Pricing solutions are used by companies to define, manage, and analyze the best pricing strategies for their products and services. While prices for products and services are initially created in ERP or CRM solutions, pricing software provides flexible features that offer sales teams the option to set customer-specific pricing as well as discounts and rebates. Pricing software includes data analysis functionality that tracks the impact of pricing strategies on the profitability of sales, which helps companies increase win rates and margins on their deals. Pricing solutions can be used to help define initial price lists or to help provide sales reps with dynamic pricing based on a specific selling scenario. Common integrations include CRM, ERP, e-commerce, and CPQ solutions. Pricing solutions are expected to integrate with ERP or CRM - the principal repositories for pricing data - to allow users to share pricing information with all parties involved in a sales negotiation process (e.g.: customers, sales managers, etc.)
To qualify for inclusion in the Pricing category, a product must:
Include functionality for salespeople to create custom pricing for individual customers or categories of customers based on factors such as volume, payment terms, contract terms, the customer value, sales targets, and objectives
Support pricing methods, such as demand-based pricing, which helps estimate how pricing could change based on customer demand and the perceived value of the products and services offered by a company
Provide analytics to assist salespeople in determining the best pricing strategy based on all the criteria mentioned above, and to help sales estimate the profitability of each sale, product line, customer category, etc.
Integrate with solutions like ERP and CRM where basic pricing is created, as well as with ecommerce, CPQ, and retail solutions to deploy new pricing strategies right where the customer shops or quotes are created
