Pricing experts Dallas Crawford and Dan Barrett of QueBIT were recently featured in AutomationMedia. According to Crawford and Barrett, price alignment reveals opportunities for manufacturers during the COVID-19 pandemic. Industrial journalist, TR Cutler authored the article. Read here.
Crawford shared that price alignment with data analytics can be done readily in real-time. The ability to concentrate on high and low volumes that fall outside a normal distribution of trend or seasonality can inform where margin opportunities exist. This is particularly valuable during the pandemic where buying patterns are in greater flux. Higher volume provides opportunities to adjust prices based on demand or to capture market share. Lower volume provides opportunities to analyze pricing, determining if market share is being lost or if the product’s lifecycle is near its end.
Barrett noted the best method to analyze and optimize customer pricing is to model the data and ensure that the analytics platform supports it at a very discrete level. Customer data by location or product SKUs allow for optimal delivery of unique pricing. Understanding and forecasting the customers’ pricing elasticity is key to determining the optimal price.
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QueBIT PriceAlign enables robust management of pricing strategies, while eliminating implementation time, complexity, and costs typically found in other pricing solutions. PriceAlign delivers significant improvements in revenue and margin by providing a clear, guided user experience via insightful dashboards and comprehensive pricing science. The ease of setting and managing pricing boundaries sets this solution apart.
PriceAlign delivers significant efficiencies for any organization using simple rules or trial-and-error methods to derive prices, especially if corporate objectives include adjusting and maintaining prices at the most granular level. This best-in-class solution allows customers to maximize margins, retain customers, and grow market share through optimal pricing strategies including:
- Cost Plus
- Competition
- Value-based pricing
- Dynamic Pricing
- Price Elasticity
PriceAlign gives customers enterprise-wide control of the entire pricing process by raising pricing strategies to new levels of sophistication. Through rapid deployment, customers achieve dynamic pricing based on a variety of factors and understand price elasticity across different products or regions. The recent global pandemic has clearly demonstrated the need and benefit of rapidly adjusting prices down to the most detailed levels and market conditions.
Follow QueBIT PriceAlign on Twitter at @AskQueBIT and connect on LinkedIn.
Media Contact
Company Name: QueBIT
Contact Person: Jennifer Field
Email: Send Email
Phone: 914-329-4745
Address:49 Secor Road
City: Scarsdale
State: NY
Country: United States
Website: https://quebit.com/predictive-price-optimization/