How to Build Pricing Muscle in Retail

Organizations usually rely on historical data and transactions to determine their pricing strategy. However, this data is typically insufficient to arrive at a competitive price. Moreover, customers these days are well informed about the value of products they want to purchase. That's why organizations need to arrive at their pricing strategy only after taking into consideration external intelligence and competitive data. E-procurement systems and price comparison websites have put customers in the bargaining position with the availability of real-time information. This is the type and speed of data organizations need to obtain. Leveraging such information can help an organization counter the threats of new entrants, competitive rivalry, and substitutes with a strong pricing strategy.

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Unlock Hidden Profits Using Effective Pricing Strategies: Active Price Management and Price Optimization

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This paper explores the following best practices for leverage price management and optimization: Fine-tune prices for all products and services. Analyze historical and live transaction-level data. Develop and implement effective cost-to-serve strategies. Establish well-defined customer segments. Empower your sales force with rich customer information and enforce negotiation policies. Read More

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Rapidly changing market dynamics in the consumer products industries mean price management is critical to a positive bottom line. This white paper examines the evolving role of the pricing and revenue manager and how the field of market price intelligence is powering a new era of price management. With pricing intelligence, today’s pricing managers are able to make highly-responsive decisions based on sound data analysis. Read More

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