Create Pricing Systems to Keep Out of the Red and Deep into the Black

3 min read
24 February, 2023

Are you drained and unsure how to give yourself more time to close deals? Retail energy suppliers can struggle to complete every task on their to-do list within a reasonable time. Creating profitable transactions does not just happen. It takes strategy, hard work, and a lot of communication. Your reputation, speed, and accuracy combine to build your energy portfolio and attract clients. However, you can set your efforts up for success by starting on the right foot. When your prices are competitive, it will increase brokers’ interest and help win more deals. 

To help you save time and resources, we are giving you our top four tips to elevate your pricing operations. When a pricing system can balance any unique situation with grace and efficiency, you will be able to offer deals to brokers without a delay. Follow these tips to ensure your strategy is up for any task. 

1. Acceleration Wins Deals

Selling energy is like a race. Unless they offer terrible pricing, whoever gets to the finish line first is bound to win. While offering the best deals is essential, it does not hold any weight if it takes you days to send the offer. By that point, other retail energy suppliers have sent their pricing and have the advantage of timeliness. Time is not your friend, and you must work quickly to seal the deal. If you want to win the most deals, be sure to send detailed pricing as soon as possible.

However, rushing to get prices out of the door can result in errors. While maintaining fast and efficient communication is our top recommendation, you cannot neglect accuracy. Guessing prices can be deadly and destroy your reputation. Energy suppliers should send clear and correct pricing information to grow their business in the long run. 

2. Automation Produces Accuracy  

Every retail energy broker understands how slow and tedious manual pricing can be. When you are pressured to send pricing off as soon as possible, it can be overwhelming to calculate every detail. The risk of sending inaccurate or outdated pricing is heightened when the calculations are completed manually. 

Setting up automatic pricing can help you save precious time while ensuring the numbers are always accurate. The possibility for error greatly decreases when you use an automotive system. Meanwhile, turnaround time will increase, ensuring you are one of the first suppliers to send accurate pricing. Automating pricing will safeguard your margins without requiring additional work on your end. 

3. Factual Data Prevents Mistakes 

Guesswork may be an easy solution, but it can yield unwanted results. When you send pricing without analyzing past trends, it can put you in a bad position. Either you win the deal but priced the quote too low, so you do not receive any profit, or you lose out on the deal because your price was not competitive. Ensuring your quotes are perfectly priced to avoid those two situations is essential. 

While past data and load times will not always accurately reflect current trends, they are more helpful than not. Learning from history helps you not repeat the same mistakes or make unnecessary changes. Reference reliable data sources to gain valuable insight that will guide you during the pricing process. Stop guessing and start basing your quotes on sound data to win more profitable deals. 

4. Tracking Deals Generates Success 

Outstanding deals can drastically affect your business. Creating a strategy can help your energy portfolio reach new heights, but without knowing your potential, it can be hard to make beneficial decisions. When you track every single deal that you are pricing, it can help you know your potential and how many contracts there are left to win. Any outstanding deals should be adequately logged so you can remember to refresh their pricing. 

Charting your history can provide insight that ensures you target the correct group. The number of deals you win, rates, markets, and margins are all important factors that can help you navigate future business. Whichever market you see the most success is where you will want to continue investing your energy. If you do not have a tracking system, you cannot know which market that is and will continue to play the field. Do not be ignorant. Take steps to track retail energy trends. 

Effective Solutions for Increased Growth

Pricing systems are the powerhouse of your business. Without accurate, timely pricing, your business will remain stagnant. Utilizing software that eliminates unnecessary manual work can allow more time for maintaining broker relationships. Supporting continuous growth is the goal of every supplier. Set yourself up for success by utilizing innovative tools to streamline your sales process. 

Our Sales360 software turns complex, costly, and manual processes into simple, automated, timely solutions. We have seen suppliers generate and maintain incredible growth by giving retail energy suppliers the necessary resources to run a successful business. Elevate your energy portfolio by utilizing quality software. Do not waste precious time on spreadsheets when you could send quotes in a matter of minutes. 

Get Four Extra Pricing Tips 

A quality pricing system is worth its weight in gold because it allows your sales to flow freely without unnecessary delay. Want to learn more about how you can strategically sustain growth and elevate your pricing systems? Check out our full guide, 8 Ways To Make Your Pricing System Keep You Out of the Red and Deep in the Black, today! 

Download Our Pricing Systems Guide

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