As a pricing manager, you understand the need to remain competitive in a saturated market. However, limited insights into the competition make it difficult to optimize pricing. The competitive data reports provided by wholesalers or distributors offer a limited view of the market because they determine which retailers to include in their reports. This means that if they send you data for a retailer you don’t want to compete with, you’ll lack visibility on the rest of the market and won’t be able to obtain a comprehensive understanding of the competitive landscape. This can result in many pricing managers relying solely on such data, which may not present the full picture.
Thankfully, the Intrics Intelligence Platform is here to help. This powerful tool allows pricing managers to benchmark against various competitors and identify pricing opportunities. By comparing prices with multiple retailers, pricing managers gain valuable insights into their competitive landscape, enabling them to adjust their pricing strategies accordingly.
Increasing revenue to offset rising costs of goods without sacrificing sales is a top priority. When you compare your prices against Retailer 1, either through your distributor’s data or within Intrics IP’s Competitive Tracking, you see that almost 83% of your items are priced higher than theirs. You want to be methodical in the items you raise prices on, but the competitive data you see most often against leading retailers is suggesting that you lower prices on everything, which is unreasonable and doesn’t allow you to meet your goals.