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Latest Pricing Insights from PriceBeam

7 Great Ways to Optimize Assortment With Price Research

Posted by PriceBeam on September 10, 2020

Maintaining an optimized assortment can have a positive impact on your pricing strategy and core business strategy. How many products should there be in an assortment, and how should they be priced individually? Does adding more products change the dynamics or psychology of customer choice? Or are there too many products that neither the customers nor the production department really can cope with? 

Finding answers to these questions and optimising your assortment has a number of benefits. It is a scientific process that combines both internal, external, past and present data. This is a challenge in many industries. Classically, consumer goods manufacturers go through an assortment optimization (read: reduction of number of products) every few years as they also add many new innovations. But all kinds of other industries have similar challenges: how many car models to offer? What kind of software packages / plans should a Software-as-a-Service vendor offer? 

 

If certain product categories are performing better than others, you can stock more of these products in your stores. On the other hand, if certain product categories aren’t performing well, you might want to consider creating reduction strategies for these products to clear stock. This will also improves customer satisfaction. By stocking top-performing products, you’ll be providing customers with the products they want to see on the shelf.

 

Assortment optimization drives sustainable growth, helping companies make informed decisions by understanding consumer purchasing behaviours and preferences between products. The following are 7 tips to optimise your assortment and boost top-line growth in your business.

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Topics: assortment optimization

Webinar: Assortment Optimization Through Willingness-to-Pay Insights

Posted by PriceBeam on December 30, 2019

How many products should there be in an assortment, and how should they be priced individually? Does adding more products change the dynamics or psychology of customer choice? Or are there too many products that neither the customers nor the production department really can cope with?

This is a challenge in many industries. Classically, consumer goods manufacturers go through an assortment optimization (read: reduction of number of products) every few years as they also add many new innovations. But all kinds of other industries have similar challenges: how many car models to offer? What kind of software packages / plans should a Software-as-a-Service vendor offer? 

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Topics: Pricing, Marketing, willingness to pay, market research, assortment optimization

Measuring Willingness-to-Pay Instead of Guessing What the Next Price Should be

Posted by PriceBeam on September 4, 2019

What should the next price be? for a new product about to be launched? or an existing service where one wants to increase the price for any number of reasons? The facts are that in 88% of all cases the price setting process inside a company is largely based on guesswork and gut feeling rather than science. Or simply based on the previous price.

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Topics: Pricing, Marketing, price positioning, market research, assortment optimization