Import your pricing data (e.g., transaction/sales data, conjoint study results) into the platform to create Virtual Customers, show them your offer against your competition, and see what they would buy – and how this affects your sales, revenue, and profit.
Virtual Customers make purchasing decisions between alternative offers like your real customers. They can be rational like homo oeconomicus, or they can be like real people and be susceptible to behavioral pricing. This allows the buynomics pricing platform to model demand reactions to price changes much more precisely than traditional pricing heuristics using price elasticity.
All this comes with the convenience of a SaaS solution with no need for manual or Excel calculations.
Get transparency on the impact of product innovations and changes in the portfolio structure.
Just like price variations, the buynomics platform allows you to anticipate the effects of product innovations and portfolio updates on sales, revenue, and profit.
Effects can also be modeled for competitors for easy war gaming exercises and intermediaries (e.g., retailers or dealers) to prepare for negotiations.
Optimize promotions by tailoring promotion type and discount to the specific need of your target group.
Promotions are an important pricing element in many industries, that allow vendors to achieve a range of objectives, ranging from market share improvements to price differentiation between customer segments.
The buynomics pricing platform allows you to finetune promotions by tailoring pricing and promotion type to the specific needs of the target audience – and by quantifying the effects on sales, revenue, and profit.
Gain insights into how your price and product decisions affect your customer base and simulate the impact of competitor actions,
buynomics’ Virtual Customer technology allows you to look deeper and gain more detailed customer insights. Because Virtual Customers are replicas of actual customers, they can also share their demographics and further details.
With this, you can see – for example – who buys which product, where customers for your innovation come from and to where you lose customers after a price increase – to another portfolio product or your competitor.