Entertainment Industry Analysis
Over the years, the media and entertainment industry has grown steadily due to the increase in the number of tech-savvy audiences. To stay on top of the price fluctuations and rapid technological changes, media and entertainment industry players have started leveraging pricing analytics. Moreover, pricing analytics solutions help firms understand customers’ buying decisions and integrating the information to meet the pricing needs of their consumers.
To gain actionable insights, the media and entertainment client approached Quantzig’s pricing analytics experts. Quantzig’s pricing analytics solution help clients gain actionable insights on the type of customers to focus on the products to rationalize, and leverage automation tools to make informed business decisions.
The Business Challenge
In the current global scenario, the media and entertainment industry is a fast-developing sector due to its extensive adaptability in various other industry segments. Price optimization is another factor that has become increasingly important. It is mainly because the sales of personal lines of business have become very competitive. The media and entertainment industry clients are also looking at launching new services, some of which are in new and niche customer segments. In this context, getting the pricing strategy right is all the more imperative else the media and entertainment industry firm may lose valuable clientele to its competitors.
A leading media and entertainment industry client was looking to employ pricing analytics to improve the pricing and profitability of its firm. Hence, they approached Quantzig with an aim to develop effective pricing analytics-based solutions to improvise on their current spending patterns.
To accurately forecast the demand for products, leading businesses in the media and entertainment industry are approaching organizations such as Quantzig. The pricing analytics experts provide solutions that help organizations to develop a robust price optimization model to control inventory costs and further improve customer satisfaction. Also, the solution helps business organizations leverage the use of adequate tools to develop an effective pricing strategy and improve their profit margins.
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Pricing Analytics Benefits
The media and entertainment industry client was looking at enhancing their pricing strategies to get better outcomes and improve their overall profitability. The solutions provided by our pricing analytics experts helped improve the revenue and profitability of the media and entertainment industry client by a considerable percentage, surpassing their highest profit margin. It helped in developing an effective price optimization model, which included competitive management analysis, cost models, optimization techniques, and customer elasticity models. Thereby, bringing about huge changes in profit margins. The pricing analytics solution also helped the client reduce maverick spending and develop better investment budgets.
Pricing Analytics Predictive Insights
- Helps improve revenue by a considerable percentage
- Develop effective pricing strategies
- Helps minimize maverick purchasing
- Pricing analytics solutions assist clients in identifying price arbitrages
- Helps to identify the sensitivity of price changes
- Improves retention levels by maintaining the same level of profitability using an optimized pricing strategy