The pricing team deployed our competitive pricing intelligence solution to understand the client’s price position. We began this approach by identifying the distributor’s Key Value Items (KVIs). These KVIs were accurately matched with exact or similar competitor products, to deliver an objective view of the distributor’s price position. The pricing insights revealed that the company’s products were priced lower than competition, and they could actually increase prices.
To scale and automate this process, we provided the client with intuitive dashboards. Through these dashboards, the business can regularly access timely and accurate competitive pricing insights at scale.
We continue to work with this distributor to deploy algorithms that provide price recommendations based on pre-defined price rules and demand elasticity. Using such price recommendations, the client is empowered to make data-driven price decisions and remain price competitive.