Price Review in PRICEGUIDE: More flexibility and transparency in pricing
PRICEGUIDE has been enhanced with a new feature. Users can now validate the suggested price recommendations for spare parts directly in the software and either accept, reject or adjust them depending on the analysis. This makes the software a powerful tool for even more flexibility in pricing.
With the new price review feature, MARKT-PILOT gives users the flexibility to make coherent pricing decisions at individual part level and to use their own experience to do so. The complete pricing process or workflow is mapped in PRICEGUIDE and the price can be transferred directly, for example into the ERP system.
Pricing managers can run through calculations at individual part level and transparently understand the effects on the entire pricing process. For example, it may make sense to base the price of certain spare parts on the market price; for other parts, on the other hand, you may not want to lower the price or - in the opposite case - not increase it because this could result in a drop in sales.
Overall, the PRICEGUIDE, which has been expanded to include the new feature, can now be used as an interactive work tool. Pricing managers can research which spare parts have the potential for a price increase (or a quick win) and check the sales prices recommended by the system according to the available options (confirm/reject/adjust).
In addition, they can simulate directly in the software how the individually set spare parts prices affect sales. They are saved in PRICEGUIDE and automatically transferred to PRICERADAR, where they serve as a basis for future market price research and thus also for new price recommendations. These can then be validated again and individually adjusted.
Further new features in PRICEGUIDE:
Evaluation of competitors for the calculation of market prices (Relevance Score Weighting)
With this feature, users can take the influence of a competitor on the market price into account even more precisely for their own pricing. They already have the option of categorizing their competitors and assigning them a relevance (A-D). The new feature makes this evaluation even more valuable, as the effect of a competitor on the market price can also be set. For example, if a competitor is rated with a relevance of D, the influence on the market price could be lower than for providers with a higher ranking. In this way, the influence of competitors on the market price can be controlled very granularly.
This feature is also part of PRICERADAR.
Price increase for exclusive/semi-exclusive parts (target price settings)
Pricing managers can use this function to increase prices differently for parts where there is an actual monopoly situation. Experience shows that the price sensitivity of end customers depends on the absolute price of the part: The higher the value of a spare part, the more sensitive customers are to price increases. It is precisely this fact that is taken into account with this feature.
For example, the following price categories can be defined or stored in the system and applied:
Sales Price > 0 € increase by 50%
Sales Price > 50 € increase by 25%
Sales Price > 500 € increase by 10%
Sales Price > 1,000 € increase by 5%
This differentiated pricing based on the respective part value ensures that prices are not increased too much, especially for expensive exclusive parts. .png?width=1196&height=86&name=image%20(4).png)
New function in PRICERADAR: Parts history
With the parts history, all changes and adjustments made to articles in PRICERADAR are now displayed even more clearly.
The new function is available for all customers who are at least on the MARKT-PILOT Advanced plan. The parts history records and documents all changes to parts properties such as purchase prices, sales prices, sales figures and changes to the item description. This change is then recorded with time and user information so that you can always track changes exactly.
The parts history not only makes changes traceable in the detailed view, but also serves as a cooperation and collaboration tool that makes working with our software more clear and better. Any changes made by colleagues or the MARKT-PILOT team over a period of time can now be viewed and tracked precisely.
WHO GETS IT?
Available for all plans.
New semi-exclusive potential in PRICERADAR and PRICEGUIDE: For more transparency and profit maximization
In addition to the already-known parts segments, we are now introducing the semi-exclusive potential.
The semi-exclusive potential comprises parts where competition exists, but price information is limited. This means that there is potential competition, but prices are not publicly listed and can only be obtained upon request or after registration, resulting in a less transparent market environment.
There are three main reasons why semi-exclusive spare parts offer added value for your spare parts business:
- Leverage Your Competitive Edge
By understanding the landscape of semi-exclusive parts, your business can navigate the competition more effectively. Since these parts are hard to compare price, you gain a competitive advantage. This is particularly beneficial when customers require only small quantities and may find the cost of extensive price research prohibitive. - Strategic Pricing with Greater Confidence
With clearer insights into which parts are semi-exclusive, you are better equipped to strategically set your prices and margins. This knowledge gives you a firmer grip on your competitive stance, allowing for more confident and effective pricing strategies. - Achieve Higher Margins and Increased Profitability
Identifying semi-exclusive parts allows for targeted pricing strategies, potentially leading to higher margins and greater profits. This structured approach to pricing helps to solidify your market position, ensuring you are well-prepared to maximize sales and profitability.
WHO GETS IT?
Available for all plans.
PRICEGUIDE: Clarity on value drivers for maximum disclosure
Have you ever wondered why your spare part has a certain confidence level? To give you a better insight into the value driver logic and ensure greater clarity, we are now presenting all the value drivers of a part in the PRICEGUIDE detailed view - even those that have not been included in the valuation. This new feature provides you with a more comprehensive overview and enables you to better understand the value drivers applied. We want to ensure that you always have full control over the valuation of your part and understand how the confidence level is put together.
WHO GETS IT?
Available for all plans.
Data Quality Label
Discover our latest feature based directly on your feedback: Data Quality Labels for your spare parts!
To ensure that we can provide you with reliable and complete market insight on which you can base your market-driven and fair pricing decisions, MARKT-PILOT is now going one step further:
From now on, our experts will provide each of your parts with a data quality label from which you can immediately see how MARKT-PILOT assesses the completeness and quality of your data. A quick glance at the labels is all it takes to know which of your data is of sufficient quality to deliver the best research results.
WHO GETS IT?
Available for all plans.
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IAM: Identity Access Management
IAM: Identity Access Management
There are many innovations in the course of the introduction of IAM (Identity Access Management) and MARKT-PILOT is always one step ahead in terms of security!
For you, this means state-of-the-art security measures such as advanced encryption and continuous updates to make your use of our solution as secure as possible.
- Thanks to the newly added security standards, it will be possible to add multi-factor authentication (MFA) and single sign-on (SSO) to your account in the future. This will give you more protection against unauthorized access and avoid the hassle of multiple logins. Request an upgrade now!
- Easy user on/offboarding: We make user account management even easier to ensure that users receive the appropriate permissions when onboarding our software and that their access is immediately revoked when no longer needed.
- Our reporting and monitoring features provide real-time insight into user activity and monitoring capabilities. For quick identification of potential problems!
- New compliance requirements in the area of identity and access management are automatically supported.
- Forgot your password? Our IAM solution offers you a user-friendly and secure password recovery process.
WHO GETS IT?
Available for all plans.
Commentary Function
Commentary Function
The next software update is the added comment function in the single part and competitor view. This simplifies your internal communication and allows you to receive comments from MARKT-PILOT's team, thus supporting a smooth communication process.
WHO GETS IT?
Available for all plans
PRICEGUIDE
Product Launch PRICEGUIDE:
Automated and market-based price recommendations for spare parts
WHAT IS IT?
PRICEGUIDE revolutionizes pricing for machine manufacturers. Based on PRICERADAR's market price research, PRICEGUIDE determines validated price recommendations for each spare part. All market data found for a spare part is individually and automatically evaluated by PRICEGUIDE based on a value driver logic, so that a validated sales price is calculated for each spare part. PRICEGUIDE thus removes the complexity and uncertainty from your pricing process and enables you to make the right pricing decisions at all times.
WHY DOES IT MATTER? THE PRICEGUIDE enables the creation of precise price simulations at the push of a button, making it the perfect complement to market price research. The PRICEGUIDE not only offers considerable time savings in your pricing process, but also a high degree of certainty in pricing by evaluating the market data determined by PRICERADAR using a value driver calculation. This allows you to make well-founded pricing decisions based on unprecedented market knowledge and systematically increase sales in your spare parts business.
HOW DOES PRICEGUIDE WORK?
The PRICEGUIDE is a standalone feature that can be accessed directly from the dashboard in the software. Users are guided through the pricing process in five intuitive steps. From defining value drivers and their weighting to creating revenue simulations, individual pricing criteria can be defined and dynamic revenue development can be simulated. In addition, users can draw on the recommendations of the PRICEGUIDE in the pricing process, enabling you to implement your optimal pricing strategy with ready-made price recommendations.
WHO GETS IT?
For all customers who have booked the "Professional" package. The use of the PRICEGUIDE requires the PRICERADAR.
New design: Color changes in the graphical user interface
New design: Color changes in the graphical user interface
WHAT IS IT?
In recent years, MARKT-PILOT has developed and internationalized into the leading provider of market intelligence in spare parts pricing. We have taken this as an opportunity to make our branding fresher and more innovative. In the course of this, we have also adapted the color interface of the software and harmonized the color scheme of the individual potential groups.
WHY DOES IT MATTER?
The update serves as preparation for the launch of our new product, PRICEGUIDE. The new color design also makes the display of the potential groups clearer, which also has a positive effect on navigation within the software.
HOW DOES IT WORK?
The adjustments do not affect the functionality of the software and are directly visible to every user after logging in.
WHO GETS IT? The adjustments to the color interface are directly available to all users.
New Region Functions
New Region Functions
WHAT IS IT? New functionalities allow the users to have one part line per region thus users can now set different sales prices for different regions.
WHY DOES IT MATTER? With increasing maturity in market-based pricing you may set different sales prices in different sales prices in different sales regions. As we bring market intelligence from different regions as well, it makes sense to compare sales prices with market prices from the same regions.
HOW DOES IT WORK? On the dashboard, users can now select different filter settings within the different reports to change the results between all markets and single markets. In the parts overview, users can now filter and sort the results by regions and also set new or other sales prices in different regions. Regions are available for all booked regions.
WHO GETS IT? All customers who have booked more than region.
Revenue Benchmark
Revenue Benchmark
WHAT IS IT? With this report you can see your opportunities – your current sales prices vs. market prices
WHY DOES IT MATTER? After the latest search run you want to see what’s your opportunity. A quick summary of your current revenue (price x sales quantity) vs projected revenue based on market prices and industry benchmark. You’ll see how much parts, competitors, price and lead times are considered.
HOW DOES IT WORK? After a search run we automatically update market data, thus the report gets updated. With the report setting you can select the right currency for you.
WHO GETS IT? All plans.
