Get Started with Industries Advanced Pricing
Learning Objectives
After completing this unit, you’ll be able to:
- Explore the complex pricing challenges that businesses encounter.
- Summarize the advanced pricing capabilities in Industries Pricing Designer.
Before You Start
How much do you know? We assume you’ve already:
- Created and amended quotes and orders in your workplace.
- Used Product Designer to create products for your company’s catalog offerings.
- Discussed key pricing strategies with the sales team at your office.
Still trying to figure it out? Complete the badges in the following learning path to help with the concepts and tasks you do in this module.
More to Pricing
Ever since Infiwave adopted Industries CPQ (Configure Price Quote) and Enterprise Product Catalog (EPC), there’s been a noticeable change in the communications service provider (CSP).
- Devi, the product designer, has rolled out dozens of new products and bundles with minimal effort.
- Ada, the pricing manager, has configured complex pricing strategies to align with marketing goals.
- Arif, the sales associate, is enjoying his newfound ability to offer add-on products and special pricing to customers with just a few clicks.
The move away from disconnected systems and scattered spreadsheets to a unified and versatile CPQ and EPC application has led to fewer mistakes, better sales, and, in general, more smiles around the office.
Eliza Young, product developer at Infiwave, requires a great deal of technical expertise to ensure that the EPC solution runs smoothly at Infiwave.
She welcomes this improvement but also knows that there is much more to Industries EPC capabilities, particularly around pricing methods.
Complex Pricing Challenges
In her quest to identify areas for improvement in pricing-related processes, Eliza reaches out to her colleagues. Here’s what she learns.
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Repricing: Sales teams must be able to respond to changes in competition, supply and demand, market value, and customer interest. The ability to reprice line items in opportunities, orders, quotes, and assets goes a long way in reacting to these changes.
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Location-based pricing: Certain products cost more to set up in specific markets, so their pricing must change based on the customer’s location.
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Duplicate orders: Sometimes, customers accidentally order the same product more than once. Teams need a system that checks customer assets to prevent duplicate orders.
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Incorrect pricing: At times, the Industries CPQ Cart doesn’t show the total price of a purchase with sales taxes applied.
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Usage-based pricing: Companies should be able to charge customers based on their usage of certain products, such as wireless data plans.
Advanced Pricing Solutions
Eliza explores enhanced pricing methods to solve the problems her colleagues have identified. She’s discovered a few solutions.
Check, check, and check! Eliza now has the tools to address her co-workers’ concerns and further improve Infiwave’s awesome selling capabilities. The first task on her list is to set up automatic repricing. Press on to find out what Eliza does next.