Commercial Analytics:
Pricing Insights
Enable visibility and tracking of pricing and profit margin levels across your business. Actively manage margins to drive profit.
Pricing Insights provides reliable and accurate insights into pricing variations and profit margins. Uncover all the data necessary to identify problematic pricing practices, build a solid pricing framework and manage profit margins more easily.
- Understand pricing variations by tracking min, max and mean prices across multiple product groups and organizational levels
- Uncover the data needed to establish a pricing strategy and framework that you can track throughout the season
- Understand and manage your profit margin; where you are making the most profit? Where are margins tight?
- Direct your sales team to sell higher margin products or reassess pricing or purchasing decisions to increase margin
Pricing visibility
Visibility into pricing practices and price variation across multiple stores and salespeople can be a challenge. This creates inconsistency and potentially results in pricing practices that need to change going unnoticed.
With pricing insights, Ag Retailers have full visibility of pricing variations across stores, regions and salespeople for both individual products and product groups. This allows them to identify high and low price points, see pricing trends and address practices or behaviours that may be damaging profit margins.
By having accurate, up-to-date and reliable pricing visibility Ag Retailers can identify variations, investigate why they exist, and take action to rectify if needed.
Pricing strategy
A solid and effective pricing strategy is difficult to set when there is a lack of visibility into current practices.
By tracking and understanding current price variations and practices the business is well placed to build a pricing strategy that supports business growth and increased margins.
The strategy can be translated into a pricing framework that guides the sales teams in best practice. Salespeople are therefore informed and supported to make pricing decisions that are good for the grower and the business.
Through continued visibility and transparency management can track whether the pricing framework is being adhered to, and take any necessary action to protect profit margins and prevent a return to any “bad habits”.
Profit margin tracking
It is difficult for Ag Retailers to track gross margin at a product level due to a lack of visibility of the necessary data. Understanding where margins are tight, and where action is required, is therefore a big challenge.
Pricing insights gives Ag Retailers in-season visibility into selling and purchase price margins, allowing them to understand which products are making the most profit and which are low margin.
These insights can drive action, enabling Ag Retailers to make informed decisions around amendments to pricing frameworks, drive improvements in purchasing practices and give direction to their sales teams to focus on higher margin products. All of which directly contribute to an increase in profit.
Key Features
- Pricing Insights provides visibility into pricing and profit margins across the organization.
- Metrics are available in different views to maximize usability.
- Enables the formation and implementation of pricing strategy across the organization to drive profit margin.
- Set best practice guidance for the sales team and a framework for them to work within.
- Provide guidance for sales teams around correct pricing levels for customers.
Key Metrics
- Variations in price across salespeople, stores, brands, products
- Min / max / mean prices for products & groups of products to measure and track extent of variations
- Y-O-Y comparisons and tracking over time to uncover trends and changes
- Highlight differences between purchasing & selling price for margin tracking
- Price by customer
Get in touch and discover more about how Commercial Analytics can unlock value from the data that drives your business
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