Target Price Match is a revolutionary pricing strategy, which target the hidden market price, and provides a transparent comparison between the price at which the Target Company sells its products, and the same price offered by the competing company. Through this method, companies’ profit margin is maximized, while costing the company virtually nothing extra. This is done through a very unique and sophisticated form of price comparison, which ensures that the company’s profit margin will remain unaffected by the price fluctuations caused by competition in the market. The company does not pay any commission on these services.
When the market prices are fluctuating, Target Price Match helps the company save money. It compares the market price with the prices listed in the company’s website. It also compares the prices in the competing company’s website and calculates the difference between them.
Once the calculations have been made, Target Price Match makes available to the customer, a detailed analysis of the factors causing the price movements. For example, if the company lists price variations on its website for a particular item, the software will show whether the price is higher or lower than the market average, and whether the item is being offered in particularly low quantities, leading to an opportunity for the company to sell its product at a discount. Further analysis will reveal if there are other similar items available from other companies, which can be offered to the customer at a reduced price. Once the analysis is complete, the company can then establish whether it is making any profit, and how much profit it is making.
Target Price Match allows the company to make an informed decision about whether to sell its product at a discount or continue to charge the current rate. By selling its product in the midst of a competitive market, and using Price Match, the company is in a better position to control the price, and therefore the amount of profit it makes. This means that the company is in a better position to dictate the price it pays for the product and therefore end up with profits.
The process of Price Matching is quick, easy, and efficient. Unlike other methods used to determine product prices (such as stocking price in a shop), where staff visit the store each day, or take weeks to collate the required data, the Price Match system enables the company to enter data at any time, by uploading it to the Price Match website, making it possible to determine its competitors’ pricing trends and strategies. From here, the company can enter the required data into its spreadsheet and see whether its competitors are matching its prices or not. If they are not, it means the company can either increase or decrease its price and therefore increase its profit margin.
The benefits of Price Matching are not limited to price movements during competitive times. The software can also be used to determine whether a competitor’s product is being discontinued or is taking too long to reach a final launch date. When this occurs, the software can determine whether the competitor will price match, or if it will try to push its product out the door at full price, which can cost the company quite a bit of money. Price Match may not always match competitors’ prices on an annual basis; however, the more times the software is used, the more accurate its estimates will become. To be even more effective, it is strongly recommended that Price Match suppliers maintain separate databases for their products, so that the estimates shown on the website are not the average over the last three months, but rather current, real-time estimates for the whole year.