Issue link: https://pros.com/learn/i/1224894
INDUSTRY BRIEF FOR TECHNOLOGY INDUSTRY Align Pricing with Strategy To develop pricing and selling strategies that support growth against a backdrop of digital disruption, tech companies need the tools to process a huge volume of incoming data, making it digestible and actionable. Armed with actionable data, companies can implement strategies that personalize pricing for each deal, identify cross-sell and upsell opportunities, and help sales and business development understand where to focus their energies. A data-driven strategy also helps sales teams identify openings to drive the adoption of new products. Since many tech companies have constantly changing and expanding product lines, a pricing and sales strategy that drives interest in new iterations is key. The right platform also helps price strategists at tech companies with industry-specific challenges. For example, pricing teams at tech companies tend to be small in proportion to their organizations and under constant pressure to optimize margins. An intelligent platform allows individuals and small teams to cope with complexity while keeping an eye on customer needs. Technology companies must align pricing with strategy so pricing can support and inform overall strategic goals. It is vital to focus on eliminating inefficiencies in the pricing process to ensure the right pricing information reaches sales reps at the right time. Hardware and software companies alike should consider all input values and deliver customized price proposals based on scientific insights into customers' willingness-to- pay. They should provide instantaneous quotes in which sales reps and customers can have equal confidence. Tech companies need indicative key performance indicators (KPIs) to measure the ROI of their investments, but outdated pricing systems don't flow into meaningful KPIs. This creates a barrier for teams measuring the success or failure of their pricing optimization platforms and making informed decisions about future investments. The Solution: Shape Strategy with Actionable Data To keep ahead of customer expectations, complex pricing scenarios, and new sources of competition, tech companies need pricing and selling strategies backed by data science and AI. Intentional, data-informed pricing can have a profound impact on profits, margins, customer experience, and customer retention rates, but tech companies sometimes overlook this impact. An intelligent platform allows the most important and strategic KPIs to be automatically created, customized, and updated. 5