Discover Salesforce Pricing
Learning Objectives
After completing this unit, you’ll be able to:
- Describe Salesforce Pricing.
- Explain the key features of Salesforce Pricing.
- Identify the roles that use Salesforce Pricing.
Before You Start
Before you start this module, make sure you complete the following content. The work you do here builds on the concepts and work you do in that content.
Get Product Pricing Correct
Pricing a product accurately helps sales professionals draw up the best deals—for the customer and their company. But is identifying the correct price for your products enough to beat the competition and win deals? Not entirely. You must think of ways to smartly apply discounts, promotions, and incentives to make deals attractive for the customer. You must also ensure that the deal is feasible for the business and doesn’t impact the bottom line adversely.
A carefully crafted pricing strategy is imperative to boost sales, win customers, and increase revenue.
Meet Salesforce Pricing
Salesforce Pricing is a component of Revenue Cloud that provides a unified pricing platform that ensures consistent, compliant, accurate pricing, and facilitates quick quoting and ordering. Use Salesforce Pricing to:
- Define product pricing that adheres to the organizational pricing policy and is consistent across various channels.
- Create customized price adjustment methods that define how discounts are applied to your products and services. This customization reflects in the final net price and provides complete visibility into the detailed calculation process.
With Salesforce Pricing, sales representatives have access to accurate prices for real-time price calculations. This access comes in handy when sales reps create large quotes and orders. Sales reps can also apply the applicable promotions in the same interface and visualize how these impact the final price offered to the customer.
Salesforce Pricing provides features that cover these key aspects of pricing.
-
Price management defines the product’s pricing information and the strategies for pricing and discounts. It also involves maintaining this information over a period and updating it based on changes in the pricing strategy. Price management involves ensuring that all pricing information is available for anyone who makes optimal pricing decisions.
-
Price execution focuses on effective implementation of what is defined in price management. This includes the formulation of discount policies and discount rules to influence customer decisions. Price execution also ensures that information about pricing and discounts is available to sales reps.
Explore Key Salesforce Pricing Features
Now, learn about the features of Salesforce Pricing that you can use to define pricing for your products.
Pricing Home Page
You can access all the pricing related functionality from the Pricing home page, including quickly launching workflows to configure and deploy pricing, and viewing pricing metrics.
Pricing Designer
Use Pricing Designer to define the building blocks of pricing—pricebooks and pricebook entries. A pricebook is a list of all your products and their standard prices, and contains a record for each product called pricebook entry.
You can also define pricing procedures to orchestrate pricing elements, and then run pricing simulations to validate your configuration.
Pricing Rules
With Pricing Rules, you can devise an effective pricing strategy by using the standard pricing rules for volume discounts, tiered discounts, bundle discounts, and attribute pricing. For example, define discounted pricing that applies when a customer buys more than a specific number of products. You can also define complex pricing rules for unique product offerings such as subscriptions or product bundles.
Pricing Waterfall
When a customer orders multiple products and services, it's imperative that they see how discounts are applied to their selections. Pricing waterfall simplifies pricing dynamics, fostering trust between businesses and customers. It provides, in a single view, the standard pricing of individual products added in a quote and the final price, including applicable discounts.
Pricing Integrations
Continuing the extensible nature of Revenue Cloud, Salesforce Pricing offers standard, prebuilt integrations for other components such as Quoting and Order Capture. Third-party clients and other cloud services can invoke the pricing engine using APIs and use the pricing data.
Although standard pricing actions are available for standard objects such as Quote and Order, you can also add custom pricing actions to other objects. So, you can calculate pricing directly from the object’s record page.
Next, it’s time to look at roles that perform various tasks in Salesforce Pricing.
Discover the Salesforce Pricing Key Roles
There are several key players involved in defining and implementing the pricing strategy. Each of these key players uses Salesforce Pricing to carry out their tasks related to pricing. So, explore these roles and the common tasks they perform using Salesforce Pricing.
Salesforce Admin
Your Salesforce admin is responsible for setting up Salesforce Pricing so that users can create, manage, and maintain pricing data. This involves setting up pricing recipes and default pricing procedures, configuring data sync, and enabling pricing waterfall.
Pricing Manager
A pricing manager defines and maintains up-to-date pricing and discount data so that deals created by sales reps reflect accurate pricing. A pricing manager can also:
- Create and maintain pricebook and price list entries.
- Edit standard price adjustment matrices.
- Create and manage new data for volume discounts, attribute based prices, and more.
- Set up bundle pricing.
- Perform pricing analytics.
Pricing Designer
A pricing designer defines the pricing policies. This includes defining volume, bundle and promotional discounts, aggregate pricing, manual discount, price adjustment matrix, and pricing elements for orchestration. A pricing designer can also:
- Create pricing procedure.
- Activate and simulate pricing procedures.
You now know how Salesforce Pricing provides a platform to implement your organization's pricing strategy that includes pricing and price adjustments for your products and services. Salesforce Pricing helps you win deals and ultimately boost revenue.