Updating Your Pricing Strategy? 3 Useful Tools to Consider

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Keep your prices competitive by using these online tools.

The profitability and continued growth of your business largely hinges on your pricing strategy. Since it is one of the key factors people use to determine if they will purchase a particular product or service, the way you set your prices can have a profound effect on your business.

Aside from determining your profit margins, your pricing strategy can also affect your sales volume, the perceived value of your product and your overall share of the market. In addition, it can also help you get more customers. By using loss leader pricing strategy or the practice of offering a small number of products at or below cost, you can attract more customers into your physical or online store and entice them to buy more products.

Considering its importance, there is a serious need to determine the best approach in setting your prices. To maximize your profit margins and increase your chances of beating the competition, you need to determine how much it cost you to produce your product or service, how much the customer is willing to pay and the demand and life cycle of the product.

However, since prices can change in the blink of an eye, you also need to adopt a more competitive and dynamic pricing strategy to protect your business interests. How do you do it? Here are some tools that may help.

Online Tools for Updating Your Pricing Strategy

Import.io
By using import.io, you can easily research products on the market. This tool can help you collect data from the web to keep you informed on what’s being sold and at what price point, and use these data to make more informed decisions about your own business without sweating it out. Import.io can instantly provide detailed reports so you can easily compare your products with those of your competitors.

Tableau

Tableau helps business owners collect and understand their data in a simpler and more effective manner. It provides a number of visualization tools that can help you uncover useful patterns and trends through a simple drag and drop interface. Tableau can be set to automatically refresh itself so you and your team are assured that you are using the latest data at all times.

KISSMetrics

Since people buy from people and not from businesses, you need to provide a more personalized experience to your visitors to make them want to buy from you. You need to make them see how your products can help them solve their most pressing problems or provide added value to their lives. And this is exactly where KISSMetrics helps.

KISSMetrics provides key insights and timely interactions to help you convert visitors into customers. It analyzes your visitors’ actions to help you see what’s working and what’s not from the moment they land on your site to the moment they take favorable action or click on the “Back” button. With these data in hand, you can make decisions that will do wonders for your conversion rate.