Making Data Simple: Using data for price optimization
On this episode of the Making Data Simple podcast, we discuss price optimization with Dan Nickels, analytics client architect at IBM. Al and Dan talk about the drivers of product demand, and how price optimization is about more than simply trying to generate the most revenue. Together, they shed light on one of the most difficult topics companies are faced with today and provide key insights to apply to your business practices.
00:00 - Be sure to checkout our YouTube channel.
00:55 - Connect with Dan Nickels on LinkedIn.
02:45 - Get an introduction to price optimization.
04:43 - Finding the right price for your product can be a difficult task. Click here to get the details.
06:15 - Here are some tips for using big data for price optimization.
10:41 - Find out more about data science models to help drive product demand.
12:16 - Want to know more about product elasticity?
18:10 - Marketing is another huge factor to consider regarding price optimization.
21:54 - Learn to leverage big data to make better pricing decisions.
24:35 - Confused on how to develop your pricing metrics?
28:52 - Learn more about price levels here.
29:44 - What should you consider making decisions regarding pricing?
31:02 - Learn to implement machine learning to your pricing strategy.
36:16 - Dan decided to pickup an instrument and so should you! Here's why.