Setting the Right Price
Pricing is a key component of your corporate brand - and is the only tool in your arsenal that directly impacts your bottom line!
Your retail pricing strategy can make or break you with the high level of price sensitivity, competition and price transparency in today's market place. Setting the right price not only drives store traffic, sales and volume while improving margins, it reinforces your brand. Setting the wrong price puts your brand at risk.
Elements of Effective Retail Pricing
Establishing and articulating a retail pricing strategy is most effective when it is an integral component of your corporate strategic direction, mission and business goals. It must be communicated throughout your organization and seamlessly executed at store level in order to reinforce your corporate message to your customers, every day.
Successful Retail Price Strategies:
- Embrace a long-term approach that create a perception of value in customers’ minds
- Balance short-term, proactive tactics with long-term margin enhancements in other areas
- Contain well thought-out and imbedded mechanisms for measurement, evaluation and adjustment
- Support your business strategy and deliver your financial goals
Blending Art and Science
The decision to evolve from a “gut” feel pricing approach to developing a coherent pricing strategy is an essential first step for today’s retailers in order to remain competitive while maintaining profits and customer value perceptions.
Revionics Life Cycle Pricing, empowers retailers with shopper insights, consumption science, and demand analysis in order to plan the best pricing strategies, set and execute optimal prices, and measure the effectiveness of their pricing strategies and tactics in order to support their performance and financial goals.
Our software as a service model requires us to fulfill our obligation, and be a true partner to our clients, each and every day - and our near 100% retention rate is an attestation to our continuous levels of customer support and satisfaction!
Over 37,000 retail sites a day are receiving our strategic recommendations. Like them, you can make decisions with confidence knowing that they are rooted in a scientific understanding of actual consumer behavior and sensitivity while supporting the operational policies, rules and brand considerations that have traditionally guided retailers.
Click here to view a webinar on how to compete more profitably with competitive pricing. The speakers are from both Revionics and Profitero.