How Do Your Prices Compare to the Competition?

This Industrial Chemicals Supplier utilized market and competitive intelligence to understand customer perception and validate the optimal price adjustment strategy.

Challenge:

An Industrial Chemicals Supplier lacked insight on its price positioning compared to competitors. They believed they were more aggressive with pricing than their competitors and were therefore priced too high.

Solution:

INSIGHT2PROFIT built and executed a competitive intelligence study:

Conducted in-depth market interviews with 20 distributors and endusers to gather reliable customer perceptions
Deployed a quantitative survey for 200 end-users
Implemented competitive web scraping across 6 distributors carrying competitive products

The interviews, survey, and web scraping results revealed:

Client offerings were perceived as moderately priced vis-à-vis
competitors
Most competitors had increased price 10% in the past 6 months
Client prices were not consistently above competitors at key distributors

The Results

Based on the data, we found the Client had room to institute additional price adjustments without risking customers switching to competitors.