An exemplary system includes a sound processor that 1) determines a relative importance of performance versus power conservation for an auditory prosthesis, 2) determines, in accordance with the determined relative importance of performance versus power conservation, a current steering range for a stimulation channel defined by first and second physical electrodes communicatively coupled to the auditory prosthesis, the current steering range centered about a midpoint of the stimulation channel; and 3) directs the auditory prosthesis to apply electrical stimulation representative of audio content having a frequency included in a frequency band associated with the stimulation channel in accordance with the determined current steering range.