Your pricing practices are a source of nearly unending profit optimizations once you chart a solid strategy and implement disciplined processes. We have experience and can show you how the best retailers in the world make this crucial practice a competitive difference. Beating your competitors on price doesn’t always mean having the lowest price.
Research has shown that consumers establish their price impression of your brand on a small subset of the items in your assortment. Setting appropriate pricing on those items protects your brand image. We can identify where to capture incremental margins on the balance of your assortment.
Banding your products or services correctly and understanding elasticities can help you begin. Lifetime value, market basket profitability mix and dead-on forecasting are also critical to making price a positive experience for your customers. When you consider a pricing tool, remember that you will need to bring the rest of the team along on the journey. Delaney Consulting can ensure that you will capture the full value of your pricing technology investment by putting the processes and change management steps into place to ensure enthusiastic adoption by your marketing, merchant and merchandising teams.