Optimizing pricing decision-making represents one of the largest, multi-million dollar opportunities for companies to drive incremental sales and profits. Through our platform we help make more informed pricing decisions.
Pricing decisions are critically important for any business, as pricing is directly linked to consumer demand and company profits. Successfully implementing predictive pricing strategies achieve significant improvements increases sales as well as margin. Too often this “low hanging fruit” opportunity goes unpicked, and sales opportunities and profits lost.
Optimal pricing is a challenging problem for several reasons. One is the complex structure of the price waterfall, which often includes multiple variables such as list prices, discounts, and special offers that need to be optimized. Another reason is that each customer values each product differently depending on the buying situation. What works today might not work tomorrow. Simply assigning customers to categories may overlook important pricing opportunities. Finally every business is different resulting in different price models and methodology across industries.
Aggressively mine your data to identify and properly segment customers, products, and specific buying situations. Using MindsDB for your strategic pricing solution and analytics helps you to look specifically for profitable trends and groupings. This enables you to improve your understanding of the impact of pricing decisions and make more informed and forward looking decisions across the organization. The result is higher sales and improved profitability.