When Margin Master was created for use within Brad’s stores over seven years ago, the purpose for the software was purely centered on finding and fixing pricing inconsistencies that existed throughout his organisation.
Quickly many other dealers jumped on the Margin Master bandwagon and they all saw significant improvements on their bottom lines. While the additional income was great, it became obvious that working with hundreds of retailers, and their specific pricing concerns Margin Master had only partially hit the target. The real target turned out to be more complicated than he originally thought.
Margin Master has grown not only in complexity, but also in sophistication. The newest components have a far greater impact to dealers than Brad had ever dreamed. In an unofficial survey, Brad determined that the typical Ace dealer spends between 4 and 8 hours per week managing their pricing. Many stores have one or more employees dedicated to pricing. All of this time managing spreadsheets, and making pricing decisions certainly should have a payback! The reality is there has been no payback. In fact, poor pricing decisions continue to be made without complete or accurate information. Inconsistency is typically the rule not the exception. This has to change and Margin Master is here to help.
Over the last 25 years, technology has changed many things in our lives. Think of some basic tools of today, like computers, cell phones, and the internet. Most of the technology commonly accepted today didn’t exist 25 years ago. Funny though how retailers still make their pricing decisions. Who is responsible for pricing in your store and how do they reach this price? Are they maximising profitability on all items priced in your store? Where has the advancement in pricing technology been? Now Margin Master and the revolutionary implementation of Pricing Strategies promises to give back all those hours being spent in every store across the country and put a nice bump to the bottom line as well.
With Margin Master, one of the goals is to develop a sound Pricing Strategy, that can be effectively monitored and maintained. This will ensure you increase your margin but also maintain that margin going forward. Pricing Strategies put logic back into pricing.
Another goal is to help the retailer identify items they may be missing an opportunity on. This is simple but the questions is always asked, “What if I changed those prices”. Well now the question can be answered. Margin Master allows the retailer the ability to see the impact of every price change. After identifying obvious pricing opportunities Margin Master is only getting warmed up. Perhaps the retailer is interested in a different rounding scheme. “What would the impact be if I rounded all my items to 0.99 instead of 0.95. Margin Master makes it very easy to know the answer to this question. “What if I raise the pricing of items from a particular supplier by 5%” or “What are my fastest selling items priced under €5.00 and what is I raised the prices by 10%” You may ask “What are the products in my store I have in stock but did not sell in the last year and what is the cost”
These questions and many more are very quickly answered by Margin Master
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