Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their article on the benefits of pricing analytics solutions in boosting business outcomes. This article highlights the impact that pricing analytics solutions can have on businesses. It also gives an overview of how pricing analytics solutions can help businesses in optimizing prices and discounts, minimizing price gaps, benchmarking prices against competitor products and boosting their ROI.
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Benefits of Pricing analytics solutions (Graphic: Business Wire)
One of the important questions for business leaders in 2019 is how can the pricing lever be used to improve their ambitions of business growth? Especially since a 1% boost in price can influence a company's bottom line and improve profitability significantly. But the most difficult task for companies is to utilize dynamic pricing data and unstructured products and services. Moreover, businesses mostly fail to utilize the benefits of pricing data and pricing analytics solutions and generally take a back seat when it comes to determining pricing strategies to improve their product pricing.
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Benefits of pricing analytics solutions:
Helps in identifying competitor price tracking
Businesses can track and monitor competitor pricing in real-time by leveraging pricing analytics solutions. Additionally, it helps businesses to formulate pricing strategy by comparing it with that of the competitor's strategy. Furthermore, this can improve customer responsiveness and market standing. Price tracking of competitors can also help businesses in customer retention.
Identifying ready-to-buy customers can help companies to plan their marketing strategies efficiently. To know our how pricing analytics solutions can empower your business with real-time decision making, request a free proposal
Improves price triggers tracking
For businesses, tracking the price triggering points has become very important with the aggravating competition. This is where pricing analytics helps. It helps companies in improving their capabilities to analyze the factors triggering the price of a product or service and then change their pricing strategies accordingly. The analysts at Quantzig believe that tracking the purchasing paths of the customers which provide clues to what changes in price need to be made is the best way to track price triggers.
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Aids in price elasticity analysis
Price elasticity is one of the cornerstones of pricing strategy and pricing analytics helps in analyzing price elasticity efficiently by leveraging customer's buying behavior and purchasing data. Furthermore, these solutions can help companies in measuring the quantity demanded of a good or service by the customers.
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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
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Quantzig
Anirban Choudhury
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