Leverage competitive data for more effective price management
Everyone agrees, competitive and market data are critical elements to effective price management. However, most companies don’t leverage it as well as they could. The sheer volume of the information – along with the multitude of groups that use it – has become a major barrier to making effective “fact-based” decisions.
If your company is like most, competitive intelligence is gathered from a variety of disconnected sources and maintained in separately managed spreadsheets throughout the organization. Syndicated market data may also be available, but it’s often not converted to a format that accurately reflects the way the company views the market. What results is a cache of underutilized data and unrealized opportunity.
Fortunately, there is a way to maximize the value of this information. With Vistaar, each stakeholder in the process has access to current and accurate data through a single planning and analytical environment. And our advanced mapping capabilities ensure that the data is consistent with your company’s perspective of the market.
Incorporate competitive and market data into your planning processes
The Vistaar solution provides business users with data accessibility and powerful analytics that make it easy to consider competitive and market data when setting prices or evaluating deals.
- Data Normalization: Conduct price and feature normalization to get accurate apples-to-apples comparisons with competing products
- Relative Price Position: Measure and track competitive pricing and manage prices over time based on relative position in the market
- External Data Mapping: Map external data (e.g. syndicated reports) to accurately reflect elements such as consumer spend, market size and market share
- Scenario Planning: Use sophisticated “what-if” scenario analysis to play-out competitive reactions and test various game-theories
Combine these capabilities with powerful analytics and scenario planning, and you have a comprehensive solution where this data can provide the advantage you need to get a leg up in a business environment where competitive pricing is essential to success.
