In the age of comparison shopping, setting a competitive price is essential for increasing market share. But competitive pricing can be hard when there’s no visibility into your competitors’ pricing strategies. One way to address this challenge is to use competitive pricing analytics to gain insights into your competitors’ pricing strategies.
With pricing analytics, you’ll be able to identify which competitors are charging more for the same product, and adjust your pricing accordingly. To overcome the challenge of pricing strategies, a leading cloud-based supply chain risk management platform, partnered with Netscribes to conduct a competitive pricing analysis. Keep reading to find out how the analysis helped them develop informed pricing strategies for their products.
Objective and challenges
The firm wanted to find out the pricing models offered by competing software solutions. This information could not be gathered through secondary or desk research. This was circumvented by Netscribes’ qualitative research support.
Approach and solution
Netscribes prepared a competitive matrix based on a combination of primary and secondary research.
Contact list creation: We analyzed various secondary sources of information to identify rival global supply chain management software firms.
Based on the information gathered, we developed a respondent list comprising the competitors’ sales, marketing, and business development heads.
Questionnaire design and telephonic interviewing: Next, we planned and executed Computer-Assisted Telephonic Interviews (CATI) with the respondents to capture the following information:
- Various pricing models offered
- Purchase assistance variance
- USP and value proposition in terms of product offerings, mapped against pricing
The calls were done on two levels – the first level involved gathering as many data points as possible, and the second level had the analysts counter-question the sales executives in terms of closure procedures.
Results delivered
We delivered a detailed report that included the following competitive insights:
- Annual pricing models offered by each competitor
- A measurement of each competitor’s digital footprint based on their search engine visibility
- A competitive matrix ranking each company by pricing model and value offerings
Benefits
Through the competitive study, our client was able to develop better pricing strategies for its products. This allowed them to better understand their competitors’ strategies and offerings, allowing them to make informed decisions about their products and services.
