10 min
How to use product lifecycles to set winning pricing strategies
Vendor management
Use PriceShape to simplify benchmarking and get a complete overview of your vendors. Our platform provides the necessary insights to analyze vendor performance effectively, allowing you to make informed decisions.
Vendor management
Benchmarking made easy
Benchmarking is essential in a company; it helps guide the right direction. However, benchmarking can be difficult, and figuring out what data is relevant to make the right decision is time-consuming, especially if you have to gather all the data yourself.
Vendor management
Group your vendors
With PriceShape, you can easily group the vendors you want to focus on and benchmark them together. This approach is particularly strategic for large resellers or brands who want to compare themselves against the biggest vendors for a more realistic market overview.
Vendor management
Focus on a product category
With vendor grouping, you can easily select your top vendors as a group. The filters let you quickly choose what to track A, B, or C - vendors’. For instance, if you have different product categories with varying top vendors, you can effortlessly build that view with just a click of a button.
Effective vendor management with PriceShape
Using PriceShape, it is possible to streamline vendor management by strategically grouping vendors based on size, product contracts, or market focus. This functionality allows you to organize and monitor your vendors more effectively, making it easier to track their performance and make informed decisions.
By grouping vendors, you can quickly compare pricing, stock levels, and product availability across key partners. Whether working with large resellers or smaller vendors, PriceShape allows you to tailor your vendor management strategies and focus on the most important relationships - a great feature for key account managers.
Tracking vendor price strategies with PriceShape
With PriceShape, you can easily monitor vendor pricing strategies and gain valuable insights into how their products are priced compared to the recommended retail price (RRP). This enables you to track how closely vendors follow your pricing guidelines and identify any discrepancies that may impact your brand’s market positioning.
Using PriceShape’s platform lets you see how each vendor is indexing against your RRP, whether they’re consistently pricing above or below it. This level of transparency allows you to assess which vendors maintain your brand value and which might require closer dialog.
Group vendors by product assortment and status
Brands often use PriceShape's A, B, and C grouping features to categorize their vendors based on product assortment and vendor status. For example, resellers might be grouped into "Gold," "Silver," or "Bronze" tiers, depending on their importance or performance. In contrast, their product assortment is grouped into categories like "A," "B," or "C."
This approach allows brands to easily manage which resellers are authorized to sell specific product ranges. A "Gold" reseller might have access to the full product assortment (Group A), while a "Silver" reseller may only be allowed to sell a more limited range (Group B or C). By organizing vendors, brands can ensure that each reseller is aligned with their product distribution strategy.
Historical pricing data for better vendor negotiations
You can use detailed historical pricing data to gain a clear advantage during vendor negotiations. By accessing records of past prices, you can identify trends and pricing patterns that offer valuable insights into each vendor's pricing strategy.
With this market insight, you'll better understand how vendors adjust their pricing over time, helping you prepare more effectively for negotiations. Whether it's identifying consistent price drops or periods of increases, having access to this information ensures that you're ready to negotiate more favorable terms.
The onboarding process at Priceshape
At PriceShape, we’re committed to your success. Our onboarding process ensures you get the most value from the platform, with a dedicated customer success manager to guide you every step of the way.
1 - Strategic meeting: We will understand your goals, pricing approach, and key competitors.
2 - Technical meeting: Master the platform, set up strategies, and become a super-user. We guide you through reports, dashboards, filters, and ensure you're confident using the platform.
3 - Best practice meeting: Get answers, tips, and optimize your workflow. This session ensures you maximize your results with personalized strategies and expert insights.
4 - Growth meeting: Revisit goals, assess progress, and plan for continuous growth. We evaluate what’s working, address challenges, and refine strategies for long-term success.
With this process, we aim to build a strong partnership and help your business thrive with PriceShape.
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Quality data you can rely on
At PriceShape, we prioritize the quality and accuracy of our data. Our advanced web scrapers scan the market daily to ensure you’re always up to date with the latest insights on competitor pricing, stock status, and delivery costs.
Our product management software is also designed to find new competitor matches at least once daily, meaning your account will accumulate more valuable matches over time. This ensures that your decisions are always based on up-to-date information, allowing you to stay ahead of the competition and adjust your pricing strategies accordingly. With PriceShape, you can trust that the data driving your product management is precise and relevant.
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