Pillars of price intelligence

1. Pillars of price intelligence What are the Pillars of Price Intelligence? What does Price Intelligence mean for my business? These questions and more are answered in this blog post about Price Intelligence. Learn what factors go into making Price Intelligence successful and how your business can incorporate these practices to improve pricing strategy, capture market share, and increase profitability. This is an introductory post on Price Intelligence - stay tuned for future posts that dive deeper into each pillar! Pillar 1: Data Data is the foundation of price intelligence. In order to make sound decisions about pricing, you need to have access to accurate and up-to-date data. There are a few different sources of data that are important to consider when collecting price intelligence: Competitor data: Keeping track of what your competitors are doing is critical to understanding the market landscape and making informed decisions about pricing. Competitor data can be gathered through a variety of methods, including online research, store visits, mystery shopping, and price comparisons. Market data: In addition to competitor data, it's also important to understand general trends in the market. This includes things like inflation rates, seasonality, and customer demand. There are a number of ways to collect market data, including surveys, customer interviews, and data analysis. Internal data: Finally, it's important to consider your own internal data when collecting price intelligence. This includes things like cost of goods sold, overhead costs, and margin goals. This data can be gathered from financial reports, accounting records, and business planning documents. Pillar 2: Technology Technology is another critical pillar of price intelligence. In order to make the most of your data, you need to have the right tools in place to collect, store, and analyze it. There are a few different types of technology that are important to consider when setting up a price intelligence system: Data collection tools: The first step is to have the right tools in place to collect data. This might include online research tools, price comparison tools, and mystery shopping software. Data storage and management: Once you have collected your data, you need to have a system in place to store and manage it. This might include a customer relationship management (CRM) system, a spreadsheet, or a custom database. Data analysis tools: Finally, you need to have the right tools in place to analyze your data. This might include business intelligence (BI) software, statistical analysis software, or a pricing optimization tool.

2. Pillar 3: Processes In addition to having the right data and technology in place, it's also important to have the right processes in place to make price intelligence successful. There are a few different process considerations to keep in mind: Data collection process: The first step is to establish a process for collecting data. This might include setting up regular price checks, conducting mystery shopping trips, and gathering competitor data from online sources. Data analysis process: Once you have collected your data, you need to establish a process for analyzing it. This might include setting up regular price comparisons, looking for trends and patterns, and adjusting prices accordingly. Communication and collaboration: Finally, it's important to establish a process for communication and collaboration between stakeholders. This might include setting up regular meetings, sharing reports and insights, and making decisions about pricing strategy. Pillar 4: People In addition to having the right data, technology, and processes in place, it's also important to have the right people on your team to make price intelligence successful. There are a few different roles that are important to consider: Price intelligence analyst: The first role is that of the price intelligence analyst. This person is responsible for collecting, storing, and analyzing price data. They should have experience with data analysis and be able to identify trends and patterns. Pricing manager: The second role is that of the pricing manager. This person is responsible for setting pricing strategy and making decisions about prices. They should have experience with market research and customer demand analysis. Communications coordinator: The third role is that of the communications coordinator. This person is responsible for coordinating communication and collaboration between stakeholders. They should have experience with project management and stakeholder engagement.