Competitor Price Index Strategy tool
Competitor price index is an index that can be looked at on a company, category, brand or product level.
Competitor Price Index (CPI) – Strategy tool
Do you ever wonder if there is a way for you to monitor your pricing strategy in action; in real-time? To see how you are doing against competitors in total, per category, per brand or on a single product level? Or automatically update the most recent events in the market in a simple number format? In short, yes, there is and we got it covered with Sniffie.
You are able to create and form your pricing strategy inside Sniffie with a simple and understandable index. Set an index to position your company against your main competitors or their certain categories and make sure your strategic sweet spot is monitored at all times.
While you are still fighting on a single product’s level, you are now able to monitor the market against competitors on different levels. Set indexes, see the changes and understand the market in a heart beat. Form automatically updating, higher level analytics that allow you to manage your pricing strategy on a brand or category level, so you can stay up-to-date with the bigger picture, constantly. Sniffie highlights your progress and and tells you in which direction you should turn.
A three digit code that makes a difference
With Sniffie’s Competitor Price Index (CPI) you can set your target pricing with three digits. 100 being equal, 102 being 2% higher and 98 being 2% cheaper. This means that by setting an index on a company, category, brand or product level you can control your pricing strategy automatically against the whole market or any of your competitors. All your strategies can be imported with a simple upload from an Excel-file.
Handy, simple and effective.
Main use cases:
1. Set your pricing strategy gateway ie. you want to be 2% higher always against your main competitor with 5% difference accepted to both ways.
2. Monitor per category how you are performing on average against different competitors
3. Set parameters on what is ok, acceptable and what needs your attention
4. Make sure your pricing strategy lines up with the market.
Benefits of Competitor Price Index
The whole market under strategic monitoring. Benefits of competitor price index are very clear when you are pricing products on a grander scale. It is a tool specifically developed for people working with bigger categories that cannot be monitored simply with one product in mind. Competitor Price Index lets you set a strategy and monitor it on different levels.
1. Make your pricing strategy live
2. Monitor your pricing strategy on every level
3. See how different brands and categories perform
Take your pricing to the next level!
We believe in simple things. That’s why we did the hard work for you.
Take your pricing to the next level!
We believe in simple things. That’s why we did the hard work for you.