What Do Data-Driven Pricing Consultants Do?
Data-driven pricing experts apply a data-first approach to common pricing strategies like cost-based, value-based, and competitor-based pricing. They use internal data like purchasing trends, cart abandonments, and rebates to formulate prices that respond better to a dynamic market. They also leverage external data like consumer trends, real-time competitor prices and supplier prices to set prices.
Data-driven pricing specialists also help companies identify the right data parameters to track when setting pricing. Enabling a shift from traditional pricing approaches, data-driven pricing consultants help a company to leverage dynamically generated data that informs prices in real-time and captures more business at the point of sale. Data-driven pricing experts optimize pricing methods to respond faster to market events, derive higher premiums from prices, and appeal to customer pricing expectations.
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