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[Practical guide] Do you apply the 6 steps to analyse your market prices?
To successfully analyse market prices, it is essential to rely on Data. But, to make this data talk, use its full potential and extract useful information for your business, you need to proceed methodically. Are you sure you apply the key steps to analyse market prices? We have prepared a practical guide to help you evaluate your methodology.
The role of Data in price monitoring
To remain competitive, it is important to adjust your prices based on market dynamics. Problem: the frequency and number of references that are repriced daily by retailers and manufacturers has increased significantly over the last few years, multiplying the quantity of raw data to be processed and analysed.
To avoid getting lost in the “sea of data”, capitalise on the Data available to conduct precise analyses and guide the preparation of your pricing strategy, you need to proceed step-by-step.
The steps to follow to analyse your market prices
Before starting, you must ask yourself some questions: what are your business objectives? What do you want to analyse and understand? What conclusions do you want to draw? Once these parameters are defined, you can search for appropriate Data based on several criteria: geographical area, sales channels and players to study, expected level of granularity, depth and freshness of Data.
To ensure you conduct a meaningful analysis, follow these six steps in order:
- Establish your needs;
- Review available data;
- Clean and match collected data;
- Enhance your data;
- Prepare your data to match your vision;
- Analyse data to draw conclusions.
For a company, Data is only of real value if it knows how to use it to its advantage. Essential and strategic, the analysis of price data allows a company to remain competitive and perform well in its market. By following a few key steps, you ensure that your pricing strategy is based on correct, rich and relevant data.
Have you identified weaknesses in your practices? Progress to be made in certain areas? Lizeo is there to accompany you with a complete range of solutions. Do you want to learn more?
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