Competitive pricing is inarguably an effective way to boost your business, but it may seem overwhelming when getting started. In this post, we will share some really amazing tips which will help you implement competitor pricing intelligence with utmost ease. So, let’s go through these surefire tips quickly.
1. Capture information
Effective competitive pricing intelligence depends pretty much on capturing the right and relevant information. You need to cast a vast net to ensure that important and relevant information doesn’t get missed out. So, focus on capturing vital and useful information as it is the first step to create a winning competitive pricing intelligence strategy.
Over the past few years AI (Artificial intelligence) has made a huge progress and competitive pricing intelligence is not untouched either. Once you have a consolidated and effective information capturing process in place, you should focus on filtering out irrelevant information or mishits. Quantifying relevant and irrelevant information must be your priority. Also make sure that you don’t capture duplicate information.
You got to be pretty sorted in your approach as it can make or break your competitive pricing intelligence strategy. Classification of information is extremely important to streamline the entire process. Type of news for instance financial spreadsheets, product release etc must be classified so that you can get back to the information without having to waste your time and resources hunting for the information you need.
Once you have captured the right information, filtered out irrelevant ones and classify information you must focus on distribution. Sending out mass emails to every department or employee isn’t a good idea because it may not be useful to every department. Concise and targeted reports must be sent to the relevant department.
The last step of competitive pricing intelligence strategy is analyzing. You must acquire feedback on a frequent basis to know what’s working and what not. You may also be interested in finding which teams are finding competitive intelligence better and useful than others. On the basis of the analysis and outcome, you must work on modifying the process as needed.
Frankly speaking competitive pricing intelligence is not a do-it-yourself thing. You must search for a reputed competitive pricing intelligence solutions provider to set-up a result oriented competitive price intelligence strategy for you.
WebDataGuru is a renowned CI agency based in India offering cutting edge solutions to myriad of businesses across the world.