The short answer is yes, using automation. Whether you only adjust your prices during the holidays or you’ve got your fingers on the pulse and make continuous changes, Rockton Pricing Management can help you stay ahead of your competition and optimize profits. After all, the alternative is remaining stagnant, and in a fast-paced digital world, that’s equivalent to falling behind. Don’t worry — we won’t let you fall behind! Read about the time-based pricing strategies that are commonly used in nearly every business and how Rockton Pricing Management can keep you ahead of the game.
When Time-Based Pricing Strategy Can Be Used
Typically, businesses will use time-based pricing for bundles, holiday or occasion sales, and reduced rates. Let’s take a closer look at each one.
Bundles — offering a single (often more attractive) price on a group of products or services; i.e. five pack of classes for a discounted price, chocolates and flowers for Valentine’s Day at one price, etc.
Occasion sales — discounts or sales offered for a specific time period usually correlating with holidays; i.e. seasonal sales, limiting clearance rates to a single day, etc.
Reduced rates — in a nutshell, price savings; i.e. discounted items to move product, booking tickets in advance costs less, etc.
We would not be exaggerating if we said every business needs time-based pricing to successfully make a profit. It just comes down to finding a way to turn what’s historically been a manual, time-consuming process into a seamless, automated operation.
What Time-Based Pricing Looks Like If You’re Not Using the Best in Class Pricing Tool
The process tends to be largely manual and involves numerous spreadsheets. When you’re dealing with substantial customer segments and a chunky catalog of products, even doing a limited-time promotion can be a ridiculously time-consuming task if your ERP system lacks the relevant capabilities. Not to mention the inconvenience of having to make pricing changes the night before discounts kick in.
Save Time on Time-Based Pricing Adjustments
Time-based pricing is vital for your company to succeed, but it could also be draining all of your resources. The key to freeing up time so you can focus on more important areas of your business without dropping the dynamic pricing ball lies in automation.
With the help of a powerful pricing management solution, *cough cough* Rockton Pricing Management *cough cough*, you can set up pricing by date in advance and let the system do all the time-consuming work behind the scenes. Just create the date ranges you need, and be rest assured that your customers would be viewing the right prices at the right times. From performing complex calculations to keeping track of sale expiration, Rockton Pricing Management will keep everything running smoothly in the background, incorporating seamlessly with your existing ERP system.
Take the Next Steps!
Pricing can be overwhelming, and we totally understand there’s a lot to consider. We’re here to steer you in the right direction, whether you’re not sure where to begin when it comes to pricing strategy or just looking for some guidance. For those discovering pricing strategies, download our checklist to help you map out your strategy. If you’re ready to take a tour of Rockton Pricing Management, schedule a demo and we’ll help you out with time-based pricing and any other complex calculations you can think of.