One of the most important considerations when developing a brand is its equity. Brand equity refers to the commercial value of a brand, as well as its overall perception in the marketplace, among both customers and competitors. Protecting your brand image is crucial, especially given how even minor changes can cause serious brand damage. Improper discounting can paint a picture of second-rate products. Disproportionate markup can be perceived as rip-offs. Steering clear of such scenarios is essential for protecting your brand equity and maintaining a good reputation in the market.
of all online shoppers consider price the most important factor affecting customer decision.
Building customer lifetime value is the #1 priority for today’s brands and retailers.
Adapting to a rapidly evolving digital commerce business might seem complicated. For brands, it is crucial to be aware of potential pricing challenges:
With increased transparency in the market, prices are everywhere. Given this, manually keeping track of vendor prices and market changes in the current landscape becomes incredibly difficult, if not impossible.
To have an effective pricing strategy, it is important to understand the price sensitivity of a particular product. Price sensitivity is the degree to which demand changes when the cost of a product or service changes. Price sensitivity is commonly measured using the price elasticity of demand, which states that some consumers won't pay more if a lower-priced option is available.
SYMSON can navigate your brand’s pricing via collecting daily market prices from all vendors in the market. Based on this, you won't miss a beat in the Price Leadership and you can position your brand when it comes to pricing your most competitive products.
