Just Released: Capturing and tracking your product price

Posted by Kevin Jankay on 8/17/21 3:34 PM
Kevin Jankay
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In our conversations with you, it is clear that developing your product portfolio based on its features alone and without considering price can be risky and incomplete. So we decided to engineer and develop tools that enable you to analyze and make decisions on setting and communicating your products' price. Today we are pleased to announce the first step in a series of launches providing you with the ability to decide, capture and share price sheets for each of your products, including the impact that options would have on the price. With this capability, you can define multiple price sheets for your product and see the ranges of the prices your products will cover depending on the options selected.

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Capturing and communicating the price of your products

Once you have defined your product line, you can now set the standard price of each product. In addition, you can capture the difference between applying optional features to the standard product configuration.

For example, below is a product line consisting of two laptops. Based on the options available, you can order Exec V1 and Exec V2 96 and 92 different ways respectively depending on the options you pick.

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Products can have different prices, such as retail vs. wholesale, or based on regions and channels. For each price type, you can create a separate price sheet to capture and communicate prices across your organization. For the product line above, you can see two price sheets created, one for retail and the other for wholesale. The creation of a price sheet is super easy, just click on “create new”, select the currency, and give it a name!

 Price Sheet Dropdown

In each price sheet, you will be able to capture the base price of the product. This is usually the price of the product with standard features are applied to it. You can then capture the change to the base price when an option is selected. For example in our product line, the Exec V1 laptop has a standard price of 500 USD. This price will include an X220 processor. But if the customer selects X300, the price of the laptop would be 580 USD since the incremental charge for X300 is 80 USD.

Price Sheet Entry

 

You can capture prices for each plan. If you want to capture and share changes in your product prices, you can create a new plan from any current one and make adjustments to the prices. Your product roadmap will reflect the start date of the new plan, which will represent the date the new prices will go into effect.

 

Analyzing prices using price range chart

We are also happy to announce the general availability of price-range reports, which is a graphical view of your products' price ranges, having applied the rules and price adjustments for standard and optional features.

With this feature, you can see the range of prices your product can take based on customers' option selection on your product.

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Summary

Here at Gocious, our commitment is to provide our customers with advanced tools to strategically define, communicate and position the right products for the market. Pricing and price analytics are a critical part of that process, and we are eager to bring advanced methods in an intuitive and easy way for you to capture and analyze pricing across your product lines.

Stay tuned on this topic as we bring you other new capabilities and methods to master your product lines' pricing and price analytics.

Join our journey to make product management awesome –Sign-up for your personalized free demo here

 

 

Topics: just released, value based pricing

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