- Step 1: Reduce reliance on raw materials by developing modern technologies that allow the use of alternative materials or to increase efficiency and reduce waste.
- Step 2: Strengthen supplier relations and ensure long-term agreements that provide price stability.
The above steps can solve rising raw materials prices, but what about other factors affecting the costs and the solution? Let’s have a look.
What Is the Robust Solution to Compete with Rising Prices?
Manufacturers need a robust and modern solution to get ahead of rising prices, the Salesforce Manufacturing Cloud. Its features allow manufacturers/businesses to manage and streamline their sales, supply chains, inventory, customer service, and marketing processes. Manufacturers can develop strategies to get ahead of rising prices and keep their business competitive.
Here are key points on how Salesforce can help with rising prices.
Automate Repetitive Tasks
Automating data entry, lead generation, and follow-ups can save your team a lot of time and money.
Streamline Inventory and Sales Processes
By simplifying and automating sales and inventory processes, you can save your team time and money.
Demand Forecasting
Automated demand forecasts save costs on ongoing and future overproductions and optimize stocks from overfilling or emptying.
Improve Lead Management
Track and manage leads; you can improve your team’s productivity and close more deals.
Create Custom Reports
Custom reports can help you track your progress, find areas of improvement, and make better decisions.
Track Marketing Campaigns
See which marketing campaigns are working and which ones need improvement.
Managing Projects
Using Salesforce to manage projects can improve your team’s productivity and keep track of progress.
Are you still debating whether or not to implement Salesforce solutions? Take a look at some of the best strategies for dealing with rising prices.
Review your product mix
Look at your product mix and see if there are areas where you can reduce the price to make them more competitive.
Review your customer mix
Examine your consumer mix closely to discover where you may make changes. Are there any clients who buy vast quantities of things but do not use them all? If that’s the case, consider offering them a volume discount. See if you can offer them a package deal.
Review your pricing strategy
How much are you overcharging or undercharging for your goods? If this is the case, consider raising your prices to compensate for the poor profit margin.
Review your promotions
Consider changing the way you offer discounts if you’re giving out too many or not enough. If this is the case, consider limiting the number of deals or raising the minimum purchase quantity. Consider adding more promotions or increasing the value of those you already have.
Review your margins
Take a close look at your margins and see where you can adjust selling them at a higher price or lower prices.
By reviewing your product mix, customer mix, pricing strategy, promotions, and margins, you can develop a plan to get ahead of rising prices and keep your business competitive.
