Improved pricing tools are now available that use their analytics capabilities to produce improved market business intelligence. According to a report by Bain, companies that are using such tools possess the right data to begin with and are known to be making the right decisions. A third of respondents in the study carried out by Bain confirm that these tools are essential in their decision-making process. However, having the right tools alone isn’t enough if the team leader isn’t up to the task. Executives using such business analytics tools need to themselves have good pricing skills and have a sales team that is savvy. The newer tools will be even more sophisticated and will enhance the overall customer journey. For B2B players, not setting the right price level was a cause of business losses, according to 61 % of the respondents. Some trends can now be deciphered in B2B sales. The front line in sales is being utilized to gauge insights as they get direct feedback from customers. B2B clients are now demanding a customer-like experience in their purchase decisions. Any internal friction needs to be eliminated immediately. New pricing models are emerging that are disrupting the existing industries. As pricing cannot exist within any vacuum, through analysis of the bigger picture needs to be undertaken. Cross-functional accountability must be introduced and proper segmentation done.

Source:http://www.bain.com/publications/articles/the-secret-to-b2b-pricing-in-a-digital-world.aspx

Uploaded Date:16 August 2018