Changes in supply and demand, consumer buying patterns, and inflation as we’ve never seen it before have made it difficult to plan product pricing and promotion strategies. With each change, brands and retailers must test new ideas and optimize accordingly. Which products should you promote and when? What is the right temporary price reduction to set during a promotion? And how will those reductions impact consumers’ perceptions of your brand?
Pricing goes beyond promotions. You need to consider adjusting your product portfolio to include premium products that increase in price to jump on the premiumization trend. What’s the optimal strategy to successfully go to market with a new product? How are competitors’ promotional activities impacting your sales performance?
To plan effectively, you need to understand how prices are trending over time in your market, category, and channels. You need to know how your product(s)’s pricing matters to different shopper types, and how it stacks up to your competitors. You’ll need to test, measure, and optimize your promotions and adjust quickly when variables shift.
But how can you keep up, given all the complexities and constant change?
Your success relies on having up-to-date intelligence that helps you identify: your market and competitive landscape, your shopper types and how they perceive your brand and positioning, which pricing/channels work best, how to best adjust pricing, and more.
With GfK’s Pricing and Promotion solutions, leaders in Technology Products & Durables, Retail, and FMCG can make quick, efficient pricing adjustments, run successful promotions and react to competitors’ activities.