The Pricing Lifecycle and Why Every Organization Should Embrace It
By Zilliant on IT Business Net
Sep 02, 2024
Zilliant VP Customer and Industry Relations Barrett Thompson breaks down what the pricing lifecycle is, how it helps companies react to market changes, and why it's so central to the customer experience.
Pricing is often an afterthought in the manufacturing and distribution industries. The most common misconception is that pricing is a singular concept operating in isolation. This oversimplification fails to recognize effective pricing is interconnected in nature and impacts brand, financials, buying, and selling. In short, pricing has never been more important to the business.
For many B2B businesses, pricing is fractured across multiple CRMs, ERPs, spreadsheets, and other systems. Companies lack a single source of pricing truth and often rely on cumbersome spreadsheets to manage pricing. This manual approach can lead to significant challenges for businesses as they seek to invest in digital transformation. Key indicators of a broken pricing lifecycle include long deal cycles, inconsistent pricing, missed upsell opportunities and an inability to offer personalized experiences. Companies may also struggle with over-discounting, high levels of inventory waste and slow reactions to market changes.