A Better Way to Manage Your Pricing
Forget static pricing structures with annual adjustments. When markets change, so too should your prices. To stay both competitive and profitable you need to understanding your customer value equations and competitive challenges. And of course, also knowing your internal fixed and variable cost structures, and manage your strategic and operational pricing accordingly.
Even the largest players are no longer immune to these challenges, which can lead to lower margins and profits, hampered growth, and increased customer churn – unless they are managed with the right pricing tools and solutions.
At Ignize, we have twenty years’ experience of understanding these challenges. We have applied our extensive expertise in both pricing and SaaS solutions when we designed the Ignizer Decision Intelligence platform. It is a robust and agile pricing management system based on an advanced combination of the latest technology and the expertise of senior pricing experts with broad industry experience from both operational pricing and business leadership.
Common Pricing Problems
We know from our broad experience of our clients’ pricing issues that these are some of the most common problems companies face today.
- Chasing one’s tail: Many companies have come to manage their prices reactively, always trying to catch up and fixing problems retrospectively and never being able to take command of the situation from the driver’s seat. This approach, based on past data, is invariably costly and has a negative effect on profits.
- Managing complexity: Without a pricing strategy that can handle complexity, the strategy quickly becomes outdated. Even worse, the complexity tends to grow over time, often resulting in flat price changes, hastily decided and generally poorly timed that reduce profitability.
- The trust dilemma: In markets with increasing competition you need to have a dynamic pricing approach. However, frequent and unpredictable price changes with little logical support behind them can reduce customer trust quickly – with a corresponding drop in revenue and profits.
5 Steps to Smarter Pricing
To counter these challenges and handle large product portfolios in complex markets, Ignize recommends five key steps to smarter, faster, and more intelligent pricing for our customers.
- A structured pricing strategy that enables you to optimize prices for all your products and all your customers in all your markets. Always and everywhere.
- An intelligent, intuitive and data-driven platform to implement and maintain the strategy.
- Real-time, actionable market insights and predictions so you can stay ahead of the curve.
- Room for – and tools for – local optimization and dynamic decision making to adapt your local pricing to market shifts.
- A common business language used to communicate from the CEO and senior management to all your customers to ensure clear messaging and understanding.
Action is the real measure of intelligence.
At Ignize, we address these limitations by offering a Decision Intelligence platform that empowers businesses to optimize their pricing strategies. Our platform emphasizes future-oriented analysis, incorporates both internal and external data, and provides insights into the drivers of pricing outcomes. With predictive analytics and clear action recommendations, companies can confidently implement data-driven pricing decisions that maximize profitability and drive long-term success.
Soren Kierkegaard famously said ”Life can only be understood backwards, but it must be lived forwards.” With Ignize, that approach no longer needs to apply to your business decisions.
Ignize Knowledge Center
Welcome to the Ignize knowledge center where you will find downloadable documents about our products and about decision intelligence.