It is a process that runs a neuroscientific survey and analyses it with AI in order to find the profit maximizing price for your product.
What is consumer pricing?
The discipline of finding and maintaining prices for consumer products that manage the tradeoff between higher sales and lower margins.
What are the factors that affect the pricing decisions?
The key factors are 1. The demand that a certain price triggers, 2. The costs of making the product, and 3. The retail margin.
What are the most common types of pricing insights methods?
There are 1. direct pricing insights methods (Garbor Granger and Van Westendorp) and 2. Indirect methods (so far mainly Conjoint Analysis and pricing software)
New to the game are methods based on Neuroscientific methods such as Implicit Intelligence.
What makes SUPRA Price Optimizer different from any other tools?
It combines the simplicity, costs, and speed of direct methods with the accuracy of indirect methods.
What is Implicit Intelligence?
It is a process that combines neuroscientific measurement with Causal AI to achieve a new level of accuracy in predicting consumer responses to prices.
What is neuroscience?
It’s a discipline that analyses the human brain and develops methods to measure its activities such as attitudes toward prices.
What is causal machine learning?
This are methods that are capable of finding the root cause für desirable outcomes (such as willingness to pay) using data. For pricing it is important to understand if the price or the context is causing the demand.
Will SUPRA work for my product?
If you are selling a standard product to consumers or a large number of business buyers, then the answer is YES.
You can use the software including the Expert Judgement tool for free. Running an Implicit Intelligence survey creates external panel costs and is therefore not free.
How secure is my account and projects?
SUPRA´s physical infrastructure is based on Heroku´s (Salesforce) technology, hosted and managed within Amazon’s secure data centers and utilize the Amazon Web Service (AWS) technology. Amazon continually manages risk and undergoes recurring assessments to ensure compliance with industry standards. Amazon’s data center operations have been accredited under:
SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously SAS 70 Type II)
PCI Level 1
PCI compliant payment processor Braintree is used for encrypting and processing credit card payments. Heroku’s infrastructure provider is PCI Level 1 compliant.
As a publicly traded company in the United States, salesforce.com is audited annually and remains in compliance with the Sarbanes-Oxley (SOX) Act of 2002.