My colleague's recent blog got me thinking more about how we pride ourselves on many things at gap intelligence. The two things I am most proud of, though, would have to be our relentless pursuit of GFD (great freakin' data) and the custom data sets that we provide to our clients. With the interactive tools on gapintelligence.com, we now provide those custom data sets on demand, helping our clients to develop different pricing and promotional strategies depending on the competition.
Let's say I want to look at March pricing across Lowes and Home Depot: I could sign into gapintelligence.com, select the parameters that were important to me, and have my data within minutes. Now, with the downloaded data and some pivot tables, I can develop tables and charts to determine something like high-average-low pricing of French door refrigerators by brand:
This chart displays the pricing range of competitors within any user-defined segment. In this case, it’s all French door refrigerators at the home imporvement chains that are within 20-25 cu. ft. Depending on the economy and consumer budgets, there could be space for a premium refrigerator in the $3,500 – $4,500 price range, while the $1,500 – $1,800 range is already a bit crowded.
A user could even build a scatterplot to determine the pricing space occupied by the top three top freezer manufacturers at the home improvement stores (GE, Frigidaire, and Whirlpool).
With this information, a manufacturer could determine whether or not they should expand into the higher price top freezer market or, depending on all other manufacturers, if they should offer more models to compete at a price range where they already exist.
Any time, day or night, you can download the latest gap data; whether it be pricing for Lenovo's new Legion gaming notebooks at Costco and Fry’s Electronics, or promotions for Samsung's Flex series washers and dryers at Lowes and Best Buy. Once you have the data, the possibilities are endless.