Competitor Price Index Tool
The competitor price index (CPI) is an index that can be looked at on a company, category, brand or product level.
Competitor Price Index Tool (CPI) – Strategy tool
Ever wondered if you could actively monitor your pricing strategy in real-time? To gauge your performance against competitors, whether across the board, by category, brand, or individual product? What if you could effortlessly receive market updates in a simple, numerical format? The answer is a resounding yes, and Sniffie has you covered.
With Sniffie, crafting and refining your pricing strategy becomes a straightforward process, represented by an easy-to-understand index. Set an index to position your company against your primary competitors or within specific categories, ensuring constant monitoring of your strategic advantage.
No longer restricted to the micro-level of single products, you now have the capability to assess the market against competitors on various tiers. Establish indexes, observe shifts, and grasp market dynamics instantaneously. Sniffie offers automated, advanced-level analytics, allowing you to manage your pricing strategy at the brand or category level, keeping you consistently informed about the bigger picture. It not only highlights your progress but also guides you on the path to success.
A three digit code that makes a difference
Leverage the advanced capabilities of Sniffie’s Competitor Price Index tool to fine-tune your pricing strategy with precision. This tool empowers you to set your target pricing using a three-digit scale, where 100 represents parity, 102 signifies a 2% premium, and 98 indicates a 2% discount. Such granularity means you can exercise control over your pricing strategy at multiple levels, be it company-wide, within specific categories, brands, or individual products.
By implementing an index on any of these levels, you can seamlessly automate and optimize your pricing in response to market dynamics and competitor moves. The result? A competitive edge that’s continuously honed and adjusted to keep you at the forefront.
Not only is the Competitor Price Index a powerful tool, but it’s also exceptionally user-friendly. You can effortlessly import all your pricing strategies with a simple upload from an Excel file, streamlining the entire process and allowing you to hit the ground running. This efficiency enables you to maintain a dynamic and responsive pricing approach, ensuring your business remains agile and adaptable in the ever-changing market environment.
Handy, simple and effective.
Main use cases:
1. Set your pricing strategy gateway ie. you want to be 2% higher always against your main competitor with 5% difference accepted to both ways.
2. Monitor per category how you are performing on average against different competitors
3. Set parameters on what is ok, acceptable and what needs your attention
4. Make sure your pricing strategy lines up with the market.
Benefits of Competitor Price Index
Gain comprehensive market oversight through strategic monitoring. The advantages of the competitor price index become readily apparent when pricing products at a larger scale. This tool is tailor-made for professionals dealing with extensive product categories that defy simple single-product monitoring. The Competitor Price Index empowers you to establish and track a multi-level pricing strategy with ease.
1. Make your pricing strategy live
2. Monitor your pricing strategy on every level
3. See how different brands and categories perform
By utilizing the Competitor Price Index tool, you’re not just managing prices; you’re shaping a robust competitive edge, which can be crucial in the ever-evolving business landscape. This dynamic tool empowers you to understand and respond to market trends and competitor actions proactively. It’s your key to staying ahead of the curve in the competitive world of pricing, and it puts you in the driver’s seat of your pricing strategy, ensuring your organization remains agile and poised for success.
Take your pricing to the next level!
We believe in simple things. That’s why we did the hard work for you.
Take your pricing to the next level!
We believe in simple things. That’s why we did the hard work for you.