Pricing Key To Small Business Survival
According to the US Bureau of Labor Statistics, “prices for all items less food and energy rose 3.8 percent for the year ended May 2021, the largest 12-month increase since the year ended June 1992.” As cost of goods continue to rise, pricing is going to make or break small businesses. The goal is to always remain competitive without losing significant margin. But, as pricing changes rapidly, automation is key to keep up with the trends.
LogicBlock Integration with Item 411 Keeps Small Business Competitive
If you don’t have pricing tools yet, you need them. Today’s landscape is vastly different than a year ago, much less 10 years ago! With online purchases continuing to rise, staying up-to-date and competitive with the big boxes and ecommerce stores is key. You may have the “shop local” advantage and great customer service, but without competitive pricing those things won’t matter.
With Item 411, your team can create custom matrix pricing plans based on current market pricing and schedule this to automatically update your online storefront. You also have the option to show current market pricing from select competitors directly on your 7cart storefront, so your customers never leave your page. The key here is that this is all automated, so your team isn’t scrambling every morning to look at pricing.
Have sales reps on the go that need pricing information in real-time? They can get all of this information in Item 411’s mobile-friendly format as well. And the best part is that Item411 is included with Logicblock’s Essentials and Professional Packages.
“Fix” MarketXpert Helps Win Bids and Contracts Without Losing Profitability
One of the best aspects of small business is seeing companies work together to compete against the big guys. MarketXpert is an enhanced version of Item411 for Essendant first-call customers that also integrates with LogicBlock and assists you in making informed decisions about margin and pricing strategies. This powerful tool cross-references competitor product pricing and helps take the guess-work out of bid strategy.
Information Is Power
The more information you have easily accessible, the better you can compete in the market. Once you have Item411 or MarketXpert, you will realize that competing with ever changing pricing doesn’t have to be hard and time-consuming. Your team will be able to quickly answer questions like:
- How does your competition price specific items?
- Can you offer a better deal and remain profitable?
- Can pricing be adjusted to win that contract?
- Can you change product mix to reduce your customer’s budget?
- Can you substitute private label products to enhance the bid?
Ready to win more business without losing profitability? Submit a ticket via our support site to learn more about integrating these tools today!