How It Works
"Almost all (90%) of the bankers said that to be profitable in the future, given regulatory changes occurring, transforming out of the status quo is critical."
study conducted by IBM's Institute for Business Value and the Economist Intelligence Unit
Traditional Pricing Leaves Money on the Table
Traditional pricing strategies such as consumer risk scores, competitor rates, one-price-fits-all fees, financial goals or market rates, are inadequate. Times of economic downturn or increased consumer protection call for more sophisticated pricing strategies. A pricing strategy that can specifically predict how your customers will respond to price relative to other product features is essential.
What Makes Our Pricing Tools Work
Understanding consumer price sensitivity is at the heart of Nomis Solutions’ pricing tools. With the ability to measure and predict price sensitivity at a market, segment, and even individual consumer level, Nomis Solutions provides you with predictive and specific insights across a broad spectrum of segmentation.
Take Your Seat at the Dashboard: Award-Winning Optimization Platform
Our software suites are driven by your customer data, advanced analytics, innovative technology and are specifically tailored to your current business practices and financial goals. With this type of specific data and segmentation, we give you the valuable insight into customer preferences allowing you to choose the right pricing strategy, mitigate cannibalization across product lines, manage attrition risk, negotiate better transactions through target pricing, and design more value-oriented products.
Understanding Price Sensitivity Can Generate a 10 - 20% Lift in Profits
Making the right trade-off between profit and volume can only happen when you understand your customers’ price sensitivity. Being able to predict tolerance to price relative to other product features, allows you to make fully informed decisions about profit and market share trade-offs. Previously lost profit and volume potential is revealed, even within an increasingly regulated and competitive marketplace.