Patrick Moorhead of Pricefx has been at the forefront of marketing's evolution for years– and now only due to COVID-19 are many companies finally digitizing…
Danny:
All right, so for today's IndustrialSage Executive Series Interview, I am joined by Patrick Moorhead, who is the Chief Marketing Officer of Pricefx. Patrick, thank you so much for joining me today remotely from Chicago.

Patrick:
Great to be here, thanks for having me, Danny.

Danny:
Well I'm excited to have you on here, and learn about you, and your organization. So for those who aren't familiar, we'll start off with this, with Pricefx. Who are you guys, what do you do?

Patrick:
We are a early stage SAAS software company, and we provide a very unique capability for B2B price optimization and management.

Danny:
Okay.

Patrick:
The easy way to understand what that is if you're not close to that, is enterprise companies, normally companies that do more than 100 million in revenue annually, in selling products to other businesses, are often managing complex portfolios of products, thousands of skus, multiple different price points, across a distributed organization with multiple stakeholders, including sales, and needing to determine pricing, in the form of contracts, to their customers in a way that is reflective of the customer relationship, of the historical customer relationship, and also their needs to maintain growth, and margin, and profitability, and account for all the costs of making those products, but also creating growth and profitability.
So we provide a platform that comes with a suite of products that are focused on how to enable dynamic pricing, price optimization, so looking into the discrete item level pricing all the way up to deals, et cetera, across a portfolio, to find out opportunities for growth, to enable promotions in a way that don't cost margin and profitability. The tool also provides for really flexible price management, which is a capability that's increasingly important these days, particularly with companies who are selling more and more in digital spaces. And then also a realization suite. So how does all of that insights intelligence, and how does all of that price management capability, get deployed into a sales force, in a way that enables sellers to do what they want to do with customers, but not violate the guidance, and take advantage of the insights generated from the way that pricing is set in the organization.

Danny:
Well it's certainly a challenge for sure. I can see especially with a large shift to ecommerce, and all kinds of things as well, are you guys exclusive to sort of the industrial markets and manufacturing, or are you in other verticals?

Patrick:
No, we are a horizontal solution, which is unique for pricing software. Our platform is task based, and one of the differentiators about Pricefx is that we have really taken the risk and friction out of using pricing software. So we are a subscription based service, it's completely customizable to the needs of the organization, it's a no fuss contract, it's a cancel at any time type of deal, typical for software as a service. And because of that sort of horizontal nature, we're able to be useful to almost any enterprise, B2B type of customer, that would look to do better in pricing. Today we have more than 100 customers, and those are distributed across more than 14 different verticals, including industrial manufacturing, discrete manufacturing, process and chemical engineering, aftermarket distribution in auto parts, tear industry parts, packaging is a big sector for us, and ecommerce and B2C businesses as well, including online ticketing, ski lift ticketing, we have a customer that's big there, and even some big ecommerce software customers.

Danny:
Okay, interesting,