Table of Contents
Tools Needed
Step 1: Automate Data Collection
1) Set Up Prisync:
Use Prisync to automatically monitor competitor pricing for your product catalog.
Set up dynamic tracking rules for:
- Competitor pricing updates.
- Promotions and discounts.
- Stock availability.
2) Integrate Business Data via Zapier:
Connect your CRM (e.g., HubSpot) or eCommerce platform to Google Sheets using Zapier.
Automate data syncing to include:
- Product catalog.
- Current prices.
- COGS (Cost of Goods Sold).
- Profit margins.
3) Export combined competitor and business data to Google Sheets for analysis.
Columns include: Product Name, Your Price, Competitor Price, COGS, Price Difference, and Profit Margin.
Step 2: Contextualise For ChatGPT
1) Create a streamlined prompt for ChatGPT using structured data from Google Sheets.
Sample Prompt:
"Our business sells [product category] with the following data: Product A: Our price $50, COGS $30, competitor price $48. Product B: Our price $30, COGS $20, competitor price $35. Goals: Maintain a profit margin of at least 30%. Stay competitive while boosting sales. Suggest pricing adjustments that align with these objectives, highlighting specific strategies for each product"
ChatGPT will generate actionable insights based on the data provided.
Step 3: Implement Dynamic Pricing Rules
1) Use ChatGPT’s recommendations to create pricing rules in Google Sheets or your eCommerce platform:
- Price Match: Match competitors on high-demand, price-sensitive products.
- Premium Pricing: Maintain higher pricing for premium or feature-rich products.
- Discount Strategies: Offer targeted discounts to clear stock or compete during promotional periods.
Automate these rules using Prisync’s dynamic pricing feature, which adjusts your prices based on competitor updates.
Step 4: Automate Implementation & Updates
1) Zapier Integration:
- Automate the transfer of updated pricing data from Google Sheets or Prisync to your eCommerce platform or CRM.
- Enable real-time updates for pricing changes, ensuring your platform reflects adjustments without manual input.
2) Set up alerts in Prisync for major competitor price changes, ensuring proactive adjustments.
Step 5: Monitor & Optimise Performance
1) Use your CRM or analytics platform to track key performance indicators (KPIs):
- Sales growth after pricing changes.
- Profit margins per product.
- Conversion rates and competitor pricing trends.
2) Export performance data into Google Sheets and refine your strategy using ChatGPT:
"Post-pricing adjustment results: Product A: Sales increased by 15%, profit margin remains at 35%. Product B: Sales dropped by 10%, profit margin is 25%. Recommend refinements to improve both sales and profitability for each product."
3) Iterate on pricing rules and strategies to maintain market competitiveness and profitability.
4) Automate recurring updates and analysis through Zapier workflows, minimising manual oversight.