INSIGHT's Proven Market Focused Price Methods for a Competitive Edge
An effective market-based pricing strategy requires:
Knowing your competitors’ prices.
When considering all the participants and the myriad products in your industry, you might think it’s impossible to get a comprehensive understanding of pricing in the marketplace. INSIGHT has the tools to capture market pricing data that isn’t otherwise available. These data-gathering processes can be run weekly, daily or even in real time so that you can stay up to date on fast-moving market trends.
Understanding your position in the market and setting prices accordingly.
Once we have the market’s pricing information, we incorporate your pricing data to analyze – at the transactional level – where you’re priced at, below or above your competitors. Do your prices accurately reflect the way in which you want to be perceived in the marketplace? If, for example, your business is positioned as a premium manufacturer, INSIGHT can let you know if you’ve sent out orders below market rates, allowing you to adjust pricing going forward and to maintain your positioning.