At Prisync, we really love to talk to our users to understand their business cases and their best practices with Prisync. With these meetings, we are able to enhance our know-how in terms of common use cases and pricing tips with Prisync among our users.
In this blog post, I’ll share 4 common pricing tips from Prisync users so that you can use these methods during your Prisync experience.
1) Create “x” products Report
While using Prisync, you’re able to extract the data from the web dashboard to an Excel file so that you can create some custom reports according to your needs. I’ll break these reports into 2 different sections but you can, of course, create different types of it.
- Expensive Products Report
Nobody wants to have higher prices in the market as the price is the most critical factor among the different ones according to the customers in most of the industries. So, it makes sense to check the products that you have higher prices than your competitors to see if there is a way to update your prices accordingly. Let’s come to how to do this with Prisync. Prisync provides pricing position data for your products like cheaper, average, highest etc. So, you can filter down the products according to the higher and highest positions and get an export of these products from your web dashboard. Then, you can have a discussion on this data with your team to see the opportunities in terms of having “better prices” for the customers.
As the higher prices generally come from higher purchasing prices, it’d be better to include your purchasing team/person in this meeting. So, you can check if there is any problem with your purchasing prices. Another possible action coming up from this meeting would be that you can discuss with your suppliers if you feel that you have different purchase prices than your competitors.
- Cheap Products Report
The way to create this reports is the same as the above one. So, you can filter your products according to the specific positions you’d be interested in and get their export. Everybody wants to be cheap and if you’re already in this position, what will you do with these products’ report? Let me explain. The most of people in e-commerce companies think about “decreasing prices” when the topic is competitor price tracking, as most of the movements are in that way. However, there might be some opportunities to increase your prices and also your profit margins.
We really hear this sentence a lot: “For some of the products, we realize that we’re unnecessarily cheaper than our competitors so that we’re losing margins”. So, what you can do is to get an export of the products that you’re in the cheapest position and make an analysis of these products. With this analysis, you can detect the products that you have still margin to collect by staying the cheapest in the market. This will surely help you increase your profit margins while you protect your position in the market.
2) Combine Different Data Points with Prisync’s Data
It’s also one of the common pricing tips and use case that our users get the data from Prisync and combine them with their internal data points to have a deeper and meaningful pricing analysis. One of the most common internal data points for this purpose is sales stats for the products that are tracked by Prisync. So, if you have your sales numbers and your competitors’ prices at the same place, you can have a better analysis in terms of your own price points.
For example, you can get the export of your top selling products from Prisync and add your sales numbers for these products to the same file. You may also include your sales targets in this reports and see if you need to fine-tune your prices to hit these targets.
Let’s assume that you have a target of $10000 sales for a specific product range in a certain period and you still couldn’t reach the half of this target even if you passed the half of this certain period. So, you can check if everything is fine with your price for this group of products thanks to the data points Prisync provide, like the minimum, maximum, average prices in the market. This will surely help you find the price anomalies that you have and set them up again accordingly.
3) Be Alerted to Your Top Selling Products!
Prisync users generally prefer to track their top selling products with Prisync as these products generate 70-80% of their revenue on average. So, keeping the competition up for these products is inevitably important. Thanks to the notification module of Prisync, you can get the price change alerts on daily basis or 3 times a day according to your preferences. This will surely increase your awareness of the competition in the market.
One of the users of Prisync, Gökhan from Fotopazar.com, explains this use case with the words below:
“Thanks to these automated price change alerts, we’re able to detect any price movements on our competitors and take our contra-actions accordingly. With this way, we’re able to protect our pricing position in the market for our top selling products”.
Another Prisync user, Romain Loyson from Lasante.net, shares the experience in terms of price changes alerts with a review below:
“Everyone could use it easily. This software has got a lot of functions which are really interesting. We can receive reports daily which give us our price position and we can consult every change from our competitor. It’s important for us to know what is the price position of our products and Prisync answers perfectly with their software. I recommend it!“
4) Integrate Prisync’s Data with the API
Well, even if analyzing the data from the web dashboard and from the daily automated reports is a good way to use Prisync, our users generally love the things more automated. At this point, it’s the best way to check Prisync’s API as it gives you countless integration possibilities. In another blog post, we have explained the use cases of API in detail and you can check them from here!
I’ll also share some of these integrations here below:
- Dynamic Pricing: Prisync has also a dynamic pricing module that gives you price suggestions according to your pricing rules and these rules can be based on the position that you’d like to be among your competitors’ prices and your target profit margins in the light of your costs ( purchase prices ). So, what you can do is to integrate these price suggestions with your e-commerce system and you can change your prices automatically.
- Connection with Your Adwords Bids: It’s also one of the cases to combine AdWords data with your competitors’ prices. So, you can set your bids smarter according to the pricing information you get from Prisync. For example, you can boost the bids for the products that you’re in the cheapest position so that you can increase the likelihood of the potential sales of these products.
As API is a data source, the sky is the limit here in terms of the integration possibilities. You can shape it just according to your needs.
As a result, Prisync provides different types of data and it’s just up to you how to use this data and get the most out of it for your business. If you don’t have any Prisync account, you can easily create a new one from here and see how it works for you!