Pricing Insights provide valuable information about the prices of products or services, profits and/or costs, and how to make adjustments so that your organization can make the most possible profit.

Most companies would like to increase sales, reduce costs, and in general, keep more of their revenue. Sometimes, however, we can overlook areas where we are losing money: where profits might not offset our costs, where hidden fees or expenses can occur, or even price issues that turn away customers and prevent sales! This can be especially difficult when selling in multiple locations or on various platforms.

Pricing insights use data analysis to figure out where to make adjustments that will ultimately boost your bottom line and drive more profits back to your company. 

Some examples of pricing insights can include:

• Finding the best pricing for products and services in your market
• Competitive pricing to get ahead of the competition
• Accurately anticipate market demands for increased sales
• Discovering the optimal price a customer/client is willing to pay
• Learn which sales platforms are the most profitable (for example Amazon, Shopify, Etsy, etc) after fees and costs
• Strategic short and long-term pricing (such as seasonal demand)
• Using promotional pricing to boost profits (sales, discounts, etc)
• Improving cost accuracy for more profitable pricing
• Recovering lost revenue due to improper pricing or price gouging
• Finding ways to reduce costs or eliminate waste
• And so much more…

Our goal, here at OWLLytics, is to help your organization save money, reduce unnecessary costs, and use actionable, data-backed decisions to increase profitability as a whole.

The main goal of Pricing Insights is to identify ways to help your business be as profitable as possible. In general, this involves finding areas where your company can save money, make higher profits, or both. When your organization is using data-based pricing decisions, it is able to increase overall profits and stabilize the income of the business.

The first step of developing pricing insights is to examine the prices of your company’s products and/or services, the pricing and sales history, and any current sales data. This can be done as a company whole, or be broken down by product/service, time period, or sales platform. 

Additionally, it is important to look at the typical workload and processes that go into the creation and/or marketing of your products and services to analyze how labor affects your overall costs. Gaining a clear understanding of your organization’s total costs can help create a baseline for where your profits need to be.

Next, we will run analyses on the data we’ve gathered to find areas for improvement. This will be individualized to your organization and its needs- discovering whether there are costs that can be reduced, potential price adjustments, etc. 

Lastly, we will provide you with a clear understanding of how your pricing is affecting your final profites and explain (typically in presentation format for easy reference) any insights that have been discovered and how to best approach your pricing and profitability goals for long-term growth and success.

Once this process is complete, your organization will have a clear, strategic way to approach monetary decisions that will support business growth. Establishing a path towards financial stability is a key component of lasting sustainability and will benefit your company permanently.