Competitive Benchmarking
Netrivals provides your product and marketing team with a comparative view between your products and those of your competitors that allows you
to evaluate how competitive products with similar characteristics are sold in the marketplace.
For Example!
This information will help you determine whether changes are needed at the strategy or brand level. In the same way, you will be able to estimate the real value of your products through the distribution channels.
Monitor similar products
With Netrivals you can monitor, apart from your products, similar products from other brands. Through the Smart Connections you can tell which of your competitors’ products most closely resemble your own. In the same way, you can evaluate their position in the market and see where their brand is positioned. Quickly and easily analyze how the products of competing brands are sold in the distribution channels compared to your own. Quickly visualize minimum, maximum and average prices, and estimate the real value of your product in the market.
Find out if the price of your products
is right for your market
Evaluate the price and price evolution of the products that can be substituted for yours in order to know the degree of competitiveness of your market.
Evaluate your pricing policy:
- Penetration strategy: if you are introducing your product to the market using a low price policy for a faster acceptance of your product
- Alignment strategy: establish a price similar to that of your competitors and study the changes and their impact.
- Selection strategy: if you want to differentiate yourself with high prices to increase the exclusivity of your brand, you must know the price of similar products in the market and differentiate yourself from them.
Analyze the price elasticity of your product
By maintaining the pricing policy you have defined you can test for price changes to see how far you can go up and down. When you carry out these experiments you must take into account the prices of the substitute products so that there is not a shortage of variables to take into account during the test.
Sound data-based decisions can only be made when all factors affecting demand are taken into account. Thanks to our solution you can have a complete view of the market.
DATA TO WIN
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