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How you can rapidly establish an active price management!

How can retailers capture market shares and attain their growth objective, despite ‘top dogs’ like Amazon? Many have the same answer at the ready for this question: A hard-hitting and price-leading strategy, meaning, “Position One – even if it implies margin loss!” This, however, is not a longer term, and certainly not a purposeful, solution.
So how should an intelligent, refined approach appear, which secures longer term margins? Decisive here is an active, market-compatible price management, with which actors can react flexibly to market changes, independent of their sectors, and thus always remain one step ahead of the competition.

Active price management – Lend more dynamic to your methods

The rule also applies to price optimisation: Focus on the customer is a guarantee for success. In the ideal scenario of price management, articles are sold at the price conforming to willingness to pay among individual consumers, whilst also fulfilling a minimal margin.

The rule also applies to price optimisation: Focus on the customer is a guarantee for success. In the ideal scenario of price management, articles are sold at the price conforming to willingness to pay among individual consumers, whilst also fulfilling a minimal margin.
For a successful implementation of this model, the following three factors must be integrated:
– Consumer purchasing situation
– Cost structure of the company
– Market conditions

In contrast to the consumer situation, which is often unknown and only evident through a comprehensive customer or data analysis, clear indicators are actually available for inherent cost structure and market conditions. These need to be gathered together and intelligently utilised so that you can shape your prices optimally to both market and margin.

In only five steps towards active price management

Maximise your full potential! Segment your product range and apply the appropriate driver selectively to the individual product groups. The following five steps serve as an orientation for introducing an active price management, achieving better margins, remaining competitive and being in a position to adapt your prices according to customer needs.

Step 1: The focus list
Step 2: Segment your focus list
Step 3: Establish individual rules
Step 4: The optimal pricing floor
Step 5: Let’s get started!

No control, no success

Always control the effects of your price optimisation! By this method, you cater towards price sensitivity within your company, monitor the successes and, in the event of setbacks, maintain an ability to introduce immediate countermeasures. Many retailers rely upon technological assistance for flexible price management, which provides consistent market transparency and supports you in price optimisation and price adaptation, thus also contributing towards your longer term competitiveness.

This article is presented as a summary of our Online Pricing Guide to be found on iBusiness.

 

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