Price is a major factor in a customer’s purchase decision. You should know that if your prices are out of line, customers might not even give you a chance. Finding that sweet spot for your products’ prices manually, takes a lot of time, effort, and resources–not to mention that a manual workflow leaves a lot of room for inefficiencies and human error. The solution lies in an automated solution.
A Pricing Engine is an intelligent pricing tool that will understand when you’re the only seller of certain items in your market so it can increase the price of the product to capitalize on the opportunity and maximize margins. It can also help you match the prices of similar products or products that could be used as a substitute for your unique item. This way all of your bases are covered and you remain competitive no matter what the circumstances are.
But in my opinion that is not just it. Pricing strengthens different parts of your business, and being able to use it as a point of differentiation can give you a major competitive advantage. What I mean by this is that you can use your prices to justify marketing expenditure. Being able to advertise the fact that you provide the lowest price is possible with any competitive monitoring software. It can empower your marketing efforts and help boost your profits while staying competitive.
With Mobility Intel’s Pricing Engine, you can gain competitive intelligence without resorting to gray-hat or black-hat tactics. Imagine having your competitor’s playbook to map out your business decisions based on their recent pricing history. That’s what it’s like to have competitive insights. Storing your competitor’s data in one place can give you the information you need to beat them at the shelf.
Think you’re competing on price? Think again. There’s more to competition than just low prices, and that’s what our pricing engine can tell you.
This is brought to you by Lina; I’m a Senior Data Analyst here at Mobility Intel Inc. Tune in every week where we share our views on different topics from around the world.
Original Article: https://blog.wiser.com/the-top-5-reasons-why-you-should-consider-a-pricing-engine/
