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Optimising a pricing strategy is essential for keeping customers in the field of manufacturing, and thus maintaining a steady growth. Selling a product for more than its production cost may sound simple in theory, yet choosing the right markup that keeps your customers satisfied is a very delicate process.
Price optimisation is the process of finding the right price level for maximising your sales and increasing your market share. If prices are too high, volume might be too low. On the other hand, if your prices are too low, the unit sales volumes might be higher, but costs increase and profitability suffers.
The right set of tools can make a big difference in pricing.
For every $1.00 spent in manufacturing, $1.40 is added to the economy. This is the highest multiplier of any sector.
of manufactured products were up by an average of 21.8% year on year.
of manufactured products were up by an average of 21.8 percent year on year.
of EU's exports were manufactured goods.
Here are the core challenges that exist in price optimisation in manufacturing:
Price elasticity is a very important factor in price optimisation. Being aware of the elasticity of your products helps you better determine your course of action, whether it means increasing price to get more profit or decreasing it to sell more and increase revenue.
Within an organisation, much of the knowledge and expertise is concentrated within a few key managers. If they were to leave, this knowledge may be lost, and the organisation might suffer. For steady business continuation, knowledge assurance is paramount.
Managing prices based on spreadsheets or other manual, repetitive tasks, and guesswork is often ineffective and very time-consuming. Pricing with static tools such as Excel, or based on gut feeling is unreliable, error-prone and almost impossible to organise in a structured way.
With SYMSON, manufacturers can move away from tedious manual work, spreadsheets and emotion-driven decision-making, and instead focus on unlocking the full potential of their pricing process to maximise margin. The software provides crucial insights into customer behaviour, leading to a better understanding of the market. SYMSON enables you to integrate business rules in order to ensure compliance, set expectations, provide guidelines on work performance. Automate your processes and guarantee your growth, with SYMSON.
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