Across many industries, businesses face the same problem: the market is becoming saturated with options every year, making the competition fiercer. It’s easy to feel like you’re losing your grip on the situation. Have no fear, there’s still a lot you have influence over, starting with your price optimization strategy.
Take a look at the 4 best practices we’ve collected below. Make a note of how many you’ve already implemented. The ones you don’t have in your toolbox are a great place to start your price optimization quest.
#1 Customer Segmentation
By now, most organizations have clocked on to the fact that one blanket pricing for all their audiences simply doesn’t work. To harness the full power of your pricing strategy, you want to really drill into your consumer demographics and create robust customer segments. In fact, many experts recommend adopting a Good-Better-Best (G-B-B) pricing strategy when you’re determining your rates.
Once you have decided how you want to segment your customers, Rockton Pricing Management gives you the power to amend your prices based on customer tiers. For instance, you can generate more revenue by attracting new, high-spend customers with a premium version of your offering. Or you can release a basic package that makes your product or service more accessible to those who cannot afford your key proposition. The latter also serves as a safeguard to your pricing power by doing away with the need to offer discounts as a means to entice customers.
#2 Continuous Improvement
There are two main factors that play into this. On one hand, we recommend investing in research and development, no matter your industry. After all, the best way to stay ahead of the competition and justify your pricing is through continuous innovation. Alongside this, try to avoid rigid pricing. Instead, monitor how your target market is responding to your rates and make adjustments accordingly.
#3 Empowered Sales Team
In today’s fast-paced digital environment, even if you have a dedicated revenue manager or even a whole team, it could be challenging for a handful of people to stay on top of pricing adjustments and fluctuations in demand. That’s why many companies are arming their sales teams with powerful software developed specifically to provide guidance with pricing management.
#4 Innovative Technology
A pricing management solution can do much more than simply assist your team with performing their daily tasks. Our flexible pricing tool is API enabled, which means our pricing solution works with your ERP. We provide SQL-based and web service APIs for RPM so you can connect to any ERP system.
With powerful pricing management software, you can automate any pricing scenario, regardless of its complexity. You will also save time, money and reduce errors by linking your price manager tool with your ERP system. The bottom line is, investing in innovative pricing management technology will give you the peace of mind that you’re showing the right prices to the right customer segments at exactly the right moment.
Ready to take your pricing strategies to the next level?
- Learn more about our pricing management tool
- Download our pricing strategies checklist
What is a Pricing Method?
The Pricing Method in Rockton Pricing Management (RPM) is used to determine how you want to calculate the price on a transaction line. There are three Pricing Methods to choose from when you are setting up the RPM Connector to use in RPM. In order to decide which method to use, you first want to understand how your ERP system is tied to RPM, then decide how you want pricing to be determined.
The RPM Connector ties your ERP to RPM. A Price Schedule is created in RPM and matches the Price Level in Microsoft Dynamics GP or the Customer Price Class in Acumatica. If a Price Schedule exists in RPM, it must match to a record in the ERP. The Price Schedule is then used to determine pricing for your transaction lines and whether any price adjustments should be calculated on that line.
The Pricing Method on the RPM Connector is important because it determines which Price Schedule to use when calculating the price for the transaction line. You decide if you want the price to be determined based on the Price Schedule you assign or if you want the system to determine the best Price Schedule to use.
What are the 3 Methods?
1. Static
The static Pricing Method always uses the Price Schedule that defaults onto the transaction in the ERP. The Price Level or Customer Price Class remains the same and drives the Price Schedule RPM uses to calculate the price. For example, if Dynamics GP has a Price Level called Retail and is the default for the Sales Transaction Line when you enter the transaction, then the Retail Price Schedule is automatically used. The price from that Price Schedule is assigned to the line. The same is true in Acumatica. If a Customer Price Class of Retail is used on the Sales order or invoice, then the price is determined by the Retail Price Schedule in RPM.
2. Dynamic
The dynamic Pricing Method is a more advanced method for assigning a Price Schedule to a transaction. It lets RPM determine the best Price Schedule to use. When a transaction is entered, RPM reviews the valid Price Schedules in RPM, and the first Price Schedule found that matches the information on the transaction is used. This is usually based on combinations of Customer, Item, Date, and other attributes. Dynamic pricing allows for more of those complex pricing scenarios.
3. Hybrid
When the hybrid Pricing Method is selected, both Static and Dynamic Pricing Methods are used. With this option, you allow the ERP system to specify which Price Schedule to use (Static Pricing) or leave the Price Schedule blank, and a Price Schedule is selected for you (Dynamic Pricing).
This allows the flexibility of:
- Allowing a specific Price Schedule to default,
- Allowing the user to override the Price Schedule,
- Using Dynamic Pricing to determine the best Price Schedule for the scenario
RPM Company Setup for the Microsoft Dynamics GP Connector:
RPM Settings for the Acumatica Connector:
There’s no need to stress about selecting the right option for your business. If the Pricing Method you selected doesn’t meet your needs, simply go in the RPM Company Setup window and change the Pricing Method at any time.
These are the basics of the RPM Connector Pricing Methods. If you have any questions or need assistance with selecting the right Pricing Method, feel free to reach out to us at support@rocktonsoftware.com.
Need help with your pricing strategies?
- Download our checklist
- Schedule a demo to learn more about Rockton Pricing Management
Another GP Optimizer Live is in the books. While we wish we could be in person, there is light at the end of the tunnel. In-person events will happen sometime this year.
Things were a little different this time around.
- New platform
- More content
- Keynote speaker
- Expo time
- Virtual ventriloquist
This 2-day event was jam-packed with sessions from well-known ISVs, a GP MVP, and an All-Star. There were a few hiccups and audio issues along the way which is understandable using a new platform, but you get to skip all that with just the recordings.
We kicked it off with an amazing keynote. John Garrett shared why it is so important to ask this question to everyone you work with, interview, meet – What’s your and? Work is way beyond our skills, expertise, and what time we clock in every day. It’s about what makes you happy, what you do outside of work, and who you are as a person. Not a number, statistic, or goal you have to reach.
It was so great to see all the amazing hobbies and passions everyone shared.
Check out the recording and feel free to share it with your team as well.
How can you incorporate “What’s your and” into your work life?
- Add it to your signature
- Have monthly chats
- Ask this question as part of the interview process
Help! I need to make SmartLists useful again
Nicole Albertson, GP All-Star, took the stage on day 1 to share so many tips and tricks when it comes to Smartlists.
Everyone has unique needs when it comes to their data and SmartList doesn’t always cut it. Nicole will show the ways to make your data come to life.
3 Tools That Can Help You
- SmartList Designer -included with SmartList today
- SmartList Builder – available from eOne Software
- SmartView – available from eOne Software
Check out the recording where Nicole dives into each of these 3 tools, the differences, as well as a ton of resources you can utilize today to help you manage SmartLists in an easier way.
Stop Running SmartLists Just to Export to Excel Dang It!
Rod O’Connor, GP MVP, took the stage on the second day and shared why you don’t need SmartLists just to export them to excel.
There are so many other ways, both easier and quicker, to get your data into Excel if you need to. In some cases, you can even have the go-to’s you’ve come to love. The best part, this is for all the non-developers who are ready to get your data into Excel where you want it.
View Rod’s recording and resources which are available for you to use.
Rockton Rockstars
Project Cost vs. Project Accounting – Is there a difference?
There sure is! But, let’s first share what they have in common.
Both can manage and track your projects. Both work with GP. Both have reporting capabilities.
But there are some key differences that you should be aware of when deciding, and we have broken them down for you in this simple chart.
Ginger shares with you what the key differences are and what you need to look at it when it comes to choosing the best solution for your business.
Remote workers became the source of up to 20% of cybersecurity incidents
Working from home opened up a ton of issues with security breaches, zoom bombing, and tons of headaches. It wasn’t all sunshine and rainbows and binge-watching Tiger King.
Alicia shared why you need to beef up your security in GP. She focused on our most popular product of 2020 – GP Toolbox and the 4 COVID reasons why:
- Security Manager
- Inactivity Timeout
- System Lockout
- Password Policy Options
So many topics to choose from
There were many sessions on helping you automate key processes and areas of businesses from AP automation to industry deep dives on inventory and supply chain challenges. As well as, streamlining purchasing workflows and automatic time tracking.
There really is something for everyone. So, checkout all the recordings and resources. Share them with your team and reach out to any of the ISVs that helped make this event a success.
We certainly hope to see at GPUG Summit in Houston in October!
As someone working in a digital era, you would have likely heard the term dynamic price management being thrown about, but what if you’re still not sure exactly what it means? Fear not, that’s why we’re here. Dive into our quick guide to dynamic pricing revenue management for a crash-course on everything you need to know.
What is dynamic pricing management?
Simply put, it’s is a pricing strategy that uses real-time data to calculate price adjustments. Focused on changing price levels, this approach enables anyone from technology retailers and wholesalers to companies in more specialized fields such as waste management and food distribution to maximize their profits by making tweaks to their prices as and when it’s necessary.
The real power of dynamic pricing revenue management lies in the fact that the process involves much more than simply looking at prices at face value. Factors such as order cancellations and competitor rates play a crucial part in determining the best pricing strategy for your business.
There are a few you can choose from, ranging from complex real-time models to straight-forward rules-based pricing. Price adjustments can be based on customer segments, capacity, or even the specific qualities of your product or service.
The importance of dynamic pricing and revenue management
Online sales are seeing an unprecedented increase in both supply and demand in the current digital climate. This means there was never a better time to set up a pricing strategy based on real-time demand.
It gives you greater flexibility when it comes to the prices of your products or services, enabling you to simultaneously increase the number of sales you make and boost your profits.
The benefits of dynamic pricing revenue management
It’s a pricing strategy tailored to the bigger picture. Instead of setting a static price on each item in your inventory, dynamic pricing allows you to analyze customer loyalty and set up Cost Plus % based on your findings.
In addition to giving you more control over the profit margin associated with each customer segment and product, dynamic pricing and revenue management is a great way to grow the overall profits your business makes. You just need to set up an effective pricing strategy that resonates with customers!
Automating dynamic price management
Dynamic pricing often requires a lot of time and resources, and it could even cause significant losses if set up incorrectly. This is why many businesses steer clear of this pricing strategy. However, provided implementation is done right, it has innumerable benefits.
In addition to the obvious increase in sales, dynamic pricing and revenue management has more long-term advantages such as better inventory management and greater competitiveness in the face of ever-changing market demands. Plus, it provides a valuable insight into the behaviors and preferences of your customers.
With pricing strategy in a continuous flux, methods change and evolve all the time. Getting ahead of the competition with your approach is a sure-fire way to success, and with the right setup, dynamic pricing can be just the thing you need to stand out.
Time is of the essence when it comes to dynamic price management – the more quickly and efficiently you implement it, the sooner you’ll start seeing the profits roll in. Combining this innovative pricing strategy with a dynamic pricing automation tool will empower you to establish core pricing scenarios and let the system do the rest of the work in the background.
Find out more about our dynamic price management tool
- Schedule a demo and see it in action, contact sales@rocktonsoftware to get started
- Download our pricing strategies checklist
Word of the Year
Starting the year with a ‘Word of the Year’ is a powerful tool to align with their intention, focus their attention, and ultimately shape their execution.
During recent leadership meetings, we thought why not? Why not come up with a word of the year for our team. Something to help us align with our true intentions, to focus our attention, and to help shape our execution. So, what did we pick? Gratitude.
It might seem like a funny choice for a business. After all, we need to turn a profit to keep the doors open. How will Gratitude help us thrive, help us be a successful business? Gratitude helps us focus on our teams’ overall well-being
A company is nothing without its people – Team, Family, Customers, Partners, and Community.
We pride ourselves on our value statement – We improve the lives and business success of our employees and customers. And this year we are doing this by intentionally focusing on Gratitude.
Gratitude can improve your overall well-being, working memory, sleep, immune system, relationships, and coping with emotional upheavals. I think we can all agree. After the past 10+ months, we could all use more of this… and TRAVEL, I could use more travel 😉
What did we do first?
Our first Gratitude activity was a charitable donation drive. Rockton offered to match any donation made to a charity, of the team members’ choice, within a set timeframe.
During a recent company meeting each team member spent time explaining a bit about the charity they chose. What an eye-opening and inspiring activity?! Often the most common charities come to mind first. We heard that not only food shelves are suffering right now, but some zoos are struggling to feed their animals too. And about some of the trickle-down effects caused by someone being incarcerated without being able to post bail.
Our team ended up donating just under $8,000 to our local communities. Here is a list of who our team supported this past month.
Who are we donating to?
Our Tradition
Rockton has a tradition of giving back to the community in a variety of ways. We have our 1-1-1 rule, where 1% of our team’s time, 1% of company profits, and 1% of our product is given to charities in our communities. Also, each year at GPUG Summit we give away one of our products for free to a Non-Profit. In 2020 we gave out 2. Check out those winners here.
Joining a new company and learning a new system can be overwhelming but rest assured there are some tools to help you along the way.
How can these tools help make your work simpler & easier®?
How about:
- Faster searches
- Quality control tracking
- Help navigating GP
- Manage and train new hires
What are these 3 tools?
SmartFill
- Replaces the need to click on the magnifying glass in Dynamics GP, making it quick and easy to search for things.
- It already comes preset up. So, you don’t have to be a developer to work with this product.
- You’d be able to use SmartFill without having to know every little nuance about how things are named in Dynamics GP as well as your 3rd party solutions.
Auditor
- Quickly track and report on any changes to specific fields in the system. This is great for training and accuracy, staying informed on data changes, and fraud prevention.
- Get your questions answered when someone changes a specific field on a window.
- Audits are field-specific, which means you can set up and track any field on any window across GP and Dexterity-based 3rd party solutions.
Dynamics GP Toolbox
- Manage security by user or role or copy security from one user to another (great for setting up new users).
- Print out an accurate security report to know exactly what users can get to, whether it’s Windows, reports, or different fields.
- Use a search tool to help navigate to windows. This helps new users get accustomed to the system, or you find windows you don’t often use.
These are just a few highlights of what these three products have to offer. We could go on for hours on how they can make your work simpler & easier®.
Next Steps:
- Watch our Tool for New Users webinar recording
- Try one or all three solutions for free for 30 days
If you have any questions, please email us at sales@rocktonsoftware.com.
Do you have to search daily to find the newest exchange rate and then manually update GP? Do you wish you could automatically update those exchange rates?
If you are already updating multiple currencies in Dynamics GP, you know updating them seems to be a daunting and daily occurrence.
Wouldn’t it be nice if you could automatically update those exchange rates quickly and easily?
There’s a tool ⚒️ for that.
What is the Exchange Rate Import tool?
- It’s an important extension to the Multi-Currency Management Module for Microsoft Dynamics GP
- Uses advanced technology to automatically load currency exchange rates into the Microsoft Dynamics GP database
What does it do?
It provides an automated 1-step process that imports those exchange rates directly into the Dynamics GP multi-currency tables. Imagine never having to look up an exchange rate every again.
What sources can you use to update the exchange rates?
- European Central Bank
- Bank of Canada
- Commonwealth Foreign Exchange
- Open Exchange Rate (most popular)
Each source maintains its own list of available currencies. Our staff will assist in finding the best source for your needs.
How does it make your work simpler & easier®?
Saves you time each day since you don’t have to waste it on researching exchange rates anymore.
You can also simplify your accounting operations with automated imports of currency exchange rates into the Dynamics GP exchange rate tables.
What does it cost?
Pricing for the Exchange Rate Import tool is $800/annually, no matter the number of GP users. Support is also included after you go live. We provide an installation/configuration manual to assist you with the quick and easy setup process. But if you find you need some help, we’re here for you.
How do you get started? You can:
GP Optimizer Live is Back!
2020 has taught us a lot about our businesses, our day-to-day processes, and areas where we might need to improve. What better way to start planning for 2021 than by joining some of the most influential people in the GP channel as we discuss ways to better enhance your Microsoft Dynamics GP investment.
Your favorite GP ISVs are joining together once again to host GP Optimizer Live on February 2 & 4. This free virtual event will include 2 days of educational sessions on content around Automation, Tips & Tricks, and Strategies to enhance Dynamics GP. Whether you are new to GP or you have been running it for years, you are not going to want to miss it.
The GP Optimizer Live hosted last Summer had over 200 attendees from the GP channel. With the Winter 2021 event offering more content and sessions, the turnout is expected to be even bigger. There will be opportunities to engage with GP MVPs and learn more about GP add-on modules. And if all of that is not enough, you will also have the chance to win some awesome prizes at our virtual Happy Hour!
So why is this one different?
- New platform – which means more content, more interaction, and more breaks
- A keynote speaker to kick off the event with some inspiration
- A virtual ventriloquist – yes you read that right
- Expo and networking time
Meet Our Keynote Speaker
John Garrett, Culture Consultant on a Mission to Shatter the Stereotype
Hi, I’m John and I’m proof that CPA’s can be funny. Really funny. I know that when it comes to corporate events, getting serious results doesn’t have to be so serious. I also know that a corporate speaker should partner with you to make sure the entire event is a success, which means making the event about your organization. Not about me. And I know that’s exactly what I do.
What’s your and? John will dive into how to Unlock the Person within the Professional.
It all starts outside the office. Let’s learn more about the person behind the profession as John dives deeper into these questions:
- How well do you know your fellow team members?
- Do you create genuine connections?
2 GP MVP All-Stars
Nicole Albertson
I am the Product Manager with eOne Solutions. My focus at eOne is on SmartList Builder, Extender, and SmartView. It involves everything from demos and training to testing and documentation. I also have the privilege of managing some of our internal systems. This means I get to be on the “customer” side of our products as well in designing the setups and supporting them for our team of users. I have been with eOne Solutions since December of 2012 and working with the eOne products for many years before that. I have been in the Microsoft Dynamics GP space since 1999 between my work at Microsoft and eOne Solutions. I am also a GPUG All Star award recipient.
Session Title: Help, I Need to Make SmartList Useful again!
Date & Time: Feb 2nd 1:30-2:00 EST
Session Content: Everyone has unique needs when it comes to their data and SmartList doesn’t always cut it. We will use SmartView and SmartList Builder to make your data come to life.
Rod O’Connor
I have been lucky enough to have worked in almost every facet of Business Applications. Throughout my career I have spent time as an end user, a functional consultant, a technical consultant, an IT Manager, a small business owner (a VAR), and most recently as an ISV. I don’t claim to have all of the answers, but I do have a passion for both learning and helping businesses implement processes and solutions that improve their day-to-day operations.
Session Title: Stop Running SmartLists Just to Export to Excel Dang It!
Date & Time: Feb. 4th 1:30-2:00 EST
Session Content: We get it, you love SmartList and well you should. But too many of you are running SmartLists just to export them to Excel! There are so many other ways, both easier and quicker, to get your data into Excel if you need to. In some cases, you can even have the Go To’s you’ve come to love. In this session we will go over the methods available to you – the non-developer – to get your data into Excel where you want it.
Double the Trouble
Join Rockton on both days.
Feb 2nd from 12:30 – 1:00 EST – Project Accounting VS Project Cost – What you need to know
Feb 4th from 2:45 – 3:15 EST – Why you need to beef up your security
The First Virtual GP Event of 2021
You can expect to see live demos and discussions that uncover the benefits of integrated Spend Management and PunchOut, Tax Compliance, Inventory Management, Quality Control, Asset Tracking, Payment Processing solutions, and much more! New and seasoned GP users will discover ways to complement and extend Dynamics GP functionality.
Browse the sessions available and register today for GP Optimizer Live. Each day there are different tracks for you and your team to explore, including informative sessions focused on Dynamics GP and how to optimize your business processes. I know you are probably sick of virtual events by now but we promise it will be worth your while.
Date-driven pricing is an integral part of any business, for the simple reason that every company, no matter the industry, needs to update pricing on a regular basis. Maybe you only adjust yours a couple times a year, or maybe you’ve got your fingers on the pulse and make continuous changes.
Either way, incorporating date-driven pricing into your strategy is crucial for staying ahead of your competition and optimizing profits. After all, the alternative is remaining stagnant, and in a fast-paced digital world, that’s equivalent to falling behind.
The most common date-driven pricing challenges
Unfortunately, it’s not enough to simply include date-driven pricing in your overall strategy. You’d also need a powerful ERP solution to make pricing changes based on date efficiently. Revenue managers often face challenges when it comes to updating company pricing, as 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.
Traditional ERP software nowadays enables you to assign specific price levels to customers, so you can roll out the pricing in bulk. This allows you to easily pull default prices for transactions, and adjust manually as you see fit. Some more sophisticated ERP solutions may even have date-driven pricing functionalities, but these tend to be limited.
The potential of date-driven pricing
We would not be exaggerating if we said every business needs date-driven pricing to successfully make 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.
Having a powerful date-driven pricing system enables you to effortlessly handle a range of pricing scenarios and strategically drive your company’s profits. In fact, read below for 3 ways you could start enabling this strategy today.
3 Ways to use Date-Driven Pricing
1. Special customer bundles
Bundle pricing strategy is a popular approach to optimizing revenue and tends to work splendidly when offered for a limited amount of time. Putting a single (often more attractive) price on a group of products or services is a great way to win over customers willing to hand over more cash upfront. It’s no wonder Christmas and Valentine’s Day bundles are so common across various industries, including food distributors and manufacturers!
2. Special occasion sales
And speaking of holidays, the festive season is a prime time to unleash the power of date-driven pricing. In addition to occasion-specific promotions, you can employ the same strategy for monthly or seasonal discounts, limiting your clearance rates to a single day. Wholesalers, for instance, often take advantage of this strategy.
3. Special reduced rates
Tracking competitor pricing and adjusting your rates accordingly is a huge task in and of itself. If you’re trading in a busy market space, attracting customers with price savings is an essential strategy for success. Whether you choose to charge less for your offering, or increase your prices in pursuit of a premium brand image, maintaining dynamic date-driven pricing is a must.
The benefits of a date-driven pricing tool
Date-driven pricing management is vital for your company and could be draining all of your resources. The key to freeing up time so you can focus on other areas of your business without dropping the dynamic pricing ball lies in automation.
With the help of a powerful pricing management solution, 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 you can rest assured that your customers would be seeing the right prices at the right times.
From performing complex calculations to keeping track of sale expiration dates, the right date-driven pricing management tool will keep everything running smoothly in the background, incorporating seamlessly with your existing ERP system.
What’s next?
We know when it comes to pricing it can be overwhelming and there’s a lot to consider.
If you’re not sure where to begin when it comes to a pricing strategy or just need some guidance, you can:
Rockton Software is moving to a new system effective
January 1, 2021
We’re in the midst of improving our internal and external processes and applications to make things here at Rockton work simpler & easier®. We want to make you aware of some things that will be temporarily unavailable during this transition period.
What’s Changing?
We’re moving to a new Portal for self-service, which could impact you in the following ways. As of the listed dates below, you will NO LONGER be able to do these tasks on the portal.
Effective immediately:
- Add a new customer
- Edit customer details
- Add a new contact
- Prorate a renewal
Effective December 31, 2020 at 4:00 PM MST:
- Generate a quote for additional users
- Acknowledge a renewal
- Pay a renewal, an additional user quote, a consulting invoice, or any other invoice
- Store a credit card
- View unpaid sales documents
After December 31, 2020 at 4:00 PM MST, you will need to contact sales or renewals to request a quote or to pay an invoice. You’ll still have the ability to view and email-only sales documents that were paid on or before 12/31/2020 (you can no longer view unpaid sales documents).
What’s not changing?
For the foreseeable future, you may continue to access registration keys and view customer billing history (for invoices paid prior to 1/1/2021).
We apologize for any inconvenience, and we look forward to serving you via email and phone during our regular business hours, Monday – Friday from 9:00 – 5:00 MST.
We’ll continue to keep you posted as we roll out our new and improved processes. Look for updates in our newsletters, emails, and on our website.
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