Setting the right price is even more important in an industry with a commoditized or homogenous product. With limited product differentiation, industries tend to become highly price competitive. What CMS Analytics offers over and above other consultancy firms is advanced data analytics which allows for the quantitative evaluation of pricing strategies.
CMS Analytics uses a combination of economic and mathematical tools to analyse both operator and market variables that influence demand. This is done through complex numerical mapping techniques and machine learning. Once the variables inside a micro market have been identified, they can be modeled to establish their impact on the optimal price.
Perpetual Analysis and Machine Learning
Optimizing a pricing strategy is only the start. Maintaining optimized pricing requires continuous analysis of the market variables. The market can change in an instant and as a result, so can the optimal price position. This is especially true in the travel money industry, where the underlying value of currency is in a continuous state of volatility. CMS Analytics’ machine learning techniques are perfectly suited to developing a dynamic pricing model.
Working in Tandem
CMS Analytics understands that each organization has their own individual pricing stance. Whether you offer a national pricing strategy, loyalty card rates, in-store discounting or store-specific pricing, we can ensure price optimization that complements your business’ pricing policy.