How To Boost Revenue With Pricing Software

Pricing software is an offering well worth IT solution providers' time and attention. It's a sticky, high-ROI solution tied to executive imperatives – not a commodity – that gets resellers in the door to speak with their customers in the corner office. PROS Chief Marketing Officer Tim Girgenti underscores how pricing software adds value to companies as well as to the solution providers that adopt the software into their portfolios. — Jennifer Bosavage, editor

Companies today face unprecedented business challenges to increase margins, grow market share and improve their overall financial performance. With volatility in the commodities markets and global currency fluctuations, organizations have never experienced greater turmoil or risk in delivering profitable results, nor have CEOs and CFOs faced greater pressure from their shareholders. A recent study by Accenture revealed that nearly 75 percent of B2B companies list price optimization as one of their top three strategic initiatives. Yet only 25 percent felt they had the proper technology in place to enable true price optimization or to enforce price governance.

The situation is exacerbated by intensified pricing pressures from more sophisticated buyers, ever-increasing price transparency and formidable competition from around the globe. Companies are confronting how to price products in a manner that best serves their customers, at a price they’re willing to pay.

Equally as challenging, sales teams are ill-equipped with the tools they need to fully understand the profitability of every transaction. They often rely on limited information and past sales experience to determine how best to price their products and services. Moreover, most sales organizations instinctively believe that the bigger the volume, the better the discount, without regard to myriad factors that ultimately determine profitability. Without institutional guardrails—and pricing insight and guidance—companies lose confidence, believing they no longer have control over prices. Anecdotal evidence underscores the gravity of the pricing dilemma:

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