It’s hard to stay relevant. It was easy in the ’80s because trends lasted longer. Leg warmers, anyone? Heck, some toys from the holidays in the 1980s were still in demand in the ’90s. Now, with social media and the internet’s dominance, it’s impossible to stay up to date on every trend. Setting price often has the same short-expiration feeling, and let’s face it: no sales team can do it without the help of the right AI acting as its wingman with eyes in all directions, especially on what’s coming up fast from behind. Given the current state of everyone’s supply chain, it’s time to ask: When it comes to setting price, who’s watching your six?
A New Solution
Recurrency is an automated platform for your ERP with eyes on everything that matters to price. While this may seem an impossible task, Recurrency takes it on with ease. In fact, our Dynamic Pricing feature is the tool every business needs to turn a pricing nightmare into a good night’s sleep.
By ingesting billions of public and private data points like it’s enjoying a small snack, Recurrency spots price patterns and trends. It combines this information with other product knowledge to calculate the right price that works for both your customer and your company. I know what you’re thinking: How long does all of this consumption take? One minute. Your entire quote flow, from start to finish, takes one minute. This includes inputting customer order data and calculating perfect prices. What’s more, these perfect prices are relevant prices.
What Is a Relevant Price?
A relevant price takes into account a score of factors from shipping costs to margin targets. All pertinent components are used by Recurrency to calculate the price that will help close your sale. It will increase your profitability by making sure you’re not pricing too low, but also protect customer loyalty by making sure you’re not pricing too high.
Let’s look at some of the pricing criteria Recurrency takes into account:
Everyone is talking about this one (here, here, and here), just to name a few. Our Growth Lead even talks about his recent experience with his doomed Chevy Volt…). Shipping costs seem to be changing daily due to supply chain issues. As they spike, you need to update your pricing promptly to protect your margins, without driving away your customers with a sudden increase. Don’t stress, though. Recurrency has your six and will do this for you.
Just as Recurrency watches shipping costs, it also monitors rapidly changing industry pricing trends. If the costs begin to increase (or decrease!) for an item, Recurrency will adjust its target price so you stay competitive with other distributors. It’s hard to watch an entire industry, especially a multi-trillion dollar one, so leave it to Recurrency.
Every customer is different and so prices need to stay up-to-date as you move from customer to customer. This will ensure that you can close each sale while also protecting customer loyalty. Recurrency looks at your customer’s purchasing history as it calculates its recommended price. Returning customers is the goal here, and we want to help you maintain that relationship.
Company Pricing Rules
Pricing is also personal and it needs to fit your business. There is no one-size-fits-all here (unless there’s a contract in place!). That’s why when Recurrency populates a price, it pulls your company’s pricing rules. This way you likely won’t need to adjust the price given (unless you want to).
Remember, our goal is to protect and increase your profits. Recurrency remembers how much you paid for the items you sell so that your margins are never in question. Recurrency notices when your suppliers raise their prices and adjusts accordingly. No lost sales but no lost profits, either, is the key.
Goals in business are important and necessary, and Recurrency knows that, too. Your company’s margin targets are accounted for when Recurrency calculates your price. We want to make sure that if you call us at the end of the quarter, it’s with good news. These are some of our favorite calls and they’re always on time.
Your sales team is either having nightmares or losing sleep over pricing. Recurrency fixes this. It’s time to wake them up, give them the good news, and then send them home early after some one-minute quotes. You’ve got your team’s back, and if you check your six, we’ve got yours.
Book a demo today to learn more about what Recurrency can do for you.