During our latest webinar, it was established that in order to keep up with today’s highly dynamic market and competitors, brands need to focus on how to create a sustainable RGM strategy.
Brands are used to create pricing strategies that are technical in nature. However, that is no longer enough for the current state of the market. RGM needs to have a more holistic approach to make it sustainable. Therefore, your brand must always find a way to capture the brand value and dig for RGM opportunities.
The best way to assess and diagnose whether you’re capturing brand value and have a fully optimized pricing strategy is to combining real-world data and experimental research.
What do these terms mean?
Real-world data includes market data such as audit data, trade information, and consumer drivers, and internal data such as sales volume and marketing expenditures.
Experimental research, such as Smart Value™, measures consumer’s perceived value for each product or service and is able to predict customers’ behavior in different market scenarios.
The combination of real-world data and experimental research would enable brands to optimize pricing, promotions, products’ assortment, trade, and distribution, in a way that captures the value of the product into revenue growth. In addition, it would identify the gaps and opportunities to grow the value of the products.