NEW! Price Predictor™
What is it?
Our new price elasticity solution to determine your optimal price
Pricing is a crucial lever for CPG manufacturers, providing a huge opportunity to increase revenue. While traditional elasticity analysis can be effective, current market factors can impact the overall value. When the analysis is based on only limited, disrupted, historical scan data that only looks backward, not forward. It does not allow us to understand the impact of potential new pricing tactics. And, volatility from COVID exacerbates the flaws in historical sales data given the structural shock and pace of pricing evolution. To determine optimal pricing, direct research measures shopper’s response to value offerings.
Our new approach, Price Predictor™, combines the predictive benefits of Virtual Shopping with Machine Learning to achieve the perfect price.
Virtual Shopping is ideal for testing pricing because it puts shoppers in the context of an actual purchasing decision with a realistic set of competitive alternatives.
Machine Learning then runs tens of thousands of simulations to explore all possible scenarios. Results are forward-looking and can be updated regularly.
Price Predictor Advantages:
- Strong correlation of virtual shopping research to in-market performance with 90% accuracy
- Findings based on current market conditions
- Results are forward-looking, can be updated regularly, and offer the fastest pricing solution available
To find out more, check out our webinar with a deeper=dive case study into the value of the results you can get from this approach. Or contact us for a quote and a demonstration.