Keeping your prices up to date has always been a challenge for businesses. With a looming recession, supply-chain issues, and increasing inflation, ensuring profit margins are kept at target levels is more challenging than ever.
As a contractor, you should be updating your pricebook regularly across various business units as well as making adjustments for different situations – commercial clients, residential services, after-hours, holiday pricing…etc. It can be daunting. Contractors report spending dozens of hours a month on pricebook maintenance.
ServiceTitan recently released Pricing Builder to help contractors automate this process to save time on pricebook maintenance as well as ensure your target profit margins are met. With Pricing Builder, you can ensure the right price is applied to the right job – every time.
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What is ServiceTitan’s Pricing Builder?
Pricing Builder encompasses both Client Specific Pricing and Dynamic Pricing and together helps to automate pricing for both Time & Material pricing for your commercial clients as well as Residential Flat-Rate pricing.
Dynamic Pricing automatically updates prices for the residential flat-rate side of the business.
Upon setup, you create a Rule by entering your billable rates, markup tables, and optional surcharge/advanced settings in just a few minutes. After that, if you update a material price, the right price at the right markup will automatically update whenever your technicians in the field build estimates and invoices in the field. In addition, you can create rules for after-hours pricing, so the right markups occur at the right time. With Dynamic Pricing, you can trust that the right price is applied to every job.
On the commercial side, ServiceTitan recently released Client Specific Pricing to make sure you charge the right price for every client. Since you likely have pre-negotiated pricing terms with individual clients, Client Specific Pricing allows you to set up individual Rate Sheets for every client to automatically calculate the right price every time you complete a job for that client. Rather than creating multiple pricebooks for every client, Client Specific Pricing automates this process, so you don’t risk human error in charging the right price for the right client.
Why use Pricing Builder?
Automate Pricebook Maintenance - With just a few steps, Dynamic Pricing allows you to set up rules that automatically update your pricing when material costs and labor rates change or for after-hours situations. Charge the Right Price at the Right Time. Every Time – Dynamic Pricing automatically applies after-hours pricing, so you never have to worry about your technicians charging the right price at the right times. Set it and forget it.
Automate Your Commercial Rates – Client Specific Pricing allows you to set up Rate Sheets and Labor Time to automatically apply the right pricing for the right client so you can save time and protect your margins.
Get Started with Pricing Builder
ServiceTitan customers can set up Pricing Builder by going to Pricebook -> Pricing Builder.
Not yet a ServiceTitan customer? Request a demo to learn more.
ServiceTitan is a comprehensive software solution built specifically to help service companies streamline their operations, boost revenue, and substantially elevate the trajectory of their business. Our comprehensive, cloud-based platform is used by thousands of electrical, HVAC, plumbing, garage door, and chimney sweep shops across the country—and has increased their revenue by an average of 25% in just their first year with us.