Competitive Pricing Intelligence-The Key to Making Your Business More Profitable

Posted by Phineas Gray on August, 2014

The most successful businesses aren’t just those who can offer a competitive product or service and use the latest marketing techniques to draw attention to their offerings. The most profitable businesses are those that offer their products at reasonable prices that fit the customers’ expectations. A price that is too low will yield little profit, while one that is too high will draw too few of customers. Competitive pricing intelligence is designed to help you to get your business product pricing right so that you will stay ahead of your competition.

Pricing Information
Competitive pricing intelligence software allows you to keep tabs on your competitors’ prices so that you can ensure that your prices are appropriate for the current market. Even if you aren’t completely sure about who your competitors are, the pricing management company will be able to capture for you all retailers who are selling competing goods on marketplaces and shopping engines. Sometimes competitors hide their products’ prices by forcing customers to add products to their shopping carts before they can see the prices. Your pricing intelligence company should be able to easily detect other companies’ add-to-cart prices. The business should also be able to obtain accurate matches for your services and products when doing price comparisons.

Extra Information
Even if you don’t sell items that are branded, the right pricing intelligence company should be able to track products that are comparable to yours. It will simply match your products with those of other companies based on product attributes. Even if you sell products in counts that differ from those of a competing company, a quality intelligence provider will be able to use proprietary technology to perform calculations so that you get the specific pricing information you need.

Additional Benefits
With assistance from the right company, you can successfully track competitors’ pricing data with ease. The company should be able to provide comprehensive training and a guide to help you with the software. You can additionally expect to receive help from an account manager who can answer any questions you have and even provide extra training as needed. The company may also perform pricing scans more than once a day or no more than every couple of days, depending on your particular preference. Competitive pricing intelligence can quickly put you in a position to remain profitable in the months and years ahead.

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