Many companies fail at putting an accurate price on what they sell. Price optimisation is needed to create tailored marketing solutions and adjust prices to fit people’s budgets and preferences. The benefits of price optimisation originate from an organisation’s ability to grasp their competitors, product, customers and strategy when setting prices for their products.

Close attention is paid towards competitor prices in the service and retail sector, as they heavily influence the price decision. Leading companies make a conscious effort to make their products and customer experience different to their competition. Interactions are used to target the competitor market by offering specific products to their rival’s customers.

Research has found that consumers are more willing to pay more when a company offers more interaction touchpoints with the customer. Customers want a service that will provide them with a relationship with an expert or professional. Although many customers expect services to be free in the era of digitalisation, firms should encourage premium offers and one-on-one services to compete in today’s saturated environment. Do not be afraid to experiment or charge a higher price if the service is exceptional.