5 Ways to Understand Your Price Position with Market Insights

Understanding where you sit within a particular market can be difficult, so it’s no wonder that so many turn to professional tools to help them to get a better overview on the industry and its movements. Wouldn’t it be helpful if you had a better understanding of your competition? Or even a better view of your open quotations? Surely all this information would come together to help you optimise your product offering and identify options to increase sales?

With Market Insights this can be achieved, and here’s 5 reasons why:

  1. You can analyse the competition

This tool allows you to compare your performance in the market against that of your competitors. You can analyse various elements such as price, uplift and standing charge and compare this to the whole market or against specific suppliers. By knowing what your competitors are doing you can adapt your pricing strategy accordingly, and ensure you are placed within the most suitable position for your business.

  1. You can view sales conversion rates

In order to understand where you are winning business, you can review your open opportunities versus your submissions. This data will help you to recognise what percentage of your quotes progress to a sale, and more importantly, what value of business is left open and yet to be closed.

  1. You can better understand your brokers

Within the Brokers module of Market Insights, you can compare the performance of your brokers to others in the market by identifying their preferences for elements such as days ahead, term, uplift and suppliers. This information will help you to understand how your Sales Agents are performing on behalf of your business and will shine a light on areas needing attention.

  1. You can identify trends

Market Insights allows you to see past trends in your own pricing models as well as those of other suppliers in the market. This data can be used to influence future price-book changes in order to ensure you remain in front of the competition and protect your sweet-spot.

  1. You can perform win/loss analysis

You can use Market Insights to understand who you are winning business from, as well as who you are losing deals to. Combine this information with the data found on pricing trends and you’ll be sure to win deals ahead of your competitors.

By using Market Insights as part of your business’ growth strategy you can better understand the competition and identify where to increase sales. No other tool in the market can provide a real-time overview of the energy sector in a way which will help to inform your pricing strategy.

If you are interested in understanding more about how Market Insights could support your business, you can read more about the platform here, or email us at hello@udgroup.co.uk  

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