Make Informed Decisions: Leveraging Market Simulation as Part of Your Price Management and Optimization
May 25th, 2021 11 AM ET | 5 PM CET
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Pricing is one of the most critical business processes for your organization’s success. You might not always see the effects, but you can certainly feel them. Get it right, then it’s all quiet on the home front. But get it wrong, and the consequences can be disastrous. Not only is there pricing’s nuanced yet critical nature, but there is also a dynamic market out there demanding your constant attention.
That’s why organizations like yours need access to the best tools to get it right. That’s where price optimization based on price elasticity comes in. However, price elasticity has many shortcomings. Price elasticity models cannot predict cannibalization. They cannot calculate the total impact of a price change across your entire product category. They cannot anticipate your competitors’ reaction. They cannot handle simultaneous price changes. They require lots and lots of transactional data. And price elasticity models become invalid after just a single use.
Enter Market Simulation. Market Simulation gives you the ability to simulate real customer purchasing behavior within multiple product portfolios, competitive pricing or other moves, preventing internal product cannibalization, pricing wars, a race to the bottom, and more.
But like, AI, it’s only part of the story.
As with any ground-breaking tech, you need to understand how Marketing Simulation completes your price optimization strategy to get the most out of it and stay ahead of your competitors.
Join Toby Davidson and Milan Haba to:
Understand the differences between traditional price optimization and Market Simulation
Learn how to use Market Simulation to quantify the impact of cannibalization on your strategy
See how to simulate competitive moves and the impact of price changes on the overall market
Learn how to use Market Simulation to avoid a pricing war that is a race to the bottom