Quantzig, a pure-play analytics solutions provider, has announced the completion of their latest price elasticity analysis on achieving an incremental revenue gain of 10% for a leading equipment rental company. The client is one of the leading players in the field of heavy equipment rental companies. Based in Chicago, the United States, the company relied on manual approaches to determine the price elasticity of demand extensively. The process was highly ineffective and led to many inefficient pricing decisions. Therefore, the primary aim of the company was to avail a prescriptive and analytical solution to streamline their pricing decisions.
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Price elasticity analysis for a leading equipment rental company (Graphic: Business Wire)
Setting up the right price for a service/product plays an important role in any business as it directly impacts the bottom line of the organization. The economists refer to this element of pricing as 'Price Elasticity'. Price elasticity is a major influencer of the price charged by industries for their products and services. As the changes in pricing affect the overall market demand, businesses are forced to monitor these pricing changes minutely. Additionally, it helps companies in developing pricing strategies to improve revenue structures and drive organizational growth.
According to the price analytics experts at Quantzig"Many leading equipment rental companies are leveraging analytics solutions to differentiate themselves in terms of pricing strategies by formulating a customized price elasticity formula."
Book a Solution Demo to see how Quantzig's pricing analytics can help you in reporting, analyzing, and presenting data in real time to achieve incremental revenue gain.
The price elasticity of demand analysis helped the client to leverage the insights on the historical pricing data and review the optimal rental price based on customer behavior. Moreover, the solutions offered by Quantzig, helped the client in expanding the use of analytics beyond pricing strategies which, further led to the development of a price elasticity formula. Moreover, the solution offered helped the client in improving the compliance associated with pricing.
This price analytics engagement provided benefits that helped the client to:
- Gain incremental revenue of 10%.
- Minimize the time taken for the end-to-end deal creation process by 50%.
- To gain relevant insights on the price elasticity of demand, Request proposal
This price analytics solution offered predictive insights on:
- Developing a price elasticity formula.
- Fabricating demand graph on pricing recommendations.
- To know how Quantzig's price elasticity of demand graph can influence your pricing decisions,Request more information
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
View source version on businesswire.com: https://www.businesswire.com/news/home/20181102005355/en/
Contacts:
Quantzig
Anirban Choudhury
Marketing Manager
US: +1 630 538 7144
UK: +44 208 629 1455
https://www.quantzig.com/contact-us