Pricing Strategy asks and solves:
- How important is price for our category to shoppers in each channel?
- How do shoppers guage value in our category?
- What are the price ceilings and floors, and optimal price points?
- How should we price ourselves relative to competitors?
Price Promotion asks and solves:
- Is price promotion worthwhile – what is the likely ROI?
- What should price promotion frequency and depth be based on shopper insights and behaviour in the category?
At ShopAbility, our end-to-end approach to Pricing Strategy and Price Promotion covers:
- Insights: Shopper Research (shopper behaviour in the Category), analytics, reviews
- Strategy: by category and by channel
- Activation: trial, rollout, pictures of success, measurement & evaluation (e.g. promotional spend ROI)
- Capability: pricing strategy & price promotions standards and scorecards, Training for Category, Marketing, Sales & Field teams
Or read further about the other elements of RSVP3: