Timing is everything, especially when it comes to pricing. Whether you make seasonal adjustments or regularly respond to market shifts, having the right tools in place can help you stay ahead of the curve and boost profitability. Rockton Pricing Management gives you the power to automate those price changes, so you’re not stuck playing catch-up.
In this blog, we’ll explore common time-based pricing strategies and show how Rockton can help you implement them with ease.
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
For many businesses, the process is still painfully manual, spreadsheet after spreadsheet, with endless room for error. When you’re managing multiple customer segments and a large product catalog, even a simple limited-time promotion can eat up hours of your team’s time if your ERP doesn’t support automated pricing. And let’s not forget the late-night scramble to update prices just before a discount goes live.
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 Step!
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. If you’re ready to take a tour of Rockton Pricing Management, join us for an upcoming webinar or event, or schedule a demo and we’ll help you out with time-based pricing and any other complex calculations you can think of. Are you a Pricing Manager? Learn more about the transformational impact of a Rockton Pricing Management implementation.
