Pricing analytics platforms automate pricing by analyzing market trends, user behavior and competition strategies to optimize a company's pricing model. These platforms benefit businesses by increasing revenue, improving profitability, and creating a competitive edge. They also enhance the customer experience by speeding up the decision-making process. Mactores sets itself apart by offering pre-processed datasets for high-speed performance and a clear feedback loop for improved efficiency.
Pricing analytics platforms assess the metrics used to determine how pricing affects an overall business. Pricing analytics software is the tool that automates pricing by:
- analyzing the profitability of specific price points
- optimizing your pricing strategy
Predicting customer behavior and customer trends are integral parts of a pricing analytics platform. It allows you to add dimension to your data by giving additional context with demographic data, geographic data, or another dataset. This allows you to use this data with other reports to generate scenarios.
How Do You Conduct Pricing Analysis?
Analytics platforms assess costs, market prices, user behavior, and other factors that can affect your pricing strategy.
By combining data from multiple sources, your business can get insights into customer behavior and market trends that would otherwise be difficult to uncover. This allows you to adopt pricing strategies that make sense for you and your customers. You will be able to:
analyze market trends
understand the pricing strategies of your competitors
optimize your pricing models and strategies
identify growth opportunities to improve profitability
The 4 Different Pricing Strategies
When determining how to The four types of pricing strategies are:
Fixed price strategy: The seller sets an initial price and does not change it.
Skimming strategy: The seller sets a low initial selling price that increases gradually as the sale continues. This is also known as "price skimping”.
Penetration pricing strategy: The seller sets a high initial selling price and gradually drops it to a break-even point over time.
Value-based pricing: Value-based pricing refers to setting a value on the product or service being provided. In this case, the value is set by a customer or internal criteria and not determined by competition or market forces.
How Does Pricing Analytics Help Your Business?
Businesses of all sizes can benefit from using pricing analytics software.
Knowing the pricing strategies for different stages of business growth is critical. Every business has unique advantages to leverage, as well as a distinct target market to market to, making this expertise invaluable.
By using these tools, businesses can gain insight into their competition's pricing strategies and make data-driven decisions about their prices. This helps them maximize revenue opportunities, increase customer loyalty, and boost profits.
Pricing intelligence helps your business to:
- maintain pricing uniformity within your organization
- reduce revenue leakage
- offer strategic discounts and offers to customers without damaging margins
- maintain a competitive market advantage with pricing
Additionally, pricing intelligence software provides businesses with the ability to monitor market trends and stay ahead of their competitors in terms of pricing strategy. With the help of these tools, businesses can create a competitive edge in the market while still maintaining a profitable margin.
How Do Pricing Analytics Platforms Help Your Customers?
You can produce faster outcomes with our pricing analytics platform. Meanwhile, you can focus on the remaining manual analysis and using rule engagement. End users benefit from an enhanced user experience due to the accelerated process with a more accurate result.
For example, this is particularly useful in Mortgage Backed Securities (MBS). Customers who are renting or taking loans can get an almost instant answer and can trust its reliability. A pricing analytics platform would be able to assess loans, which are grouped to form bonds, and then tranches. These are then assigned to risks.
With more accessible data, the decision-making process becomes much faster and the customer experience is further enhanced. This is beneficial to both you and your customers.
Another example would be in retail. Products can come to market faster and for the customer’s benefit. In addition, discounts and sales can be offered at strategic times to specific demographics.
What Makes Mactores Different?
Many pricing analytics platforms like Salesforce offer multiple pricing options. However, they don’t give you the high-speed performance that we do. Most pricing analytics platforms are SQL based which allows for complex queries to fire.
Unfortunately, this leaves a lot of data cleaning processes and time devoted to getting these processes done. All of this is to get the data to a place where it is usable.
The disadvantage of these processes is the wasted time. A lot of time and resources are devoted to cleaning this data that could have been spent on analysis.
At Mactores, we have pre-processed datasets. What does this mean? We have pre-computed datasets that are already in the engine.
When you fire a query, this data is selected and ready for you. The engine does this automatically for you and the result is high-speed performance based on the data. With all of this done in the backend, you can stop thinking about the technology and focus on the metrics. As a result, you can conduct fewer transformations to get the data you need faster.
We are a topline generator because we reduce the amount of infrastructure required to get the results you need faster.
With our pricing analytics platform, a clear feedback loop is built into our model. This allows for the output to be digested, interpreted, and undergo manual scrutiny before being used again as input. This clear feedback loop allows you to generate more specific and complex scenarios to move your business forward. Overall, this improves the efficiency of your team.
Data Analytics Platforms and Pricing Automation That Helps Your People
Machine learning and predictive analytics are powerful tools in the world of data science. By analyzing large datasets, they can uncover meaningful insights that would otherwise remain hidden. However, their effectiveness is limited when it comes to chaotic data. In these cases, manual analysis and human intuition must be used to get the most out of the available information.
This human interpretation of data cannot be fully automated by AI. This is where trade risk and pricing analytics software comes into play. This can be done in a fraction of the time it would take a human to complete. Your data analysts can spend more time on what actually matters instead of mundane tasks like cleaning data.
Using automation in your business isn’t about replacing these highly skilled people in your company. It’s about making their jobs easier and removing mundane repetitive tasks. This way, they can concentrate on areas that require their skills to make use of the data. AI is an aid to your business.
Looking to automate your data platform?
Looking to automate your data platform?