On June 28th, 2019 our own Andrew Maff sat down with Prisync Inbound Marketing Manager, Yigit Kocak. They discussed pricing strategy software, comparing pricing to your competitors, and more.
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Yigit Kocak: We are a price opposition and dynamic pricing sets, for any size or type of eCommerce company. So what that means is you increase your sales growth and profit margins by monitoring your competitors, and finding the gaps between their pricing strategies, and compare yourself, and optimize your pricing strategies throughout your store.
Yigit Kocak: That's basically what we do, and we're in the cloud. It's a self-service platform. Basically, that's it.
Andrew Maff: Nice. Integrations, who do you guys work with? Is it strictly Amazon? Strictly Shopify? BigCommerce? Where can you integrate?
Yigit Kocak: We have integrations with Shopify and Magento. We're the general technology partner of Magento, as well, and we're the only pricing solution, or dynamic pricing software in Magento, and we're in Shopify, and we have an API.
Yigit Kocak: We're not in Amazon-
Andrew Maff: Don't do it.
Yigit Kocak: Because Amazon has it's own pricing stuff there. So, we're not there yet.
Andrew Maff: All right. So, you're in Turkey, right?
Yigit Kocak: Yes, yes, we're in Istanbul. You know man, it's pretty hot over here.
Andrew Maff: What time is it there now?
It is 10 o'clock right now, 10 p.m.
Andrew Maff: Oh, so it's your Friday night right now, and you're doing this. Oh man, I am so sorry.
Yigit Kocak: No problem, man. I had a great lunch with my wife over here. We drank some wine and some stuff, but it's okay. For you, you know.
Andrew Maff: Nice. All right. The repricing software, it's not exactly a quiet market, one would say. There's definitely some competition out there. What do you guys say is your differentiator between you and all your other competitors?
Yigit Kocak: First of all, as the repricing software, we're the highest rated pricing software, and Gartner, if you know Capterra, their B2B software, they're three.
Yigit Kocak: We're the highest rated because of two reasons, one is easiest to use. What we see from our customers, is we're the easiest to use in this pricing optimization software business. The second is, the customer support. Everyone is saying how great our customer support is.
Yigit Kocak: We really have a 5-star customer support, because, the reason is that we're not reactive to any problems or issues that our customers are having, even if they're not our customers. Even if they're not a paying customer. We're approaching that, every potential lead or anyone, that they're going to be our first customer and that's why we're trying to proactively solve every question that they have. That's why I we're the leading pricing optimization software in those kind of directories.
Yigit Kocak: Also, we're in G2, if you know, G2 Crowd. We're the leading eCommerce tool over there. There are around 500 tools over there, including MailChimp, or other CMS platforms, and pricing, but you can see in the graph, we're in the leading position over there, and all because of easiness, and our customer support.
Andrew Maff: Wow. That's awesome. FBADaily is having a blast. He's super excited that Turkish people are finally in the field and of course, he wants you to get into Amazon. How did we know the FBA guy wanted you in Amazon?
Andrew Maff: I totally blanked on what I was going to say now.
Andrew Maff: So how does this software actually work with comparing pricing to competitors? Do you plug in the competitors website, and does it crawl that? If I have my own shop, how is it able to learn how to adjust the pricing?
Yigit Kocak: Okay, okay. So, there are actually three options, and I'm going to tell the last one, because it's in a beta and it's a secret weapon right now. The first one is the easiest, and for people who don't have more than 100 products or and it's the easiest method to enter your competitors. Basically, you put your products, your product names, your category, brand names, et cetera. Then you enter your competitor URLS one by one to our dashboard. It's simple, you just get the URL from the browser, your competitor URL, matching, and it's a self-serve kind of mentality over there.
Yigit Kocak: The second one is, we assume that companies are already following their competitors, with an Excel file, or something, with a spread sheet, and you can upload it via our bulk upload feature, and we will automatically start collecting pricing information in minutes, or hours, depending on your size of SKUs you entered. That's the second option.
Yigit Kocak: And the third option is going to be the ground breaking feature, which is going to be an automatic matching feature, which you enter your product SKUs, if you have thousands, or 10,000 of SKUs. You can enter your UPC codes, if you're in the Americas region, and EAN, for the European region, and we automatically match your competitors, based on your UPS or EAN codes that you provide to us. So you don't have to deal with that.
Yigit Kocak: But that's in Beta right now, its not a full feature. We’re in the testing phase until its perfect. So those are the three options.
Andrew Maff: That will be pretty cool. My favorite thing to do as soon as Q2 ends, because obviously it ends in the next couple days here. Today's the last business day. I start to look into Q4, I ignore Q3, I start prepping for all that stuff. Whats usually like, the game plan you guys suggest during that time? I know around that time pricing is ridiculous, and its all over the place. Is there certain best practices or parameters that you guys usually suggest to put into place?
Yigit Kocak: Usually for Q3, we just, not based on quarter, but we start by suggesting to know your own cost, and your own product assortment first. If you're going to plan for anything, just get the basics right the first time. Get them correctly, your business costs, and your products.
Yigit Kocak: If your product assortment's going to match for back to school deals, or something similar to that, just start preparing for that. To be prepared, you have your products ready, and you have your lists ready, you have your campaigns ready. You have to know what your competitors are doing too. That's why we’re encouraging you to track your competitors, because your competitors are getting prepared for that season as well, for Q3.
Yigit Kocak: That's why we suggest you track your competitors up front, and see what strategies they are trying to do. Are they raising their prices, on a certain level, when they're going to come, on a seasonal activity? Are they going to drop their prices, on a specific day for that product category? You have to see it up front to prepare for that, so that's what our approach for, in terms of pricing strategies.
Andrew Maff: Okay, we got a question. They obviously want to know the typical SaaS question. Do you have a demo, or some kind of trial you offer for any sellers?
Yigit Kocak: Yes, yes, we do. Of course.
Yigit Kocak: I have to say, that most pricing optimization, pricing software, doesn't have this feature. We're checking all our competitors, what most of them do, but what more of them don't do, is we have a demo account, so you can check, to see the look and feel of our product, but that's just a demo account to see if it fits you. You can also have a 14-day trial, where the full features are available. You can try if it fits your company, your industry, your product assortment title, anything.
Yigit Kocak: You can just try it and test it out. So we’re fully transparent on our product. Both demo, and trial, we have it.
Andrew Maff: Nice. So, FBA daily's back. He wants to know, does your software consider the shipping price, just like Google shopping does? In the pricing adjustment, do you guys actually consider what the shipping price is, based on the actual pricing of the product, versus the competitor, or anything like that?
Yigit Kocak: We have something called product variant pricing tracking, if it's included in that. If it's listed with the price, and then the total, on the end of that product listing, we don't consider the first price, and we consider the second price, if it's shown over there, in total.
Yigit Kocak: If it's not included, if the shipping cost is in the checkout process or something, we can't gather that information. It depends on who you're tracking, and what the website is showing you. If Google Shopping is showing you like that, we can get that.
Andrew Maff: So, to kind of pivot back to a question I had earlier. When you have a large influx of traffic, so there's an event. Obviously, here in the States, we have Black Friday, or Cyber Monday, or the holidays roll around, so during that time...
Andrew Maff: FBADaily said, "Turkish people are super smart to dominate the US market."
Andrew Maff: Yes, that's a good call. The Turkish are coming.
Yigit Kocak: That's funny, man.
Andrew Maff: When you have a influx in shopping, so its a really heavy shopping time, do you guys have some kind of ability to put some parameters into place? I know some competitors, if you're able to actually crawl and see what their pricing is, and then all of a sudden a competitor goes, ah, for the holidays, I'm going to make this dirt cheap, like, oh, no, I donut want to do that. Let them do that. Can you put parameters in place?
Yigit Kocak: So, it is for a company using pricing? Are we trying to block the other competitors into taking our website or something like that? I didn't get that question right.
Andrew Maff: So basically, lets say Black Friday, Cyber Monday, big shopping weekend here. There's a ton of traffic. Sometimes competitors may do a sale, where the product is just dirt cheap, and as a seller, you're not comfortable going that low. So, can you put parameters into place so that basically if the competitor does that, you donut have any issues?
Yigit Kocak: Yeah. Yeah, yeah. I understand now. Yes, you can do that because we have a repricing, or dynamic pricing module. If you enter your cost, product purchasing unit cost, in our system, and if you have a target margin of lets say, 5% and you donut want it to go lower than your cost. Lets say, you donut want it to go 5% or X amount of dollars lower than your competitors.
Yigit Kocak: So, if they are dirt cheap and you cant handle with it, you can put that rule, and you won't be able to compete with them on that level. We have parameters like that.
Andrew Maff: Beautiful. So I'm sure, as you know, I love keeping these short and sweet, usually right at 15 minutes, and FBADaily's got all these questions, so when we get done. And we appreciate those questions, sorry.
Andrew Maff: I'd love to have you just kind of get into some closing remarks, let everyone know where they can find you guys, and we'll go from there.
Yigit Kocak: Yeah, thank you. I didn't realize it was 15 minutes yet. It was so quick. Pricing is very important, so just try pricing. We have a 14-day free trial that you can experiment with, and do if it fits for you, so we’re open to that. Ask questions, guys, we’re on LinkedIn, and ask questions in our website. So we’re open to eg, and we’re welcome to have you over in our website.
Yigit Kocak: So thank you Andrew, for inviting me to this Seller's Choice. I'm following you for one month. When I first met you, I'm stalking you all over the place. So, keep it up, guys. Thank you.
Andrew Maff: Nice buddy, I appreciate it. For everyone that watched this, you can comment after this thing goes live again, or it will be on YouTube, or on our blog, or anything like that. If you have any questions, just feel free to let us know. I can send it over to them as well, or obviously, reach out to them. Once again, appreciate it, buddy. Thank you so much. Go and enjoy the rest of your Friday night, and I'll talk to you soon, all right?