Question

Topic: Strategy

Smart Retail Price Image Strategy And Execution

Posted by Anonymous on 10/10/2013 at 12:05 PM ET 125 Points
To enrich my knowlegde and price image model and approach I am looking for international best practices in the area of price image strategies and executions. This entails more than price strategies, it involves all instruments and measures to improve the company's price image in the eye of (subsets) of target and/or client groups.
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RESPONSES

  • Posted by Gary Bloomer on 10/10/2013 at 7:04 PM Accepted
    What are you offering and to whom?

    Next, clearly define the persona of your ideal and most profitable long term customer.

    Get inside this person's head, life, and wallet. What are they looking for? Why are they looking for it? What will they do with it once they have it?

    How much disposable income do they have? Do they buy from you once or multiple times within specific periods or at particular times of the year?

    Once this person becomes a customer, how long do they REMAIN a customer?

    And in that time period, how many people might they tell about their buying experiences with you?
  • Posted on 10/13/2013 at 4:28 PM Accepted
    Who is your target audience? Where? What do you mean by "price image?"
  • Posted on 10/18/2013 at 7:31 AM Author
    Let's focus the question on the retail arena, with consumer segments as target groups.
    Since consumer behavior is based on perceptions instead of facts, the price image of a retailer plays a bigger role in decisions where to buy than the actual prices do. I am looking for insights and best practices/cases in price image management, i.e. where retailers succeed to consistently have a better price image than what would be a result of their actual prices.
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