When I give presentations I sometimes use the concept of a lemonade stand because I’ve found it to be an effective yet simple way to explore the challenges retailers face when executing pricing decisions, embracing price optimization and finding ways to make strategic pricing decisions profitable.
E-commerce, brick and mortar retailers, in-app purchases. These multiple touchpoints present a huge opportunity for your company. Omnichannel marketing, defined as the ability to seamlessly market products and services across all customer channels, is how companies are approaching this opportunity. After all, shouldn’t more channels simply present more opportunities to sell?
Aging inventory and shrinking clearance margins don’t just affect traditional retail stores—factory outlets are equally susceptible. We recently completed an engagement for an international athletic apparel company that demonstrates the significant revenue lift that factory outlets can realize through pricing analytics and markdown optimization.
“You don’t sell a product or service—you sell value.” Salespeople often hear that piece of advice, and for good reason: The value that each customer sees in a product or service is different—and so is his or her willingness to pay for it. Segmentation reveals how much various types of customers (eg, by geography, sales channel, etc.) will pay for your offering.