What’s a Rich Text element?

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.

Static and dynamic content editing

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!

How to customize formatting for each rich text

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.

What’s a Rich Text element?

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.

Static and dynamic content editing

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!

How to customize formatting for each rich text

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.

What’s a Rich Text element?

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.

Static and dynamic content editing

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!

How to customize formatting for each rich text

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.

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Pricing
Discover all ins and outs
about pricing strategies

The Pricing
Strategy Guide

Why, benefits, use cases and more...

ABOUT PRICING STRATEGIES

Why do you need a
Smart Pricing Strategy?

1

Why are cost price changes difficult challenges for businesses?

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.

2

Why do businesses need to care about maximising profit margins?

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.

3

Why should businesses use an all-in-one pricing software tool?

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.

4

What is the impact of high inflation rates on your pricing strategy?

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.

Why is Excel not working

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.

HOW TO IMPLEMENT IT

How to write a Pricing Strategy Plan in 4 simple steps

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.

Build up an analytical database

Businesses should first focus on building an analytical database with relevant data to remove the impact of ‘the gut’ on decision-making

1
Determine a pricing strategy

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.

2
Incorporate the sales force into the process

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.

3
Track impact of pricing strategy

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.

4

How to use Software to optimise Prices and set Price Strategy

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

SORTS OF PRICING STRATEGIES

Types of Pricing Strategies

These are 9 Smart Pricing Strategies you can use to improve Profit or gain Marketshare.Here is an overview of these strategies

1

Custom Pricing Strategy

Custom dynamic pricing software is dynamic pricing software specifically adjusted to the needs of an individual business.

2

Price Elasticy Pricing Strategy

Price elasticity of demand indicates to what extent the demand for a certain product changes when the price of that product changes.

3

Competitor Pricing Strategy

A competitive pricing strategy is a price-setting that is based on your competitors’ prices.

4

Segmented-based pricing

Segmented-based pricing is the process by which an organization subdivides its broader target audience into several smaller segments.

5

Cost- based pricing

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.

6

Geographical Pricing

Geographical pricing is the adjustment of prices based on where the buyer is located and it can be part of a dynamic pricing strategy

7

Rule Pricing Strategy

This pricing strategy uses static pricing rules to add constraints to the pricing process.

8

Key Value Item Pricing

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

9

Stock-Based Pricing

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.

PRICING STRATEGY USE-CASE BY ROLE

How Pricing Strategy Can
Help You In Your Role

Pricing Strategy for C-level:

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.

Pricing strategy for Pricing Managers:

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!

Pricing Strategy for E-commerce Manager:

In order to gain a competitive edge in this crowded segment, leaders must invest in their pricing capabilities and resources to remain competitive.

PRICING GUIDE FOR SECTORS

Pricing
Strategy for
Industries

E-commerce

e-commerce has become an integral part of any business. In fact, it is believed to claim 17% of the industry by the end of 2022. Pricing is a crucial part of the success of this business.

Brands

Pricing strategy can help you navigate your brand’s pricing via collecting daily market prices from all vendors in the market.

Retails

With the right approach to pricing in retail, you can get Insights into customer behaviour and boost customer loyalty.

Manufacture

As a manufacturer, you can integrate business rules in order to ensure compliance, set expectations, provide guidelines on work performance.

Distributors/Wholesale

Distributors with the right strategy can optimise prices for better profit margins and reduce loss of revenue.

Software for Pricing Strategy

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.

Better Insight
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Increased Accuracy
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Improved Competitiveness
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Combined Strategies
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How To Use 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

The Top 10 Pricing Softwares

Selecting the proper software solution for pricing can be tricky with so many different options available. we’ve compiled a list of well-known and lesser-known pricing platforms into a single, easy-to-read document to help expedite your search for the best solution.

REVIEW PORTALS

Here are some reviews
from our users

4.6
4.6
4.6
4.6

COMPARING SYMSON WITH THE MARKET

The most popular Pricing
Software Providers

SYMSON
Prisync
Competera
SYMSON
OptiPrice
Price2Spy
SYMSON
Vendavo
PROS
SYMSON
BlackCurve
Pricefx
SYMSON
OmniaRetail
PriceEdge
TRADITIONAL PRICING CHALLENGES

7 Challenges of your Oldschool Pricing Process

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

UNOPTIMISED PRICING STRATEGY

3 Costs of Unoptimised Pricing

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.

Missing out on 2-5%margin

You leave Money on the Table, not meeting the full potential of your Margin

Not Reducing Manual Work by 40%

You miss out on Automated Collection & use of all relevant Data

Not gaining Market Share

You lose Market Share to Competitors who useAI software

RESOURCES

The Next Steps 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.