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[Practical guide] Six Steps to Analyze Market Prices
To successfully analyze market prices, it is essential to rely on Data. To make this data talk, use its full potential, and extract useful information for your business, you need to proceed methodically. Are you applying these key steps to analyze 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 re-priced daily by retailers and manufacturers has increased significantly over the last few years, multiplying the quantity of raw data to be processed and analyzed.
To avoid getting lost in the “sea of data”, capitalize on the data available, conduct precise analyses and guide your pricing strategy, you need to proceed step-by-step.
Follow these steps to analyze your market prices
Before starting, you must ask yourself some questions: what are your business objectives? What do you want to analyze 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 competitors, expected level of granularity, detail and frequency 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;
- analyze data to draw conclusions.
For a company, data is only of real value if it knows how to use it to its advantage. Both 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? Is there more 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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