Use PriceAnalyzer to Get the Most Out of Your Pricing Data
May 6th, 2019 (Updated 03/23/2021) | 3 min. read
By Tolu Oke
Use PriceAnalyzer to Get the Most out of Your Pricing Data
If you’re in the pricing industry, you’ve probably heard it mentioned multiple times over how a 1% increase in price yields an 8.7% increase in profits. Such an increase is definitely something that any company would leap at the opportunity to gain. However, the journey to get there is not straight forward.
To get astronomical increases in profits, you first must convince the sales team to adopt a method of increasing prices, not a volume to reach their and the company’s goals. If you happen to make that hard sell, then you have to turn to your data. Unfortunately, if your company is like a lot of others, data that relates to pricing can sit in multiple data centers and departments. What’s worse is that the sheer amount of data requires cleaning. This requires that you:
- clear out irrelevant and incorrect data
- find gaps in data so that your pricing methodology remains relevant
- organize the data so that it makes sense visually
/As a savvy pricing professional, you know that you’d like to be in part responsible for your organization reaching a historical increase in profits, but the problems outlined above make it hard to take the first step. After all, pricing projects can be expensive and sometimes take years to implement. The risk might be too great.
Here’s How a Tool Like PriceAnalyzer Can Help You:
There is no shortage of data and the use of software tools make it easy to capture more and more every day. The problem is leveraging the data so that it brings tangible results. During the setup of our PriceAnalyzer tool, we work to determine your data structure by creating a holistic picture of your data sources and datamarts. We use this holistic map to create highly relevant and useful datamarts that you can then pull at will to analyze your data, identify pricing opportunities that you might have missed, segment your business by products, and customer regions, and more.
Logic and Clean Data:
At this point, the data can be cleaned and enriched by matching correct data values. Within PriceAnalyzer, you can create custom logic and calculations so that your organization-specific needs are met. PriceAnalyzer is built to be flexible so that you can create as many logic-based calculations as you need over time.
PriceAnalyzer offers a multitude of ways to visualize your data and analyze it for improved decisions and understanding:
- Data table
- Scatter plot
- Bubble chart
- Line and bar chart
- Pie chart
- Time series
- Price waterfall
- Revenue and margin breakdown (causality analysis)
- Box plots
The result – cleaning, updating, categorizing, and visualizing your data are fast to implement and custom-made for your needs. The best thing about it is that you can track the success of your pricing strategy and adjust as needed to reach your revenue goals.