A new seasonal pricing strategy is around the corner, and this year, specifically, brands have to be prepared more than ever in order to adapt to market and economic fluctuations and create sustainable growth.
Here’s a simple recipe for an effective pricing strategy:
1. Collect All Your Data
Access your company’s various resources of data and then compile them all in one place to hand over to your research company. Additionally, to obtain valuable insights from your target audience, partnering with an audience panel provider can help you to connect with high-quality respondents. Also, this is a quick and cost-effective approach.
2. Process the Data
Research companies find pockets of opportunities and threats via automation. Afterward, a predictive model performs millions of scenarios for the most optimized revenue and profit decisions.
3. Get the Results to Optimize Your Pricing Strategy
The insights will reveal the best recommendations for your business, including:
a. The frequency with which promotions are made
b. Which SKUs should be promoted?
c. Which SKUs should increase in volume?
d. Which SKUs would increase revenues?
To create an effective pricing strategy, you need to combine data collection, analysis, and actionable insights. Moreover, by following these steps, you can create a sustainable pricing strategy that drives growth for your business.
