Welcome to Intelligence Node's Blog. Regardless of where you are on your retail analytics and machine learning journey, our blog covers a vast range of topics to maximize your retail growth and ensure your success.
Pricing is considered one of the four basic elements of the marketing mix, together with product, place, and promotion. It is probably the least attractive element of the four in terms of marketing. The bulk of the marketing efforts goes to product and promotion before turning to pricing. However, the price is a rather flexible […]
When a business sets its pricing policy, it looks to both make and save money while ideally increasing profit margins. This is an ongoing process that demands constant commitment through regular evaluation. Getting the pricing wrong can hurt a business and diminish its profit margins. And we all know that a solid profit margin is […]
As pricing goes, competitive pricing is one of four major ways (the other three being cost-based, value-based and demand-based) how businesses set and develop their pricing policy. Basically, with respect to competitors, a company sets its pricing based on either lower, higher or roughly the same as it’s competition. Competition can be either direct or […]
Pricing strategy is rightfully one of the most heavily debated aspects of any business. No matter what your product is or where you lie within your industry, your price point will inescapably be among the biggest questions you have to consider.
With the rise of online retail, the sales game has evolved by leaps and bounds. Strategies that once proved to be surefire ways to secure business have become obsolete, leaving companies scrambling to develop new tactics to beat out their competitors and rein in customers. Still, while much has changed in how sales-driven businesses approach […]
Demand based pricing is one of the simplest ways to price your products in a way that maximizes their chances of actually selling. Rather than relying on industry trends, your own product history, or a gut instinct about what a product “should” sell for, demand-based pricing uses what customers think about your product as a […]
If you think your small brand can’t compete with the big box stores, it’s time for a reality check. Consumers gleefully buy from businesses of every size. Even the smallest brands can gain a dedicated, cult-like following. To do so, you need more than just an amazing product and incredible customer service.
No matter if you are a novice in the eCommerce game or an expert, there is no doubt you are familiar with the splendors of bundle pricing. From McDonald’s Happy Meal option to a 2-for-1 deal of your favorite shampoo at Walgreens. Businesses around the world use it all the time and customer’s love it. With […]
Regardless of what type of product you’re selling, you know you need to set a price to sell it. Knowing that you need a price is the easy part. Determining your price – well, that’s where things get tricky. It can be difficult to price your products because if you go too high, you may […]
Let’s assume you have a product you’re ready to launch. You’ve weighed all the possible pricing strategies that are out there, and you’ve opted to go with a skimming pricing strategy where your price is set high based on the value to maximize profits, and then lowered over time to attract your the more frugal […]
As the holiday shopping season looms large over the rest of the year, some retailers may be terrified to realize just how vital a role pricing plays in influencing customers’ purchase decisions. More so than ever, holiday sales like Black Friday and Cyber Monday incite consumers to become more savvy in hunting down deals. When […]
