MYTH #1
"Once we define our price strategies,
we are set."
Truth: Pricing is not a destination. It is a continuous
journey of small adjustments. Consultants can help
you fix the pricing gap you have today, but it is only a
short-term fix. The market is always changing. Even
if you set up and deploy a new go-to-market (GTM)
strategy, you will need to continue making pricing
updates to keep up with the constant fluctuations in
the marketplace. Especially if your business operates
in digital sales channels.
Also, the moment you extract data from business
intelligence (BI) tools, ERPs, etc., to calculate new
price books, the data becomes stale. By the time your
new calculations are complete and re-uploaded, driving
inefficiencies and risk of error, it will be time to start all
over again. Price optimization software can help you align
your pricing dynamically and with higher precision to the
latest external conditions and buyer preferences. Such
incremental improvement in your business will provide
tremendous advantages and help you become even
more competitive in your industry.
MYTH #2
"Pricing software is for large
enterprises only."
Truth: Whether you are a big manufacturer or small
distributor, all businesses are facing similar challenges
like manual tasks, cost fluctuations, rebate complexity,
and deviations in margin leakage. Even the smallest
distributor still has millions of price points to consider.
What is more, all businesses have the same
challenges of providing a fast and personalized
experience that customers demand. Most B2B buyers
expect the same buying experience they receive in the
B2C world, and that requires real-time dynamic pricing
across multiple channels.
The Truth Behind
8 Common
Pricing Myths
Pricing strategies are crucial for a company's success, yet many
businesses fall for common misconceptions that hinder profitability.
This article debunks eight pricing myths and reveals truths to
optimize your approach. From the limitations of consulting firms and
spreadsheets to the power of AI-driven pricing software, discover
essential insights to stay competitive and maximize revenue.
