{"id":4113,"date":"2024-05-07T12:44:01","date_gmt":"2024-05-07T12:44:01","guid":{"rendered":"https:\/\/solutionsreview.com\/marketing-automation\/?p=4113"},"modified":"2024-05-07T13:31:54","modified_gmt":"2024-05-07T13:31:54","slug":"how-transforming-pricing-will-set-your-company-up-for-success","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/marketing-automation\/how-transforming-pricing-will-set-your-company-up-for-success\/","title":{"rendered":"How Transforming Pricing Will Set Your Company Up for Success"},"content":{"rendered":"

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As part of Solutions Review’s Contributed Content Series<\/a>\u2014a collection of contributed articles written by our\u00a0enterprise tech thought leader community<\/a><\/span>\u2014Pascal Yammine, the CEO of Zilliant<\/a>, explains three pricing strategies that can help your company set itself up for success.<\/span><\/span><\/strong><\/em><\/p>\n

\"\"<\/a>It\u2019s not an exaggeration to say that pricing is perhaps the most powerful\u2014but misunderstood and underestimated\u2014factor in an organization’s success. Pricing has the power to impact market position and drive demand, but it must align with a company’s margin and revenue goals. Because pricing is dynamic and constantly changing, it can be a real challenge to get right, and too many businesses are still executing traditional, do-it-yourself pricing strategies with manual processes. <\/span><\/p>\n

Here are three ways to set your company up for success through a data-driven approach to pricing: organizational alignment and change management, practicing patience for long-term results, and putting the customer first.<\/span>\u00a0<\/span><\/p>\n

Getting Everyone Onboard Via Change Management<\/span><\/b>\u00a0<\/span><\/h3>\n

Everyone must be fully informed and on board when adopting new solutions to support a modern pricing strategy. Company leaders should start by ensuring the correct messaging and training are distributed to the right teams to see a substantive ROI. But crucial to ensuring a new strategy\u2019s success will be the right change management approach. This starts with selecting a pricing transformation leader within the organization that will accelerate the transition of pricing tech adoption. This person\u2014either appointed by the C-suite or volunteering to take on the role\u2014will need a vision of pricing success, a concrete plan to take the entire team there, and the authority to enforce those changes.<\/span>\u00a0<\/span><\/p>\n

The right change management plan starts with defining the value of the new pricing strategy \u2013 bringing data that shows <\/span>why exactly<\/span><\/i> change is necessary and <\/span>how exactly<\/span><\/i> it will benefit each business user and the organization as a whole. After that comes building the initial plan, with a vision for how the strategy will change and metrics to hold teams accountable. Then comes reviewing and documentation of the processes to be changed, with the key priorities being data management, price updates, price review and quote\/order. <\/span><\/p>\n

Finally, develop the end-user training processes with plenty of opportunities for feedback, such as town hall sessions or \u201copen door\u201d policies. This will ensure that the new pricing strategy is effective and that users feel empowered and involved.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

Practice Patience to See the Results<\/span><\/b>\u00a0<\/span><\/h3>\n

Results from an updated pricing strategy will trickle in at first, and sales teams will see changes as the plan adapts to organizational and economic shifts over time. To ensure that team members and company decision-makers remain aligned with the new methods, encourage them to have patience.<\/span>\u00a0<\/span><\/p>\n

Decision-makers are typically adverse to change because of the fear of failure and of lost time and resources. In a world where everything is instantaneous, remember that it takes time to properly inspect new solutions from every angle. Company leadership can minimize fears by guiding every relevant team member through the transformation while simultaneously evaluating its fit for stakeholders. Initiating a digital transformation can be difficult for companies, especially when geared towards long-term results. However, updating pricing strategies to align with a tech-driven world can help companies reduce risk within their organization.<\/span>\u00a0<\/span><\/p>\n

The best way to keep the C-Suite invested over a long duration is to use the right analytics so that project leaders can easily socialize wins and milestones, building momentum to ensure the new strategy can take root. Some crucial metrics include:<\/span>\u00a0<\/span><\/p>\n