What is the Pricing Strategy Builder?
Update! We have added a new functionality to our pricing software: “The Pricing Strategy Builder”. This is a plug-and-play software tool that helps you with creating, automating and executing your own pricing strategies as an expert. The tool makes use of building blocks, so you only have to drag and drop them to make your pricing strategies work. Making your own pricing strategies is now easier than ever and can be implemented without any coding knowledge in no-time. With this new functionality you can test, evaluate, change and optimize your pricing strategies, without the need for experts. Broad rules for your entire product portfolio? Or specialized pricing strategies for each individual product group? It is all possible!
The Pricing Strategy Builder is user-friendly, saves you time and makes you in control of your pricing. The UI (User Interface) is designed to be very easy and understand. While the Pricing Strategy Builder enables you to create pricing strategies for 1000’s or even 10.000’s products at a time, you only have to connect the relevant building blocks with each other. This saves you a lot of time and it makes your pricing easy.
Next to this, the Pricing Strategy Builder puts you in the driver’s seat. Adapt quickly to trends or to new business ideas. With this tool you can segment your product groups within an instant and create your own special pricing strategy for it.
But how does The Pricing Strategy Builder work?
Within SYMSON, there is a dedicated place for the Pricing Strategy Builder. In this special module you can see all your products and segment them in subgroups, if you want. Most of the time, companies with a large product portfolio will have multiple pricing strategies for different kinds of products. In the Pricing Strategy Builder, this is also possible. You are able to segment these product groups and to assign different pricing strategies to them. Once you have created your product groups, you can drag different building blocks to it, to create your own pricing strategies.
There are 4 different kinds of blocks, which can be simply dragged and dropped into the product groups.
- Pricing strategies: competitor-based, cost-based or elasticity-based pricing. Choose your strategy and let the machine learning powered software do its thing. Without the need of for coding.
- Business rules: There to keep certainties in your pricing strategy. Put rules in place to accomplish your goals. Set minimum margins or how much a price can vary.
- Notifications: These blocks are responsible for notifying certain business events, such as large cost increases or large margin increases.
- Standard block: These blocks are applied to all pricing strategies and apply for all custom product groups. For example, this block enables you to always have a certain margin when a discount is given.
Is it useful for me?
The Pricing Strategy Builder was developed to meet the needs of pricing managers and business owners to create their own pricing strategies for products. Without them needing an understanding of coding or having to spend a lot of time on it. From there, the idea of an intuitive plug-and-play pricing strategy builder was born. This new functionality is especially useful for people with an understanding of different pricing strategies that want to be in control of their own pricing. While it is useful if you already have some pricing knowledge, we at SYMSON could always help you. To use the tool properly and to discover the vast number of different possibilities with it!
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!