Competitive pricing intelligence, or price intelligence is a tool that gets detailed analytics about pricing data from competitors and helps in designing a profitable pricing strategy. Consumers tend to be fickle in their purchasing habits and usually go for the best price in the market. Having a well thought price strategy is necessary to ensure that you can provide the most competitive price possible and generate profits at the same time.
Using competitive pricing intelligence, you can keep a track of the pricing trends of your competitors in real time, and match it with your pricing strategy. Staying ahead of your competition in real time will help grow your brand and attract even more customers to you. Before you integrate price intelligence in your sales strategies, it’s a good idea to know what the future brings. Here are some of the trends you can expect to see in the near future.
Major Emerging Trends in Competitive Price Intelligence
Until now, when businesses wanted to get competitor analytics, they would send out broad data requests. They would then skim through the data to get the desired numbers. However, now that technology is getting better, competitive pricing intelligence allows users to send out niche specific requests. This improvement saves a lot of precious time and is also more economical.
2.Multiple Currency Values
When you wish to stay ahead of your competition, it is essential to know how they perform in all markets. Now, with cross-currency analysis, you can get the data to understand what makes your competitors choose certain prices. This helps in developing an international pricing strategy to keep you on top – everywhere.
Getting analytics in large volumes is counter-productive to developing a real time pricing strategy. Hence, to stay ahead of your competition, you need to get customized segments of your competitor’s analysis to narrow down the volume of data your sales team needs to analyze. This will help you analyze the data much faster and maintain the lead in real time.
What makes WebDataGuru the right choice for you?
WebDataGuru is a major player in the competitive pricing intelligence industry and has helped various businesses strategize their prices to ensure most profits. Our cutting-edge web crawlers get real time accurate data to keep you on top 24×7. Contact us now to get your data strategy analyzed by our experts to help you generate an effective sales plan.