Pricing and Sales Analytics
Pricing and sales analytics is the process of using historical pricing and sales data to optimize your strategy for future success. By understanding the patterns in your data you can identify opportunities for differentiated pricing, quick wins, and create impactful strategies. Product and service pricing is a science and by using your data to its full potential, you can take a scientific approach to increasing your revenue. As well as telling you where you can improve, pricing and sales analytics can also tell you where there is an opportunity for your company to move into a different space in the market.
What Pricing and Sales Analytics Include
- Historical price analysis – What impact did pricing have on buyer behavior?
- Price optimization – optimize prices based on volume, product portfolios, sales channels
- Sales forecasting
- Micro-segmentation – Creating customer groups based on shared behavior.
- Historical sales analysis
- Market analysis
- Dynamic pricing and optimization
- Competitive pricing
What You Can Do With Pricing and Sales Analytics
- Identify new areas your business can move into to generate more revenue
- Identify quick wins – Where can your business make an immediate improvement to pricing?
- Identify where you should vary the price of products to meet market conditions
- Identify where you should vary the price of products to meet changing buyer behavior
- Improve pricing guidance and advice for the sales team
- Use micro-segmentation to shift your focus onto customers that are more likely to buy your product
- Identify profit leakages – Profit leakages could be due to poor lead generation, excessive discounts, high expenses, high rates of customer churn.
- Identify inappropriate or ineffective pricing
Optimize Your Pricing
With the help of AI Superior, you can delve into the details of your product pricing and sales data. Find meaningful insights into your historic data and create winning sales strategies for the future. You can increase your profits and bring more value to your customers