Competitive Pricing Analysis:
Pricing is Tricky but Market Research Can Help

A Competitive Pricing Analysis provides grocers and retailers a quantitative breakdown of competitors’ prices on specific items. Make informed decisions about your company’s pricing strategy by understanding your competitors’.

How Can We Help Your Business?

Your Customers are Shopping Around

Your customers are always looking for better pricing on the items they love most. Pricing audits arm your business with the information it needs to remain competitive. As a single program, a competitive pricing analysis provides reams of data on competitor pricing. But utilizing competitive pricing audits in tandem with other market research solutions only adds greater texture and depth. 

For example, in conjunction with customer intercepts, a competitive pricing analysis can help uncover customers’ perceptions of your pricing in relation to your closest competitors. Such a combination, as one specialty grocer can attest, will answer the following questions:

  • Do you charge more than your competitors on specific items?
  • Do your customers have accurate or inaccurate perceptions of your pricing?
  • Do they believe your store is more expensive than the competition?
  • How can you align your customers’ perceptions of your pricing?

Similarly, when combined with mystery shops, pricing audits offer you a near-complete portrait of a customer’s in-store experience from both a quantitative and qualitative perspective. This is particularly useful when seeking to surpass the competition in specific departments.

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Competitive Pricing, the TrendSource Way

Size matters, so we fit our program to your business. Customizable competitive pricing audits can get as granular as they need to be, providing pricing information for a few items or millions. In the event that the selected item is not available at a competitor's location, you determine which if any substitutes are acceptable. Situate a pricing audit around a specific underperforming department, around a category or brand of products, around a competitor’s private label offerings, or even your entire product catalog.

Our Field Agents are vetted and program-oriented to ensure the highest level of accuracy and professionalism while in your stores. Equipped with the latest technology, they will discreetly scan the items you choose and build a database of up-to-date pricing information.

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