GET ACTIONABLE INSIGHTS FROM YOUR DATA
Provide us with a simple file containing transaction prices and key pricing variables (product attributes, customer characteristics, etc.). We load your data in our secured pricing platform and our machine learning algorithms identify the variables that have the highest impact on the willingness to pay. You then select the variables that are relevant to your pricing model and the business rules that reflect your strategy. After tuning the pricing model, we identify rerating opportunities and contracts that may be at risk due to prices and require service upgrade or promotions in order to retain the business.
The results are obtained in 3 weeks and can be shared across pricing and sales teams through OP web platform.
Define the right pricing model
You want to update your existing pricing model for contracts and spot transactions, add new variables or build a brand new model.
Price Insights analyses your transactions and identifies the variables that have the most significant impact on willingness to pay. You can then choose the pricing architecture that reflects your strategy: list price grid, discount & mark-up variables and their type of effect, consistency rules. Price Insights then recommends the most effective pricing model for your contracts and for your transactions. For contracts we call this model “Fair Price” because it is consistent and easily readable by sales teams. Just select the characteristics of a contract (in terms of product, type of transaction and customer characteristics) and our Fair Price Calculator instantly provides the right price.
Identify price increase opportunities
You must prepare the next price increase campaign and obtain a target revenue increase while limiting the risk of attrition.
Price Insights provides key business metrics for every account (revenue, unit price, margin etc.) as well as their Fair Price and actual Gap to Fair Price.
You can simulate the rerating opportunity by account (e.g. what if prices lagging behind are moved to the fair price) and the impact on your global revenue.
You can also simulate the revenue impact if price increase limits are set by customer segment (for example depending on the revenue).
Price Insights identifies for each account, the most similar accounts in terms of customer characteristics and product/service profile. This enables you to check price consistency and to evaluate the risk of attrition.
Identify customers potentially at risk
You want to engage in a long term relationship with your customers and reduce their attrition.
Price Insights can help you identify accounts that may be at risk due to prices, i.e. accounts with prices significantly higher than their fair price. Price Insights finds comparable accounts and benchmarks their prices.
You can then plan actions in order to strengthen your customers relationships : hyper-care service, more frequent customer visits and targeted promotions to generate additional business.
With Price Insights, you will be able to identify revenue growth opportunities while monitoring your best customers.
Prepare for successful customer meetings
You want to arm your sales teams with actionable insights so that they can be more confident, be more productive and run successful contract negotiations and business review meetings.
Thanks to Contract Dashboard, account executives have a clear view of customers’ key business metrics: revenue, business volume, margin, unit price as well as Fair Price and Gap to Fair Price.
Account executives can easily compare prices with most similar customers.
They can also understand customers’ transactions profiles by product, rate cell and time period (season and day of week).