ADVANTAGES OF COMPETITITIVE PRICING

Why should you consider Competitor Pricing?

Employing a competitive pricing strategy requires studying market trends, competitors' pricing, and consumer response to price changes. Once this is accomplished, you can implement new prices based on your product's value proposition and business rules. Companies that have done this successfully have gained a competitive edge, seen sales and profit growth, and maintained their brand positioning. Let's explore these advantages more closely.

Higher Sales Volume

Increased Market Share

Improved Customer Retention

Improved Brand Image

Increased Profitability

Better Positioning against Competitors

A man using AI Pricing Platform SYMSON to compare competitor prices

Higher Sales Volume

Competitive pricing often results in higher sales volumes as customers consistently search for the best value for their money. If your prices are optimal—considering competitors' prices and customer behaviour—you will likely maintain a high sales volume and revenue.

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Increased Market Share

With a compelling value proposition and optimal prices, you can attract new customers, leading to an increased market share. This gradual customer increase, formerly transacting with competitors, will contribute to a larger market share and potentially higher profits.

Increased Profitability

While offering products or services at lower prices may affect profit margins, the increased sales volume resulting from competition-based pricing can offset this. By attracting customers through competitive pricing, you can generate more revenue and achieve higher profits.

See how MegaGroup turned pricing into a profit driver

Improved Brand Image

By consistently offering competitive prices, customers will perceive your brand as willing to compete, providing the best value for their money, which can increase loyalty and sales volume.

Customer-value pricing - Learn more

Better Positioning Against Competitors

Competition-based pricing can help businesses position themselves favorably against competitors. When a company offers excellent prices, it shows confidence in its products and services, which can establish it as a serious player in the market.

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Improved Customer Retention

Customers are more likely to stick with a company that provides the best value for their money. Customer retention is more cost-effective than acquiring new customers, and when customers believe they're getting a good deal, their loyalty often strengthens.

How FotoCadeau built a loyal customer base

INCREASE PROFITS

2% to 4% Margin Growth

Using Competitor Pricing in SYMSON you can have the most optimal prices compared to your competition.

BEAT THE COMPETITION

Gain Marketshare

Track competitor data and use it to gain a more attractive position in the market and outsmart your rivals.

INCREASE PROFITS

Customer-specific prices

Create custom prices for every customer group to increase your revenue substantially.

How can Competitor Pricing help your business

Keep your chosen price positioning

Automatically react to price changes from the competition

Set constraints according to your needs using business rules

Personalize pricing based upon seasonality, each region or geographic location

Change your prices in real-time based upon personal profiles

Automatically push data into your own system to realise price actions

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HOW TO GET STARTED

Competitor Pricing Features

Monitor the Pricing of your Competition

Collect daily prices from all vendors in your market and automatically adjust your pricing based on changes in the market.

Get detailed, actionable insights on pricing trends
Minimise losses with quick response to price drops
Use comprehensive market data to outpace rivals

Auto-Repricing to Beat the Competition

You can simply set your pricing rules and parameters within the system, and it will automatically monitor your competitors' prices, adjusting your own prices in real-time to ensure you maintain a competitive edge in your market. For example you can:

follow the cheapest but change your prices with desired percentage
select 3 competitors & reprice to average price
create your custom pricing logic!

Historical Price Analysis Reports

Analyse historical prices of competitors and gain insights into patterns, forecast future pricing changes, make informed pricing choices, and develop effective strategies to optimise your profitability in the market. Find more info below.

How to Maximise Pricing Potential (For Pricing Managers)

The Ultimate Guide to the Perfect Pricing Strategy

Add Customisable Business Rules

With the business rules in SYMSON you have full control of every parameter and you can increase your pricing effectiveness substantially.

Combine it With Other Strategies

By integrating SYMSON you can create a combination of pricing strategies that can lead  to significant increases in margin.

Enhancing Value with Algorithm Pricing

Our Elasticity or Price Sensitivity Algorithm leverages Machine Learning and collected sales & market data to forecast the ideal price. By monitoring competitor prices and incorporating them within predetermined upper and lower limits, you can find your optimal position to maximise your profit margin.

Sensitivity Algorithm for slow moving products

Price Elasticy Algorithm for different product categories