Pipeline Medical is a one-stop-shop MedTech Marketplace serving non-acute customers. Established in 2007, they are a MedTech marketplace that simplifies medical supply procurement and delivers significant savings of time and price. Their procurement team works directly with manufacturers ensuring greater control over the production and delivery process, enabling quicker turnaround on supplying medical supplies to clients, which today include leading hospital systems, cities and states in the US, school systems, and more.
Journey to pricing excellence
"With SYMSON, we’ve gained the ability to implement tailored pricing strategies based on real-time data. This has not only optimised our margins but also allowed us to remain competitive in a challenging market.”
- Inability to Implement Smart Segmented Pricing
We were unable to optimise pricing for specific brands or product groups through tailored strategies. This prevented us from capitalising on opportunities to increase margins, particularly for products with lower price sensitivity, where the right pricing approach could have made a significant difference.
- Challenge to Maintain Profitability and Growth
We struggled to maintain our margins and find ways to sustain growth. The increasing competition in the market made it harder to identify the sweet spots that would allow us to remain profitable.
- No Data-Driven Approach to Pricing and Decision Making
Without a data-driven approach to pricing, our decisions were based on historical patterns and assumptions rather than real-time insights. This led to suboptimal pricing strategies and missed opportunities for improvement.
- Price List Management is Suboptimal
We had multiple brands and product groups with different price sensitivities and market dynamics, but our pricing was not optimised to reflect these differences. As a result, we were leaving money on the table by not adjusting prices effectively to maximise revenue and profitability.
- Too Many Customer-Specific Price Lists
Managing pricing was time-consuming and complex, especially with custom-specific prices, varying customer segments, and regional pricing. The lack of optimisation, including the inability to apply smart insights like elasticity, meant we were missing out on potential revenue.
- Willingness to Pay Per Customer Was Unknown
Without a clear understanding of each customer’s willingness to pay, we missed opportunities to optimise our pricing, which led to lost margin potential.
SYMSON had the capabilities and experience to handle the complexities of pricing across different variables such as:
SYMSON was able to help Pipeline Medical with key pricing process improvements such as:
- Optimising Pricing for Specific Brands and Product Groups Increases Margins
We are now able to implement smart segmented pricing strategies for different brands and product groups, optimising revenue and profitability. By tailoring our pricing approach to specific product sensitivities, we can now capitalise on opportunities to increase margins that were previously missed, with the help of our pricing software.
- Maintaining Profitability and Sustaining Growth in a Competitive Market
We now have a more robust system for identifying market opportunities, allowing us to maintain healthy margins while growing our business. With access to real-time insights, we can adjust our pricing strategies effectively and stay competitive in a market that is constantly evolving.
- Data-Driven Pricing Decisions Lead to Smarter Strategies
We are now able to make pricing decisions based on real-time, data-driven insights rather than relying on historical patterns or assumptions. This shift has led to more precise and effective pricing strategies, ensuring that we are not leaving revenue on the table.
- Efficient Price List Management Improves Revenue Capture
We now have the ability to manage our price lists more effectively, aligning them with product-specific market dynamics. By automating the price-setting process for different products and brands, we can ensure we are maximising revenue while avoiding manual errors and inefficiencies.
- Managing Customer-Specific Pricing is Simplified and More Profitable
We now have the capability to optimise customer-specific pricing, eliminating time-consuming processes and ensuring consistency across customer segments. With pricing software, we can streamline the management of custom pricing and regional variations, helping us capture more revenue from each customer segment.
- Understanding Customers' Willingness to Pay Enhances Margins
We are now able to better understand each customer's willingness to pay, allowing us to optimise pricing and capture additional margin potential. By incorporating these insights into our pricing strategy, we ensure that we maximise revenue while meeting the specific needs of each customer, thanks to the advanced features of our pricing software.
Pipeline Medical Today
Pipeline Medical has transformed its pricing strategy and operations thanks to the insights and data-driven solutions provided by SYMSON. The company now efficiently manages segmented pricing for its brands and product groups, ensuring optimal revenue and profitability. With a clear, data-driven approach to decision-making, Pipeline Medical is poised for sustained growth, profitability, and improved customer satisfaction.
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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