{"id":51224,"date":"2022-02-08T15:05:26","date_gmt":"2022-02-08T22:05:26","guid":{"rendered":"https:\/\/www.vendavo.com\/?p=51224"},"modified":"2024-12-30T13:35:35","modified_gmt":"2024-12-30T20:35:35","slug":"pricing-automation","status":"publish","type":"post","link":"https:\/\/www.vendavo.com\/pricing\/pricing-automation\/","title":{"rendered":"Pricing Automation: The What and the Why"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">Why consider pricing automation when humans have been setting their own prices for thousands of years?<\/p>\n\n\n\n<p>Along with quality and customer service, <strong>price is a deciding factor <\/strong>in the decision to purchase. This is true across B2B sales and everywhere else; all other points being equal, the most attractive price will sway prospects into a purchase.<\/p>\n\n\n\n<p>The <strong>problem<\/strong> is that all other points are very often not equal.  Businesses in the same industry and area may have different costs, selling points, constraints, and audiences (i.e. budget vs. premium shoppers).  Some customers are willing to pay more for perceived cachet (think designer clothes), convenience, brand loyalty, et cetera.  All of this means that pricing is a very complicated process.  And it\u2019s one that businesses can\u2019t afford to mess up.<\/p>\n\n\n\n<p>It can take human pricing specialists like store managers many hours to research competitors\u2019 prices, analyze the factors and margins, and determine a pricing strategy. While we may have been setting prices for millennia, it\u2019s only within more recent decades that pricing strategies have become so complicated. With automated pricing, businesses can save time, money, and frustration. Let\u2019s see how pricing automation works.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_Pricing_Automation\"><\/span><strong>What Is Pricing Automation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Pricing automation is simply using software to automatically handle the pricing process. As we pointed out above, computers can find <a href=\"https:\/\/www.vendavo.com\/all\/how-to-collect-analyze-and-visualize-competitive-price-data\/\">competitor pricing data<\/a>, analyze it, and develop price guidelines much quicker than even the best price strategist. <strong>But that doesn\u2019t mean humans have no place<\/strong> in automated pricing, as we\u2019ll soon see.<\/p>\n\n\n\n<h6 class=\"wp-block-heading has-gray-40-color has-text-color\"><span class=\"ez-toc-section\" id=\"The_Price_Automation_Process\"><\/span><strong><span class=\"has-inline-color has-green-20-color\"><\/span>The Price Automation Process<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n\n\n\n<p>The process behind automated pricing is very much like the process a human would follow. Here\u2019s a simplified version:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Compile price data from the web (i.e. from competitors\u2019 websites and other credible sources).<\/li>\n\n\n\n<li>Factor in business rules, costs, etc.<\/li>\n\n\n\n<li>Analyze the data.<\/li>\n\n\n\n<li>Make pricing recommendations.<\/li>\n\n\n\n<li>Monitor the market and competitors\u2019 actions and adjust as necessary.<\/li>\n<\/ol>\n\n\n\n<p>In pricing automation, the entire process is done by <a href=\"https:\/\/www.vendavo.com\/our-products\/price-management-software\/\"><strong>pricing software<\/strong><\/a>.  This is especially helpful when it comes to gathering price data and monitoring the market; machines can do this constantly and instantly, which makes the entire process<strong> faster and more reliable.&nbsp;<\/strong><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:67%\">\n<h6 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Two_Boxes_of_Price_Automation\"><\/span><strong>The Two Boxes of Price Automation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h6>\n\n\n\n<p>It\u2019s good to know that there are<strong> three kinds <\/strong>of price automation:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Black box<\/strong>, in which the manager or team is presented with one or more pricing options; the logic behind these recommendations is hidden.<\/li>\n\n\n\n<li><strong>Glass box<\/strong>, which presents several pricing options as well as the reasons and factors behind these recommendations.<\/li>\n\n\n\n<li><strong>The Centaur model<\/strong>, where not only can you interrogate and understand the basis for recommendations, you can use your business savvy to tune or even override the recommendations &#8211; including setting up new rules for new situations.&nbsp;&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>For example, suppose you are selling flower bouquets online. <strong>A black box pricing approach<\/strong> might recommend you sell each bouquet at $39.99 \u2013 with zero context on <em>why<\/em> it picks that number.  Or, if you have a more sophisticated piece of software, it might suggest low, optimal, and high price points.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column has-green-20-color has-white-background-color has-text-color has-background is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33%\">\n<p class=\"has-text-align-center has-gray-30-color has-gray-10-background-color has-text-color has-background\" style=\"font-size:18px\">In the Centaur AI model you can use your business savvy to tune or even override the recommendations &#8211; including setting up new rules for new situations.&nbsp;&nbsp;<\/p>\n<\/div>\n<\/div>\n\n\n\n<p>If you applied <strong>a glass box automated pricing approach<\/strong>, you would understand how the software arrived at those numbers (i.e. the business context). It would provide what\u2019s known as a <a href=\"https:\/\/www.vendavo.com\/all\/the-power-of-the-price-waterfall\/\">price waterfall<\/a> \u2013 a look at how the various pricing decisions will ultimately affect your revenue. While the input and result might be the same, you\u2019d understand the reasoning behind it. Sales teams and other customer-facing departments are often more effective when they understand what\u2019s driving price suggestions.<\/p>\n\n\n\n<p>In both cases, businesses are usually able to set their own inputs and business rules for the pricing automation to follow.  However, few companies can really afford to have their pricing recommendations presented without context.  So, as a rule, we recommend the glass B=box approach as the minimum for most cases; for a detailed explanation of the third and best-practice set of capabilities, see our earlier blog post, <em><a href=\"https:\/\/www.vendavo.com\/all\/centaur-ai-pricing-technology\/\"><strong>Centaur AI Pricing Technology: Merging Human + Artificial Pricing Intelligence<\/strong><\/a>.&nbsp;<\/em><\/p>\n\n\n\n<p>This raises another interesting question&#8230;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_Pricing_Infrastructure_Be_Fully_Automated\"><\/span><strong><em>Should<\/em> Pricing Infrastructure Be Fully Automated?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Given that technology in itself can\u2019t always adapt to unexpected changes or comprehend some of the unwritten rules of business, <strong>is it safe<\/strong> to fully automate something as important as pricing?<\/p>\n\n\n\n<p>That depends on what you mean by \u201cfully automate\u201d.  While we don\u2019t recommend handing pricing over to machines with absolutely zero human input or oversight, we <em>do<\/em> recommend combining the processing power and speed of automation with human expertise.  This is <strong>the best of both worlds<\/strong>, allowing companies to move forward with speed and accuracy (thanks to automation) while still making decisions that take human factors into account.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Develop_More_Powerful_and_Controlled_Pricing_Strategies\"><\/span><strong>Develop More Powerful and Controlled Pricing Strategies&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Is pricing automation <strong><em>right<\/em><\/strong> for your company? For most B2B teams, the answer is <strong><em>yes<\/em><\/strong>. It saves time, helps workers be more efficient, and <a href=\"https:\/\/www.vendavo.com\/our-products\/vendavo-sales-optimizer\/\">helps sales team<\/a>s be effective and confident when meeting with clients and prospects.<\/p>\n\n\n\n<p>By using <a href=\"https:\/\/www.vendavo.com\/our-products\/deal-price-optimizer\/\">technology<\/a> that combines human understanding, experience, and contextual insight with <a href=\"https:\/\/www.vendavo.com\/our-products\/ai-price-selling-solutions\/\">AI pricing software<\/a>, <strong>decision-makers can leverage their data to act promptly and decisively. <\/strong> They can adapt to current circumstances as well as plan for strategic improvements.&nbsp;<\/p>\n\n\n\n<p>What we want to emphasize about automated pricing is that relying solely on machines or solely on humans will not win the day.  But combining them \u2013 letting each one play to its strengths \u2013 will <strong>create a powerful advantage<\/strong> over companies who use a single approach to pricing.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-green-20-color has-css-opacity has-green-20-background-color has-background is-style-wide\"\/>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Insights into its benefits, and how it can help human teams, not replace them.<\/p>\n","protected":false},"author":24,"featured_media":51236,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[496,1240],"tags":[1503],"class_list":["post-51224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-pricing","tag-price-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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