Competitor Price Monitoring For Smarter Pricing

Opinions PriceVizr

Do you want to know how to optimise your pricing strategy for your product portfolio?

From the viewpoint of consumers, the cost of goods remains paramount, gaining even greater significance challenging economic periods where the pricing of your products can wield a substantial influence on your sales performance. Whether it is the decision of passing on increase internal/ production costs to consumers or having to minimise your product range for strategic purpose, we can help.

At Opinions we have worked with some of the largest companies in Ireland and internationally to develop solutions that address this using our Opinions PriceVizr approach. With its foundation in conjoint methodologies, PriceVizr module re-creates the category and enables you to stress test single product, portfolio and competitor products on pricing scenarios to deliver the answers you need. It models these ‘what if?’ questions in language your business uses (e.g. volume, revenue, profit) and is used to answer the following types of questions…

Can we implement a price increase on our product range?
How much fresh revenue can we expect to gain if we launch this new product?
What is the optimal promotion mechanics to launch with our products?
What happens to our volumes if our competitor launches a new product?
To what extent can we pass on our increased internal costs to the consumer?

This survey led approach gets your target audience to test a range of trade off scenarios and uses the renowned Hierarchical Bayes Analysis to develop of forecasts. We leverage our strategic consulting experience in this space to help guide our clients to the most effective pricing decisions both in the short and longer term.