A Better Approach to Pricing Configured Products
In this expert interview hosted by PricingBrew Journal’s Rafe Vandenburg, Jared Wiesel (SVP, Manufacturing & Distribution, Revenue Analytics) takes us through the process to effectively price configured products. When you sell products that are highly configurable, each deal can look like a one-off, and the pursuit of systemic pricing improvement feels more like a dream than a tangible reality. Jared explains that there is indeed a solution to reach beyond the basic Cost+ pricing strategy.
Creating a nuanced pricing strategy across your organization could affect your bottom line by 200 bps of margin improvement. Using the right blend of data science and business knowledge can help in many ways, including:
- Providing sales teams with data to inform pricing decisions, helping to justify rates to the customer
- Significantly reducing quote time, resulting in happier customers and a more efficient internal process
- Ensuring you’re not leaving money on the table with customers willing to pay more, while also not pricing yourself out of the market
- Consistently fine-tuning your pricing program with real-time performance insights
If you're wondering how your organization can realize similar results, the right pricing technology can help
Schedule some time with Jared to see how you can implement a pricing strategy for your configured products at your organization.