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How to increase the performance of your pricing team?

Prices change all the time! And this concern must be included in all business, financial, and marketing strategies.&nbsp;This is because every business, regardless of its size and segment, must price its products correctly in order to “pay the bills” and make a profit.&nbsp;However, to remain competitive in a pandemic and with the current inflation rate, large retailers still face pricing difficulties, as they are also unable to keep up with competitors' price changes, in addition to different market trends in their segments.&nbsp;Just as an example: before calculating the price and investing in the sale of a specific product, it is necessary to evaluate the expenses that were used to produce it, establish its profit margin, the distribution model that will be considered in the business, the macroeconomic variables that interfere with its consumption, in addition to customer perception and, most importantly, analyze the competing market related to what is being provided.&nbsp;Thus, although many entrepreneurs believe that pricing should only be developed at the beginning of their activities or at the launch of a new product, it is important to clarify that the pricing process must be constantly reviewed, given the dynamism of the market and the economy, in order to adjust the increase or decrease in production costs and updates based on what the market is offering.&nbsp;Monitoring and tracking the price of competitors in the market does not mean copying the processes or relying exclusively on their information to define your pricing but learning about your niche and increasing knowledge and domain to make the best decisions.&nbsp;Therefore, after assessing all fixed and variable costs and defining the sales prices of your products, it is necessary to compare and verify that they are consistent with the market and will be accepted by your audience. And do you know how much other companies in this segment charge for similar products?&nbsp;To help you in this task, Neogrid, in partnership with Predify, developed Predimonitor - a complete solution for monitoring market prices on online channels through technology. Our goal is to bring security to your business, focused on its growth and maintaining your market share against competitors.&nbsp;The pricing process is always done based on competitors. And what our platform solves is precisely this “problem”: we automate pricing, considering what affects the price of each product in your business - your competitors -, helping with correct pricing, decision making, and sales planning.&nbsp;The benefits of automation in people's lives are undeniable as well as how much it can be an ally for retailers. With that in mind, Artificial Intelligence has become the most reliable way to predict, manage, and control all aspects of your business.&nbsp;Our user-friendly tool ensures companies have direct access to up-to-date, state-of-the-art pricing analytics that focus on simplifying, monitoring, analyzing, and becoming more competitive.&nbsp;The tool's main features have three pillars:&nbsp;<ul><li>Product monitoring, where you can choose your products to compare to other stores based on your historical price data. You can also check trends and averages for specific regions with quick responses and consistency.&nbsp;</li><li>Price history and Price forecast, features that provide full visibility on months of data backup related to products, price fluctuations and changes.&nbsp;</li></ul>Through simplified historical data and charts, you'll be able to compare, match, set up alerts for price drops until the desired level, which allows visibility into price drops or increases over the weeks, months, and year, ensuring that you can predict any price changes that may occur in the future.&nbsp;Predimonitor is synonymous with pricing intelligence! <a style="color: black;" rel="noopener noreferrer" href="https://hub.neogrid.com/predimonitor-en">Contact us</a> and learn how to review your processes, pricing each of your products assertively and keeping them up to date, considering the most important market flows.&nbsp;

Prices change all the time! And this concern must be included in all business, financial, and marketing strategies.&nbsp;This is because every business, regardless of its size and segment, must price its products correctly in order to “pay the bills” and make a profit.&nbsp;However, to remain competitive in a pandemic and with the current inflation rate, large retailers still face pricing difficulties, as they are also unable to keep up with competitors' price changes, in addition to different market trends in their segments.&nbsp;Just as an example: before calculating the price and investing in the sale of a specific product, it is necessary to evaluate the expenses that were used to produce it, establish its profit margin, the distribution model that will be considered in the business, the macroeconomic variables that interfere with its consumption, in addition to customer perception and, most importantly, analyze the competing market related to what is being provided.&nbsp;Thus, although many entrepreneurs believe that pricing should only be developed at the beginning of their activities or at the launch of a new product, it is important to clarify that the pricing process must be constantly reviewed, given the dynamism of the market and the economy, in order to adjust the increase or decrease in production costs and updates based on what the market is offering.&nbsp;Monitoring and tracking the price of competitors in the market does not mean copying the processes or relying exclusively on their information to define your pricing but learning about your niche and increasing knowledge and domain to make the best decisions.&nbsp;Therefore, after assessing all fixed and variable costs and defining the sales prices of your products, it is necessary to compare and verify that they are consistent with the market and will be accepted by your audience. And do you know how much other companies in this segment charge for similar products?&nbsp;To help you in this task, Neogrid, in partnership with Predify, developed Predimonitor - a complete solution for monitoring market prices on online channels through technology. Our goal is to bring security to your business, focused on its growth and maintaining your market share against competitors.&nbsp;The pricing process is always done based on competitors. And what our platform solves is precisely this “problem”: we automate pricing, considering what affects the price of each product in your business - your competitors -, helping with correct pricing, decision making, and sales planning.&nbsp;The benefits of automation in people's lives are undeniable as well as how much it can be an ally for retailers. With that in mind, Artificial Intelligence has become the most reliable way to predict, manage, and control all aspects of your business.&nbsp;Our user-friendly tool ensures companies have direct access to up-to-date, state-of-the-art pricing analytics that focus on simplifying, monitoring, analyzing, and becoming more competitive.&nbsp;The tool's main features have three pillars:&nbsp;<ul><li>Product monitoring, where you can choose your products to compare to other stores based on your historical price data. You can also check trends and averages for specific regions with quick responses and consistency.&nbsp;</li><li>Price history and Price forecast, features that provide full visibility on months of data backup related to products, price fluctuations and changes.&nbsp;</li></ul>Through simplified historical data and charts, you'll be able to compare, match, set up alerts for price drops until the desired level, which allows visibility into price drops or increases over the weeks, months, and year, ensuring that you can predict any price changes that may occur in the future.&nbsp;Predimonitor is synonymous with pricing intelligence! <a style="color: black;" target="_blank" rel="noopener noreferrer" href="https://hub.neogrid.com/predimonitor-en">Contact us</a> and learn how to review your processes, pricing each of your products assertively and keeping them up to date, considering the most important market flows.&nbsp;

Smart retail monitoring and pricing

Did you know that, according to a Harvard source, 85% of companies do not know how to price their products correctly?

Do you want to learn more?