A Comprehensive Approach to Channel Pricing Intelligence

Nowadays, price intelligence is not just under the purview of bigwig businesses. Businesses can devise an evolved and comprehensive pricing intelligence strategy. It is by investing in the right technology.

1. Identifying Competitor Benchmarks:

Now you have underlined the companies you would like to benchmark. Now we talk about the second step in intelligent pricing. It is about determining how your brand's personalized pricing strategy. It will help create perceived value in the marketplace. Simply put, perceived value is what pushes consumers to make certain purchases. For instance, shoppers go to Big Bazaar because they think they are getting one of the best deals. Although it may not be true, people keep returning to shop at the retail chain owing to the perceived value.

2. Devising a Plan for Perceived Value:

'Keep your friends close and your enemies closer' is an age-old adage. It holds unrivaled significance in the competition and competitive price monitoring retail world. Enterprises must be attuned to every move of their competitors. It is vis-à-vis operations, pricing, and products. At what rate competing brands sell items is crucial to understand. It is, even if it is not an 'apples-to-apples comparison. It will help build a personalized and feasible pricing strategy. Thus, identifying the competitors you want to benchmark against is the first step. It helps arrive at an intelligent pricing plant. Automated pricing solutions can help you go about competitive and strategic deals. It is on autopilot mode.

Building perceived value in pricing can be complex and requires huge data. Attempting to answer specific questions can build the foundation. It is about perceived value in pricing –

How will the target market respond to a specific price?

Are people likely to respond better to lower prices?

Are people willing to splurge more? Is it because they believe they are getting better quality at a pricier price?

The perceived value in pricing can be a tough nut to crack. However, sure-shot success is guaranteed after you solve the puzzle.

3. Using Competitive Tools for Channel Pricing Intelligence

Investing in the right technology is the third step in an intelligent pricing strategy. Manually tracking your competitors' pricing can take a lot of work. The following requirements for dissecting and analyzing data will help. It will help fully understand where your pricing fits is a tenuous ordeal. Thus, the optimal trajectory is to play smart. You should opt for competitive price intelligence tools. It will help manage your Intel pricing program.

We now know the three steps to an intelligent pricing strategy. It is time to examine the correlation between price intelligence and Big Data.