You’ve found the ‘right’ software for all that ails your organisation but your boss is less than convinced. Why does this happen? The solution you’ve found does everything you need it to and then some, and most importantly it would solve a massive business problem you, and maybe even your boss, face every day.
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?
Getting your pricing right is important. It doesn’t matter if you are running a small legal practice in Adelaide or running marketing for a multinational retailer, missing the mark on your price points can have an outsized impact on your business.
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.
The retail landscape is more volatile than ever before. Okay, this isn’t exactly news, but one development which has given a lot of brick and mortar retailers pause for hope is price tracking. This isn’t the secret shopping programs from the 1950’s and 60’s. Instead, this is price tracking utilising advanced technologies such as artificial intelligence to give traditional retailers the help they need to thrive in an omnichannel world.
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.
From time to time, big companies try to outrun their competitors by enticing customers through one of the most effective ways they know customers respond to – pricing.
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).
Almost all businesses have competition.
Even if your idea is super-unique, crazy hard or pretty mysterious like the Antarctica’s Blood Falls, you are not immune to competition. Someone will follow your lead and try to beat you at your own game.
The anonymity, breadth and speed of the internet means one bad customer experience can have a snowball effect on your business’ brand and finance. Putting the consumer at the core of all business operations has never been so critical. Customer centricty is far broader than simply providing great customer service.