The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Due to (unforeseen) cost price changes, profit margins can dissolve quickly. However, when costs are not stable and prone to increasing quickly, business risk selling their products for too low a profit margin.
To maintain profit margin and mitigate risk, businesses need to be able to increase their prices automatically & effectively.
Businesses need a good profit margin per product or service to optimise overall profitability of the businesses. If a product or service costs more to make than it sells for, the business will eventually lose money. Evidently this is not sustainable in the long run.
When costs rise or when new competitors enter the market, profit margins come under pressure. Profit margin improvements are essential to ensure a sustainable business or to accelerate revenue growth.
90% of pricing and demand forecasting is still processed via spreadsheets and gut-feeling. These methods are more prone to mistakes and less sophisticated than the all-in-one pricing software.
When competition increases or when pricing becomes more complex, an all-in one pricing software tool becomes a necessity instead of a luxury.
The way you manage your pricing is crucial when the inflation rates are skyrocketing – it determines who stays profitable and who loses out on margin.
During times of high inflation, costs skyrocket for businesses. This ultimately leads to a lower or non-existent profit margin.Businesses that are able to increase their prices effectively, are going to win during high inflation rates, because they would not have captured profit margins that they did not capture before.
90% of pricing and demand forecasting still depends on spreadsheets, excel and gut-feeling decisions. This comes with challenges as these methods are not flawless. These flaws could potentially hurt your pricing strategy and result in you leaving money on the table.
Here are 8 challenges to using Excel as your main pricing tool.
There are plenty of pricing strategies and which ones are best for which business depends on various factors and the industry. Most of the time, businesses do not use a single pricing strategy in their business but rather a combination of pricing strategies.
There are 9 pricing strategies that you can use for your business plan.
Did you know you can defy cost volatility by choosing the right price? There are 4 simple steps to implementing a new pricing strategy.
Businesses should first focus on building an analytical database with relevant data to remove the impact of ‘the gut’ on decision-making
The goal of a successful pricing strategy is to protect margins, grow product revenue or increase market share. the right pricing strategy depends heavily on the business environment and the current economic situation.
Once the pricing strategy is set, the sales force needs to be trained and updated about the new pricing. The sales director or commercial leader needs to identify which questions buyers could have about the new pricing – and come up with good answers for them.
Checking the effectiveness of your decisions could be done on a weekly or bi-weekly basis or on a client level. This way you can make sure that your pricing has impact and that you do not throw away any of your precious profit margin.
By using pricing software, companies can employ dynamic pricing, which means they can change their pricing to optimize their profits and revenue. Software platforms do this by tracking competitor prices, supply costs and monitoring market trends.
Watch and learn with these videos on how to get started on using SYMSON's platform to optimise your prices
These are 9 Smart Pricing Strategies you can use to improve Profit or gain Marketshare.Here is an overview of these strategies
Custom dynamic pricing software is dynamic pricing software specifically adjusted to the needs of an individual business.
Price elasticity of demand indicates to what extent the demand for a certain product changes when the price of that product changes.
A competitive pricing strategy is a price-setting that is based on your competitors’ prices.
Segmented-based pricing is the process by which an organization subdivides its broader target audience into several smaller segments.
Cost-based pricing is price setting based on the actual cost of producing the product or services, including all aspects from production to marketing and distribution.
Geographical pricing is the adjustment of prices based on where the buyer is located and it can be part of a dynamic pricing strategy
This pricing strategy uses static pricing rules to add constraints to the pricing process.
A key-value item pricing strategy is a form of dynamic pricing that combines inexpensive price elastic products in combination with popular price-sensitive products
Stock-based pricing, also known as inventory-based pricing, is a form of dynamic pricing that uses the amount of stock available to determine the price of the product
These are a few other pricing strategies that you may find useful depending on your product portfolio and the industry you operate in.
In order to remain profitable, it is advisable to adjust and optimize your pricing strategies. Especially the dynamic pricing model in combination with other pricing strategies is the best way to keep your prices optimal during times of high inflation.
Surge pricing refers specifically to a form of dynamic pricing where prices are raised in response to increased demand where supply is limited.
A product/service is elastic when demand suffers due to price fluctuations.
Dynamic pricing allows companies to better understand and predict when to push prices higher to quickly capture the upside, or lower, to avoid volume losses.
Variable pricing is similar to dynamic pricing in that prices are flexible - brands adopting this strategy do not have to stick with a static price for their goods and services.
CEOs or other C-level executives who are looking to make pricing a scalable system in their organisation for better margins and growth can look at pricing software as a viable option.
For pricing managers whose decisions are driven mostly by intuition, the right pricing strategy combined with the right tools can make a world of difference!
In order to gain a competitive edge in this crowded segment, leaders must invest in their pricing capabilities and resources to remain competitive.
The Benefits to Using Pricing Software
There are different kinds of pricing softwares. The most accurate recommendations come from AI-Based pricing software like SYMSON.
Here are some of the benefits of using AI-based pricing software.
A good pricing software platform can be a valuable addition to your tech stack, especially when setting up effective and data-driven pricing strategies
Companies that rely on excel sheets and intuition to set prices are losing out on potential growth and profits. Here’s how
Your Excel sheets and mark-up price strategies limit your growth potential
You lack the smart data insights and make decisions based on gut feeling.
Your Data-collection is slow & inefficient due to manual processes.
You're relying on intuition to estimate the best possible price.
You're not able to react to competitor prices
You're afraid to implement new prices and lose customers
You have no alignment regarding pricing changes within the team
If you’re in business, pricing is one of the most important factors to optimise. After all, it’s what determines how much revenue you generate and how profitable your business is.
You leave Money on the Table, not meeting the full potential of your Margin
You miss out on Automated Collection & use of all relevant Data
You lose Market Share to Competitors who useAI software
We’d love to share some incredible resources that will help you further understand pricing strategy and give you the best head start on your pricing journey.
We’d love to share some incredible resources that will help you further understand pricing strategy and give you the best head start on your pricing journey.
5:00 min
Price optimisation is finding the optimal price for a product or service, i.e, the price that maximises profits for the company.
5:00 min
Price optimisation is finding the optimal price for a product or service, i.e, the price that maximises profits for the company.