Frederiksen Scientific A/S is a global leader in providing innovative educational materials for the natural sciences. Established in 1954, the company has built a reputation for supplying high-quality teaching equipment to over 2,500 schools and educational institutions worldwide. Frederiksen works closely with educators in the Danish school system to develop products that meet the evolving needs of modern science education. Their product range includes microscopes, power supplies, measuring instruments, and field trip equipment. With a commitment to excellence and a customer base spanning more than 40 countries, Frederiksen generates an annual revenue of approximately €50 million.
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“Thanks to SYMSON, we now have a deep understanding of the price sensitivity of our products, allowing us to fine-tune our pricing strategy. This has led to a significant increase in our margins while still keeping our customers satisfied.”
- Establishing a Solid Foundation for Pricing
Initially, we needed to build the basics of a robust pricing strategy. Without a data-driven approach, our pricing decisions were rooted in past patterns and assumptions rather than actual insights. This led to inconsistent pricing strategies that missed opportunities for improvement. Our first step was to create a well-structured price list and automate our manual pricing processes, which were cumbersome and prone to errors. By automating these processes, we laid the groundwork for more consistent and accurate pricing across regions and customer segments.
- Managing Prices Across 40 Countries Was Overwhelming
Pricing across multiple countries was incredibly complex for us. Each region had different economic conditions, competitors, and brand positioning. With 20,000 SKUs and many price groups, entering just a few additional countries multiplied our challenges significantly, making price management nearly impossible without an automated solution.
- We Were Missing Revenue Opportunities with Our Price Lists
Previously, we weren’t adjusting prices based on the specific dynamics of each product group or brand. Different products had varying levels of price sensitivity and market demand, but we treated them too similarly, which meant we often left potential revenue and profits on the table.
- Updating Prices Was a Tedious Process
Our price updates were manually handled, with data being exported from our ERP system and processed in Excel. This time-consuming approach slowed us down, leading to errors, inefficiencies, and challenges in keeping up with market changes. It also created inconsistencies across countries and customer price lists, hampering our ability to optimize prices efficiently.
- We Struggled to Access Competitor Pricing
Finding and using competitor pricing was another issue. Much of this data was hidden behind login portals or dispersed across various Excel files maintained by sales teams. We also noticed that the competitor prices we could access, like those on Amazon, weren’t always relevant. This lack of clear insight into competitor pricing made it hard to set competitive prices.
- Moving Towards Smarter Optimization
Once we have established a solid pricing foundation by structuring our price lists and automating manual processes, we will be in a position to take the next step—optimising pricing through advanced tools. With this foundation in place, we will then be able to leverage AI and algorithms to make more intelligent pricing decisions. This will allow us to dynamically adjust prices in response to real-time market and customer data, unlocking untapped profit potential. Additionally, by incorporating price elasticity and sensitivity models, we will gain the crucial insights needed to maximise margins and drive revenue growth, further refining our pricing strategies.
Frederiksen Scientific turned to SYMSON because it offered the features needed to harness their sales history and better understand customer behavior. This deeper insight allowed them to set more optimal prices while maintaining their loyal customer base. SYMSON’s pricing tools gave Frederiksen the flexibility to adapt pricing without alienating customers, ensuring long-term profitability and stability.
"Implementing SYMSON has completely transformed how we manage pricing. Not only have we automated complex processes, saving man-hours, but we’ve also gained key insights that helped us elevate our margins with a measurable impact on profitability."
Torben Lynge Overgaard
CEO - Commercial Management
SYMSON was able to help Frederiksen Scientific with key pricing process improvements such as:
- Automating Processes saves enormous Time for our Pricing Team
The pricing software drastically cut down manual pricing tasks, saving significant time and reducing errors. This shift allowed us to focus on strategic decision-making and pricing refinement across our global operations.
- Effortless Price Management across 40 Countries simplifies global Complexity
Our pricing solution now manages prices for over 20,000 SKUs across various countries without overwhelming our team. It handles regional variations, ensuring consistent and optimized pricing in each market.
- Data-Driven Pricing unlocks hidden Revenue Opportunities
Leveraging the power of our pricing software, we shifted from assumptions to data-driven decisions. This transition allowed us to capture previously missed revenue opportunities and maximize profitability across our product lines.
- Competitor Pricing Insights give us a Competitive Edge
With our pricing solution, we consolidated scattered competitor pricing data, enabling us to make faster, informed adjustments. This visibility into competitor behavior helps us maintain a competitive edge and optimize our own price points more effectively.
- Price Elasticity Tools Lead to higher Margins without losing Customers
By incorporating elasticity models, we fine-tuned our pricing to improve margins while retaining customer loyalty. This data-driven approach optimized profitability while keeping our prices aligned with customer expectations.
- Real-Time Insights Drive faster Pricing Decisions, no Analysts needed
The pricing software provided direct access to historical sales and market data, enabling us to make quicker, more accurate pricing decisions. This eliminated the need for external analysts, making our operations more agile and competitive.
- AI-Driven Dynamic Pricing increases Profitability and Market Responsiveness
Our software's AI-driven dynamic pricing adjusts in real time based on market data, improving profitability. This ensures that our prices remain competitive and responsive to shifting market conditions and customer behaviours.
Do you want a free demo to try how SYMSON can help your business with margin improvement or pricing management? Do you want to learn more? Schedule a call with a consultant and book a 20 minute brainstorm session!
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