and reputation. Most of the time, they underestimate the change management required within the organization to make effective use of the capabilities of the new software and the effort that will be required to ensure that features are actually used and potential capabilities realized….

What Sets PowerPricer Apart?

Leading the new Generation of Pricing & Value Management Software is ‘PowerPricer’ the Pricing & Value Management software developed by PriValEdge (a Leading Pricing & Value Strategy consultancy). For Years, PriValEdge has helped their clients identify and execute innovative pricing strategies … and in the process has developed a number of flexible yet highly powerful tools to support Data all key aspects of Pricing & Value Management (Big Data Management, Superior analytics & statistics, powerful reporting, great graphics, easy to use interactive interface,).

Over the last 2 years PriValEdge has invested considerable resources to integrate the State of the Art tools into a very powerful integrated Pricing & Value Management solutions that sets new standards for the Industry.

PrivalEdge's pricing software is committed to engage clients in the methodologies and tools for market support, benchmarking and research planning in order to weigh in the risks and trends of particular project for investment.

When it comes to functionality, this type of software provides easy data management for transactional data and market research. It also has sophisticated analytics and modelling features. The software also permits flexible and intuitive reporting which makes data transparent and readily available.

PrivalEdge pricing software is based on Microsoft Power BI platform combining the power of SQL Server, Office and Proprietary developments for Flexibility, scalability & Features.

Pricing Control

For customer value reporting, PowerPricer offers sophisticated statistics made simple for use in Segmentation analysis, price response modelling, regression analyses, detailed variance analyses, it also presents time series data, as well as pricing dynamic reports. All of these reporting tools let one manage and monitor pricing and implementation, with a solid predictable foundation essential for decision-making.

Simulation Component

Another key feature is the simulation and optimization dashboard. The simulation lets you test run different marketing and pricing to know which would be the safest direction for your business.

It includes network simulation and optimization of impact of various pricing decisions, packed with regression, segmentation and clustering tools. It also displays economic value modelling tools, maps and curves, as well as win-loss and elasticity analyses which can help measure perception of the value and base pricing for your products.

Data Capability

PowerPricer offers maximum security data and privacy, where only project-related personnel can have access to the data. Projects are secluded in its servers and database via internal network resources.

For its data storage, the database can hold large volume of data with secured daily backups for data protection and the ability to quickly restore previous versions if necessary. The software uses adaptable core processing power with high internal memory efficiency.

How does PowerPricer fit in PrivalEdge’s service offering?

PriValEdge’s mission is to help its client Improve their Pricing & Value Management performance through the definition and implementation of innovative Customer Value & Pricing strategies which secure improved competitiveness and significant bottom line impact..

PowerPriver leverages our existing capabilities. It helps us Provide more value faster and enables our clients to implement more effective Pricing & Value Management approaches more systematically, on a wider scale and faster. PowerPricer has become a key feature & differentiator for PriValEdge and reinforced its position as a leading Pricing& Value Management Consultancy

For free demo, contact PriValEdge at Info@PriValEdge.net

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How to effectively use Discounts and Rebates in your pricing strategy

Often, when sales teams want to lure in new customers or simply increase sales, discounts and rebates are amongst the major components of the deployed arsenal.
While it's easy to get the rationale behind the discounts and rebates story: “Don't miss that opportunity!”, the results are always hard to measure and more than often damaging to the bottom line Worse in some cases, it can even damage your chances of getting the sale.

This is why you should carefully craft your plans, if you intend to use discounts and rebates in your pricing strategy.

Major pitfalls of Discount and Rebates based pricing strategies
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Pricing Strategies to Increase Profit in the Health Industry

Healthcare is one of the perennial needs of mankind, and the health industry provides innovative products, services, and strategies for an endless stream of customers. Pharmaceutical companies need to recover costs of research and development, marketing, and eke out a profit amidst a business environment rife with competition and an uncertain economy. You need pricing strategies that really work no matter how the market shifts. Pharmaceutical policies draw national attention, and a company that fails to properly value its products may find itself quickly losing ground.

The primary goal of pricing strategies is for your success as a business, but since health is a national concern, there is pressure to have new cutting-edge pharmaceutical products available to as many people as possible. The government may impose regulations on drug pricing, but this may actually end up as an advantage to a company.

Pricing Products and Services Based on Perceived Value

Determining true value is one of the most difficult tasks in creating a pricing strategy. Under-pricing hampers true profit potential, but over-pricing can simply cause you to lose customers. There are three most common ways of determining price: based on products costs, based on the competition, and based on the customer's perceived value of the product. Of these pricing strategies, value-based pricing gives you a much more efficient Return Of Investment.

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How to Create a Pricing Strategy for a New Product

Pricing can be a thorny and tricky issue when it comes to business. The prices that you charge for your services or products can have a direct impact on the profits and sales. The pricing strategy can determine how clients respond and view your product or services. Here are some ways on how to create a pricing strategy for a new product.

Pricing Research to Understand the Value of the Product

Conduct some pricing research on the market reaction of your products and services. Pricing & Value Research can help you understand the value of the product and how performance on key product attributes can change perceived value, hereby providing valuable guidance not just on price but also on product design (that will maximize perceived value) or segmentation (to adapt the offer to priorities of different customer segments). Your research can include areas like which products are likely to be successful, what the customers is willing to pay for your products, and which products customers see as offering the best value. Doing some background research can provides a strong foundation for your company's pricing strategy.
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