Focus on prices instead of costs to improve your profit margins and revenue.
Your profit margins determine the profitability of your products and services – the higher, the better.
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. This is not sustainable in the long run.
Especially during times when costs rise e.g. due to inflation or when new competitors enter the market, profit margins come under pressure. Therefore, businesses always need to think about profit margin improvements to ensure a sustainable business or to accelerate revenue growth.
During inflation times, costs usually increase.
If you want to optimise your prices, you want to know the relation between the price set and quantity sold.
Companies do better if they are entrepreneurial and think in action.
You can start with automating your prices with only invoice data or purchase prices per product.
If your cost prices increase, SYMSON can automatically incorporate this into your sales prices.
We have the 9 most important built-in pricing strategies, ready to be implemented in a few mouse clicks.
Translate your business knowledge and KPIs easily into business rules for the pricing strategies.
Use notifications when certain events happen. Learn, adjust and keep control over your pricing management easily.
A price optimisation project is a major undertaking for any company. To help you make the right decisions in the process, we have written down our best practices in this white paper.