Pricing analytics
Price modelling
Predict how receptive your customers will be to offers and price changes
Target your customers with personalised offers, to maximise purchase behaviour and profitability
Pricing and discount elasticity models enable you to assess how receptive your customers are to various levels of offer based on previous spend and offer utilisation.
Using previous offer history, uptake of offers and average spend values, we can create models to predict your customer behaviour in future price and discount scenarios, enabling you to set optimum price.
We can also identify which customers to target with personalised offers that encourage maximum purchase behaviour.
Minimise discounting
Maximise purchase frequency
Target personalised offers
Maximise profitability
Frequently asked questions
What businesses can use Price modelling?
Price modeling is valuable for businesses across various industries, regardless of their size. It proves beneficial for sectors beyond retail, including financial services, manufacturers selling directly to consumers, and any industry aiming to optimise pricing strategies for revenue maximisation.
What are the challenges with Price modelling?
Challenges include complex consumer behaviour, market dynamics, obtaining accurate and real-time data, identifying relevant variables, and integrating models into existing business processes.
What data sources are typically used in Price modelling?
Data sources include transactional data, customer demographics, market trends, competitor pricing, and can even include additional external data like social media sentiment and weather patterns depending on the use case.
How can Price modelling help with stock management?
Price modeling aids stock management by providing insights into demand patterns, seasonality, and the impact of pricing changes on consumer behavior, allowing for optimised inventory levels and efficient stock management.
Why is Price modelling important?
Price modeling is crucial for setting optimal prices that maximise revenue, maintain customer satisfaction, and adapt to market conditions. It enables businesses to make data-driven decisions and enhances overall strategic and operational effectiveness.
Do you need to grow customer value faster?
Optimising your pricing based on your customer behaviour will ensure you maximise sales and profitability.
If you’d like to know more and discuss your specific requirements, just get in touch here:
