Gaining Price Intelligence Experience
Сompetitive price intelligence happens to be one of the most crucial pieces in creating business competitiveness. That being said, not every single company is in the same place within the pricing intelligence quest. This quest can be called “Gaining Price Intelligence Experience” and it can take a variety of different paths including gaining pricing knowledge, creating pricing skills, deploying systems, and even transforming the organization itself.
Establishing Your Perception of Price Intelligence
Regardless of where you begin, any quest requires you to understand where you would like to be in the future. For a few firms, the quest may revolve around simply understanding how their rivals price in a way that is more systematic. Others, however, may have a different path as they strive to finish the transformation of their current pricing strategies under a single power which is why they’d focus more on creating consumer and environmental elements within their pricing models. That being said, if you really want to create an organization that is experienced as well as credible within the pricing domain, you will need to ask a few difficult questions. Indeed, completing a true assessment of the situation that you are currently in is easier said than done.
Asking the Complex Pricing Questions
It’s no easy feat to put either yourself or your firm under a microscope which is why it would be beneficial to get the help of an outside coordinator. Some of the questions that you may be asked include:
- How is your competition being monitored?
- Do you currently use any price intelligence tools?
- What kind of data do you use when making pricing decisions?
- How well are both the industry and market trends being tracked?
- How do you respond to competitor’s pricing changes or their strategies?
- How and how well is the communication between your stakeholder and the pricing process?
Throughout the years, it has come to our attention that consultancy firms often have different receptions. However, all of them do abide by systematic approaches that result in positive results.
When you ask yourself easy questions, you can figure out where you are on the maturity scale with no difficulty. However, it’s more important to figure out where it is you want to end up. Going from one level to the next depends on the amount of energy, resources, and focus that you put into it. This is why either the MD or the CEO needs to be supportive of this change and truly believe that it will create a real difference.
Today, Where’s Your Firm’s Price Intelligence Maturity Index?
If you want to understand your PIM, answer this question. They should, hopefully, provide you with a simple explanation as to where you are right now with regards to pricing maturity.