August 11, 2015
When working to capture value, you have to start with data. The entire process stalls if you try to start anywhere else. From there, you can convert data-based insights into the optimal price and value for your company.
While these steps may seem simple, the options available when identifying price and capturing value are determined based on the sophistication and comprehensiveness of your pricing system:
- Without a good analytical system, opportunities will remain unidentified and you won’t be able to capture their value.
- With a good system, you will be able to identify pricing opportunities and export the lower level details for utilization by your current system.
- By utilizing a price optimization module, you will be able to readily identify the pricing opportunity as the difference between a customer’s current price and the suggested optimized price. You can then integrate this new information into your current pricing system to capture the identified value.
- Comprehensive systems provide you with all of the above capabilities and more. You will be able to empower your sales force with optimized prices, deal price analytics and customer compliance information.
Now that you have the technology to make changes, you have to convince your colleagues to adopt these new habits. Identifying the change embracers in your organization to help sway the neutral middle will be an important part of implementing change and capturing value for your company. Start small, gather results, gain momentum and then leverage that to a larger part of your business.
If you can surpass these obstacles, the results will rewarding… and profitable.
READ MORE: 5 Strategies to Becoming a Bottom-Line Hero