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Episode 23: Predictive Price Optimization
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Episode 23 - Predictive Price Optimization
Guest: James Saronson
How to price your product or service is a fundamental question in any business. If you price too high, you may sell less than you might, and if you price too low you may earn less than you might. Either of these scenarios can affect profit margins. To further complicate matters, the “right” answer – or optimal price - may vary depending on where you are selling, and what the business objectives are. For example, if you are launching a product in a new geography and trying to break into a market, you may price more aggressively than somewhere else where you have an established foothold.
In this episode Principal Data Scientist James Saronson explains how predictive technologies can be leveraged to optimize pricing decisions. He describes it as a human-machine partnership where the machine deals with complexity and volume, but people still get the final say. We also talk about examples and wrap up with advice on how to be successful in implementing a solution of this kind. This podcast is sponsored by QueBIT the trusted experts in analytics.
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