When you’re searching for a new market pricing system to set up for your organization, you’ll find yourself comparing option after option, examining software and support, and numerous factors, to help you determine which system is the right approach for you.

These questions will help you sort through the best market pricing systems to discover which one will set your company ahead. Focus on the results you’re most hoping to see from this technology and assess which features are most likely to help get you there.

  1. Do I need data included? 

    While some market pricing systems supply their own surveys for market data, others allow companies to work with a variety of survey providers that best provide up-to-date information that is within their scope and industry.Although it may seem nice to find a “one-stop-shop” for all your market pricing needs, it is not always the best option. Reputable survey publishers invest in compiling accurate results and provide insight to the sources in which the results are derived. Plus, you can get peer data and specialty data cuts when you buy data directly from a publisher. When market pricing systems split their focus to try and accomplish surveys too, it often results in less successful versions of both.

  1. What are the costs of support and maintenance? 

    Look for a tool that requires minimal IT support during implementation, with a company that provides comprehensive support in case of any issues. Make sure your price includes all data loading services, annual updates to your benchmarks, and all system support. You never want to invest in an infrastructure that may include hidden costs down the road.

  1. Who will help me once the system is in place? 

    Everyone knows the frustration of “1-800” lines. Find out if you will have access to expert support at your convenience. Customer service is an essential feature of any company you partner with, and should be a basic offering.

  1. Is the system reputable? 

    Find a tool that has a solid client base with companies that are similar to your own and don’t forget to ask for references. Talk with their other clients and see how their system has measured up, not just in the beginning, but after the first few months as well.

  1. How intuitive is the system? 

    Sure, all the bells and whistles are nice, but a system shouldn’t overlook the core modules or fail to ensure their ease of use. If the system isn’t easy to navigate, you’re less likely to use the tool and more likely to waste time being frustrated with it.

  1. Does it have reporting tools? 

    Accessing your work and showcasing your findings should be pain-free and configurable. Consider the kinds of presentations and reports that you will want to deliver and every possible format you’d hope to include. The ideal system will have it all.

  1. Can I test it first? 

    Ask for a trial of the system so you can “try before you buy.” Experiment with the setup and try out a few of the tools that you would hope to use in the future.

Don’t let yourself stay in the dark; make sure you know the proper questions to ask when shopping for a market pricing tool. Which inquiries will you add to this list that relate directly to your specific business and needs?

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