4 Things You Must Know About Pricing Analytics

You’ve probably heard it by now, data is the new oil.  Organisations are increasingly turning to data and its cousin, analytics, to find actionable insights that will give them the upper hand in a competitive market.

But how to get beyond the hype as the best analytics are only as good as the decision-making process it feeds into?

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How Does Competition Impact Your Pricing Strategy?

If getting the right price level in place isn’t hard enough, one thing often lost in the discussion is the impact of the competition.  Whilst this makes sense – after all very few organisations have a monopoly – there is a fine line between paranoia and ambivalence when it comes to considering competitive forces in pricing decisions.

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The Impact of Cost, Value and Competition on Your Pricing Strategy

Price. It may be the single most important element to impacting a customer’s decision to buy; either online or offline.  Add to this the fact that markets are always changing and the need to have the right pricing strategy is more important than ever.

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How to Improve Demand Forecasting with Price Monitoring

Before you go shopping, do you compare the prices in different stores before finally settling with the best price? If you do, you’re really not alone. In fact, 86% of consumers actually browse through and compare the prices of products at different places before they finally make that purchase.

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Optimise Retail Pricing: Understand Price Elasticity & Boost Profit

Did you know that Nike almost went out of business in 2001?

Well… almost. But they survived. This debacle resulted from a flawed understanding of demand and supply. However, they were able to turn this situation around before it got too bad (although they lost about 100 million in sales).

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