Customer-Specific Pricing

Improve conversion rates, increase sales, and close more deals
Multi-tiered Pricing Capabilities

What is Customer Specific Pricing?

The ability to offer customized price sheets to customers segmented into varying groupings can be a powerful sales and marketing tool for enterprise eCommerce websites. We often hear this referred to multi-tiered pricing, where a tier is a type of account, like resellers, wholesalers, etc. Clarity's eCommerce platform offers unlimited prospect segmentation for different pricing levels based on industry, location, referral source, individual profiles and more!

For those of you with crazy custom pricing tables in your ERP, we integrate and pull those too! Additionally, you can reward customers who refer new business to you, offer discounts based on quantity of purchase, offer unique credit limits, and specialized terms.

Customer price pairs can work within a customer group
Most Cost-Effective Customer Acquisitions

Incentivize Business Referrals

For many businesses, referrals are one of the most lucrative sources of new customers. A custom client grouping with exclusive discounts can be a powerful way to leverage your current customers to acquire new prospects.

Furthermore, these types of prospects begin a relationship with your enterprise eCommerce website with an inherent degree of trust. Clarity's customizable eCommerce solution allows you to easily integrate these types of referral strategies into your customer acquisition strategies.

Group Pricing Levels and Categories

Increase eCommerce Sales

The bulwark of effective advertising strategy is based on market segmentation that allows you to custom tailor messages for specific groups. eCommerce platforms with custom groupings allow your organization to populate your offers and pricing schemes based on target audiences in order to improve sales and conversion rates.

Additionally, your online business can test the effectiveness of various advertisements and offers by splitting consumers into two groups and testing your base offer against a litany of variable offers to see which works best. We all remember Blockbuster Video? Every business executive will tell you what killed Block Buster was a lack of continuous innovation, the act of stopping or attempting to improve upon what's already working.

Don't get caught up feeling complacent and thinking that you don't have to continuously find new ways to do business. You may have been doing business the same way for 100 years, but the millennial buyers of tomorrow all grew up on technology and are changing the game for every business as we speak.

Personalization is the Key to Loyalty

Close Deals with Individualized Customer Profiles

customer-specific pricing plugin from Wisdm customer-specific pricing

Customer specific eCommerce website pricing is a solid way to give your sales team the boost they need to close deals. Custom solutions like Clarity eCommerce have this capability out of the box and has been proven for 15 years to help increase conversions. Everyone wants to think they're getting a deal. Treat them special, give them a deal and they'll keep coming back over and over. You can even let them know they're getting the best deal possible with an auto-generated sale price badge.

Pricing levels allow your representatives to sweeten deals with unique terms, specialized discounts, enticing credit limits and more. When your enterprise eCommerce website can offer a plethora of unique payment scenarios to prospects, it's easy to find a win-win middle ground that builds working relationships.

Clarity eCommerce has a custom pricing engine built in providing all the capabilities out of the box, but for most of our mid to larger clients with ERP systems, they've already got very complex pricing tables set up in tiers. That's where our integration platform comes in and populates the eCommerce platform directly from your ERP.

FAQ

 

Customer-specific pricing is a dynamic pricing strategy employed by businesses to set individualized prices for products or services based on unique attributes of each customer. This approach diverges from uniform pricing models, which apply a fixed price to all consumers. Instead, customer-specific pricing takes into account various factors such as a customer's purchasing history, volume of purchases, loyalty, location, or specific agreements.

This strategy aims to optimize profits by tailoring prices to a customer's perceived value and willingness to pay. For example, a loyal, high-volume customer might receive discounted rates, while a first-time buyer could be offered an introductory rate to encourage future purchases. It also enables businesses to reward customer loyalty, effectively segment their market, and maintain competitiveness.

However, it's important to implement customer-specific pricing within legal boundaries, ensuring it complies with anti-discrimination laws and protects customer privacy. When executed thoughtfully and transparently, customer-specific pricing can enhance customer satisfaction, foster long-term relationships, and ultimately contribute to a business's overall success.

 

Businesses adopt customer-specific pricing for a variety of compelling reasons:

  • Maximize Profits: Tailoring prices to individual customers' willingness to pay optimizes revenue and profitability.
  • Foster Customer Loyalty: Offering personalized pricing to loyal or high-volume customers encourages repeat business and strengthens customer relationships.
  • Competitive Advantage: Providing different prices sets a business apart in a competitive market, attracting and retaining discerning customers.
  • Adaptability to Market Changes: The flexibility of customer-specific pricing allows businesses to swiftly respond to shifts in market conditions and evolving customer preferences.
  • Enhanced Customer Satisfaction: When customers feel their needs and preferences are recognized and valued, it leads to higher levels of satisfaction and brand loyalty.

Customer-specific pricing is a strategic tool that enables businesses to not only enhance their financial performance but also cultivate long-term customer relationships and maintain a competitive edge in the market.

 

Yes, customer-specific pricing is generally legal, but it must comply with anti-discrimination laws and regulations. Pricing strategies must not unfairly discriminate against protected groups based on factors like race, gender, age, or other legally protected characteristics. It's crucial for businesses to ensure that their pricing practices are in accordance with local and international laws.

Businesses should handle customer data responsibly to maintain compliance with privacy regulations. Transparency in pricing practices is also essential to ensure that customers understand the factors that influence their individualized prices.

Overall, while customer-specific pricing can be a valuable strategy for businesses, it's important to implement it in a way that adheres to legal and ethical standards, respecting the rights and protections of all customers.

 

Customer-specific pricing is determined through a careful evaluation of various factors that influence a customer's perceived value and willingness to pay. This means that different customers purchasing the same product may get different product pricing.

Here's a breakdown of the key elements involved in establishing customer-specific pricing:

  • Purchase History: Analyzing a customer's past buying behavior and spending patterns provides insights into their preferences and purchasing habits.
  • Volume of Purchase: Larger or more frequent purchases—quantity-based pricing—often lead to opportunities for discounts or special pricing, and high-volume customers may be offered preferential rates.
  • Customer Loyalty: Loyal customers who consistently choose a particular business may receive rewards or discounted pricing, and membership in loyalty programs can also influence pricing.
  • Negotiation and Agreements: Customized pricing may result from negotiations between the business and the customer, especially in B2B relationships. Specific contracts or agreements may outline unique pricing terms for certain customers.
  • Location-Based Factors: Considerations like shipping costs, taxes, and regional market conditions can influence pricing for different locations.
  • Special Circumstances or Arrangements: Specific customers may have unique needs or circumstances that warrant tailored pricing arrangements.

By meticulously evaluating these factors, businesses can create a customer-specific pricing strategy that optimizes revenue, rewards loyalty, and ensures competitive advantage in the market. This approach acknowledges that not all customers have the same purchasing behavior and aims to offer them a fair and personalized pricing structure.

 

Ensuring transparency in customer-specific pricing is essential for maintaining trust and fairness in business transactions. Here are key steps that businesses can take to achieve transparency:

  • Clear Communication: Clearly communicate the factors that influence pricing, such as volume discounts, loyalty rewards, or special agreements. This information should be readily available to customers.
  • Accessible Information: Provide easily accessible channels for customers to inquire about pricing or negotiate if needed. This could include customer service hotlines, online chat support, or dedicated email addresses.
  • Avoid Hidden Fees: Ensure that pricing structures are straightforward and free from hidden costs or unexpected charges. Clearly outline any additional fees or surcharges.
  • Detailed Invoices: Provide itemized invoices that break down the cost components, making it clear how the final price is calculated.
  • Privacy Protection: Assure customers that their personal data is handled securely and in compliance with privacy regulations. Be transparent about data collection practices and allow customers to opt out if desired.
  • Consistent Policies: Maintain consistent pricing policies across different customer segments to avoid perceived unfairness or discrimination.
  • Educational Resources: Offer resources or guides that explain how customer-specific pricing works, helping customers understand the rationale behind their individualized prices.

By implementing these measures, businesses can establish a transparent pricing framework that builds customer trust and confidence, fostering positive relationships and long-term loyalty.

 

The WooCommerce customer-specific pricing plugin is a feature within the WooCommerce eCommerce platform that allows businesses to implement personalized pricing strategies for individual customers or specific customer groups. With this functionality, merchants can set unique prices based on various customer-related factors such as purchase history, order frequency, or loyalty status.

WooCommerce customer-specific pricing enables businesses to tailor their pricing models to meet the specific needs and preferences of different customers, creating a more personalized shopping experience. This feature is particularly beneficial for B2B transactions, wholesale businesses, or those wanting to offer exclusive pricing to loyal customers.

By implementing the WooCommerce customer-specific pricing plugin, businesses can enhance customer satisfaction, foster loyalty, and ultimately optimize their sales strategy by acknowledging and catering to the diverse purchasing behaviors and preferences of their customer base.

 

Customer-specific pricing is crucial as it delivers special pricing to different customers. This approach acknowledges that customers have unique preferences, purchasing patterns, and values.

By offering customer-specific prices based on factors like past purchase history, order volume, and loyalty, businesses can enhance customer satisfaction, foster loyalty, and ultimately boost revenue. It allows companies to stay competitive in dynamic markets, offering personalized incentives that resonate with each customer segment. Additionally, customer-specific pricing optimizes resource allocation, focusing promotional efforts on high-value customers.

This personalized approach creates a win-win scenario, where customers feel valued, leading to stronger relationships and increased customer lifetime value for businesses. Overall, customer-specific pricing is instrumental in adapting to diverse market dynamics, promoting customer-centricity, and maximizing profitability.

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