Pricing, it can literally make or break a company. Price too high and you’ll likely lose to the competition. Price too low and you’ll degrade the value of your goods and services. Price just right, and you’ve put yourself in prime position to win the sale. Bottom line: pricing is risky business, and only those with a strong, sound, and proactive strategy will come out on top.
How does your pricing strategy measure up? And what are the practices and approaches you need to think about when defining or evaluating that strategy?
In “PRICING INTELLIGENCE 2.0: The Essential Guide to Price Intelligence and Dynamic Pricing,” market leader Ugam delivers practical real-world counsel and recommendations for building a competitive, responsive, and winning pricing strategy for virtually any environment. Among the chapters and topics covered are:
|Chapter 1: Welcome to the New World of Pricing
Buyer expectations. Technological advancements. Competitive data. The changing face of all these areas – among others – have created new opportunities and new challenges for retailers. In this chapter, we explore the world of pricing and what companies need to do to stay ahead.
|Chapter 2: The Price Match Trap
Price matching isn’t new. And while it makes retailers feel like they’re fighting back against the competition, it’s inevitably a desperate race to the bottom. In this chapter, we examine the real cost of price matching, and how retailers can strategically avoid and combat these tactics. You’ll also hear from Kevin Sterneckert, former vice president of research for Gartner, regarding his perspectives on price matching and its ultimate impact.
|Chapter 3: An Introduction to Pricing Intelligence
There’s no shortage of competitive pricing data, but are you taking it into consideration and using it to your advantage? In this chapter, we explore how to efficiently monitor your competitors’ prices, accurately compare them with your own, enrich raw pricing data for effective analysis, and then turn the numbers into actionable insight.
|Chapter 4: An Introduction to Dynamic Pricing
We live in a dynamic, digital-paced world, and only those retailers that can keep up will thrive. Implementing a Dynamic Pricing model is one of the most important strategies for winning the war. In this chapter, we discuss how to do just that – how to base prices on the changing demands of the customer, whether they’re driven by the day, the season, the holiday, the weather, or a host of other factors.
|Chapter 5: The Human Factor
For all the technology that’s available, the human factor is still critical in the design, implementation, and management of a successful pricing strategy. There is simply no substitute for human analysis. In this chapter, we look at the role people play in determining a pricing strategy, and the most effective ways for leveraging all the available data to drive their analysis and recommendations.
|Chapter 6: The Future of Pricing Intelligence
The real question is, “What’s next?” As retailers strive to provide more personalized service, they need to consider the ramifications, and the opportunity, in terms of pricing. From individual-focused pricing, to loyalty pricing, to first-time customer pricing, and more, the possibilities are endless. In this chapter, we examine what’s on the horizon and what retailers need to consider as they think about next steps in their overall personalization strategy.
|Chapter 7: How to Get Started
So where does a retailer begin? There’s a lot to consider and even more at stake. But education, information, the right partner, and a mindful approach to defining your strategy will help ensure pricing success. In this final chapter, we look at the ins and outs of pricing intelligence solutions and provide strategies for choosing the technologies and partners that are worth your long-term investment.
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