A global data analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest pricing analytics engagement for a leading automotive industry player. During the course of this engagement, the pricing analytics experts at Quantzig helped the client to develop and implement a competitive pricing strategy.
The rising competitive pressures, changing technological landscape, and the intrusion of new and innovative business models have prompted automotive players to redesign their pricing strategies. These factors have changed the industry landscape to a great extent and automotive companies can no longer rely on the inefficient pricing strategies to drive profitability. Instead, they will have to leverage an analytics-driven, customer-centric approach to develop robust pricing strategies.
Businesses across industries can leverage pricing analytics to make better decisions that impact both long-term and short-term profitability goals. However, for many automotive companies pricing remains an area of great untapped potential. This can be attributed to the lack of analytics expertise and the right tools to identify areas for price improvements. Players from different industries can use pricing analytics to devise robust pricing strategies to drive growth. Our portfolio of pricing analytics solutions is designed to help businesses unlock the full potential of their pricing initiatives. This success story serves as a classic example of how the implementation of a competitive pricing strategy helped an automotive company to outperform its peers.
We at Quantzig understand that setting the right price for products and services is crucial for businesses to gain a leading edge in today’s competitive market scenario. Contact our experts to know how pricing analytics can help you unravel new opportunities to drive growth.
The Business Problem: The client is a player in the US automotive industry with business units spread across North America. The growing competitive pressures prompted them to adopt a data-driven pricing strategy to drive profits. Hence, they approached Quantzig to leverage its pricing analytics expertise to develop a robust competitive pricing strategy.
“Our competitive pricing strategies leverage data and analytics tools that can help you better understand the impact of pricing on the overall growth of your business,” says a pricing analytics expert from Quantzig.
The Solution Offered: To help the client address their challenges, we focused on identifying the best price for the offerings. The initial phase of this engagement revolved around the development of a competitive pricing strategy by conducting a detailed competitor pricing analysis. As a result, the devised pricing strategy enabled the client to identify over $2M in new pricing opportunities.
So why isn’t competitive pricing an industry standard? Why is it not at the heart of every marketing department across industries? The intent and recognition of its significance clearly exist but something seems to be holding it back. Request a free proposal to know how our pricing analytics solutions can help you improve your approach to pricing.
Quantzig’s pricing analytics solutions helped the client to:
- Improve the efficiency and consistency of their pricing policies
- Develop advanced pricing analytics dashboards to track and monitor KPI’s
- Request a free demo to know how pricing analytics can help you improve business outcomes.
Quantzig’s pricing analytics solutions offered predictive insights on:
- Quantifying product demand based on the price
- Identifying new cross-selling and up-selling opportunities
- Learn how competitive pricing strategies can help you bring about a measurable difference in profits. Request for more information now!
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal