Pricing is an important cog in the product positioning and branding wheel. It has a long-lasting impact on consumer engagement and customer loyalty
A robust pricing strategy can act as catalyst for managing profitability and ensure that the brand’s price image reverberates through all marketing and promotional messaging
CPG marketers must deploy predictive analytics and leverage new sources of data and insights – emerging from the continuing development of online and in-store analytics - to assist their retail partners in establishing the best retail price
To derive optimum benefits from pricing analytics, CPG and retail companies must partner with specialized providers with deep industry knowledge, sound analytical expertise and sophisticated tools to provide quick and accurate results
Pricing plays a critical role in establishing brand image, and is a key lever in maximizing profits. A brand’s price position and price message enables it to connect with shoppers and enjoy long-lasting customer loyalty. CPG companies must consider pricing as a core competency within the organization and deploy pricing analytics to assist their retail partners in establishing the best retail price. CPG and retail companies must partner with specialist solutions providers with deep industry knowledge, and the expertise and experience of establishing and running pricing analytics Center of Excellence (COE). This whitepaper presented by RetailWire in association with WNS delineates how a robust data-driven and centralized pricing analytics function can support CPG companies in their ultimate branding and marketing goals.
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