Are you in a margin squeeze because costs are going up, but you’re too afraid to raise prices? Or are you concerned that using price increases to hit your goals is doing long-term damage? Or is your pricing simply all over the place, with sales people making different pricing calls for similar customers? If your answer to any of these is yes, it’s time to focus (or maybe re-focus) on Revenue Management.
What if you could have the confidence to make targeted price increases, without worrying about the risk? What if you could give your sales team better tools to know when and where to discount, and where to hold price? Revenue Management means using advanced analytics to sell the right product to the right customer, at the right time, for the right price. Depending on what industry you’re in, using Revenue Management could mean improving bundling, pricing, promotions, or inventory management. Doing this effectively helps you increase revenue without increasing risk.
Even if you already have a Revenue Management team or program in place, there’s always opportunity to improve or add other capabilities. Maybe you’re using Revenue Management to manage your inventory, but you’re still pricing manually. Maybe you’re using a legacy Revenue Management system or more rudimentary tools, and have the opportunity to drive further impact with state-of-the-art technology. At Revenue Analytics, we have designed our cloud analytics platform to provide maximum flexibility so that we can help you regardless of whether you are new to Revenue Management or looking for the newest, cutting-edge capability.
As I described in a previous blog, an Enterprise Revenue Management and Pricing System (ERMPS), is a long-term commitment of your company towards increasing the sophistication and personalization of Revenue Management practices, leading to a significant increase of your business’ […]
The practice of Revenue Management began over three decades ago. Since then, rapid advancement in technology has allowed RM applications to provide extraordinary benefits to companies. In addition to realizing great success, data scientists who study Revenue Management have learned […]
The retail industry is comprised of big box and massive e-commerce companies that are relentless and ruthless when it comes to competition. With the ability to sell products at aggressive prices to win market share, e-commerce goliaths have cast a […]