Economic Times Pricing Strategy Summit-2017
BrandIdea was the Associate Partner at the Economic Times Price Strategy Summit, Mumbai, 21-22 June, 2017. The summit was targeted at senior level Marketing professionals and a total of around 110 delegates attended.
In the second session on 22nd September, our CEO, Suresh Pillai made a presentation on Price Analytics to drive Growth in Untapped Segments,during which he highlighted how the BrandIdea application helps marketers on two crucial price-related aspects:
(a) It captures the affinity that each SKU in a brand’s portfolio has with consuming SEC segments – plotting this relationship helps to identify those consuming segments which are presently not served/ adequately served by existing SKUs and also an advanced algorithm to predict the SKU price-point which will cater to the unserved segments
(b) The Application also optimizes pricing within SKU bands by drawing linkages between changes in a particular SKU with sales of other SKUs, and impact of external factors like raw material costs and statutory changes on pricing and sales.
It also covers tactical aspects like impact on sales of a SKU after withdrawal of promotion pricing etc.
It does all this at a granular level – right down to individual neighborhoods/ villages, giving powerful actionable insights to empower the Business Users.