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Customers can compare your price to your competitors’ without leaving the house. But internet-fueled transparency can also foster greater customer loyalty. Your pricing strategy should embrace these new dynamics.
As e-commerce continues to grow the balance of power is shifting to consumers. Comparison shopping is easier than ever, and the internet gives consumers a powerful way to influence the perception of your brand and your products.
Our Consumer Pricing approach is built on a battle-tested framework that enables you to deliver value to consumers across five critical dimensions: pricing strategy, price setting, price execution, operating model and analytical capabilities and tools.
Our three-phase approach begins with a powerful diagnostic that not only gives you a foundational understanding of your price positioning relative to your value proposition, but also “sizes the prize” so you know what your full potential is. We then help you identify specific actions—and close critical gaps—to capture value and identify more opportunities. And we help you build the internal skills and knowledge you need to maintain and extend your pricing capabilities.
Your pricing activities will be tightly linked to your strategy and value proposition
Analytics and tools help you understand the tangible and intangible value customers see in your products
Experiment and monitor your price and promo decisions to scale quickly and achieve optimal results
Combine multiple streams of data with a tailored set of digital technologies to effectively execute your pricing strategy
Perception is reality, particularly when it comes to consumers’ perceptions of a retailer’s prices. Statistical analysis, in fact, suggests that creating positive price perceptions is the single most important pricing capability for retailers, by a factor of more than 2x. Other key capabilities include:
We address those issues with our B2C pricing framework, built in part on a proprietary database of more than 1,000 B2C companies, including 230+ retailers. That benchmark data helps us understand what separates top performers from the rest of the pack, so we can tailor a pricing strategy for you that applies the most relevant best practices.
We also address the many sector-specific dynamics that affect retail pricing. In grocery, for example, our expertise spans active inventory management and markdowns, promotional activities driven by supplier funding, and many othe rconsiderations. In restaurants we help clients match pricing strategy to menu strategy, factor in the impact of promotions, optimize menu prices, and much more.
We support our retail pricing expertise with a rich set of analytic and diagnostic tools that provide you with a data-supported end-to-end pricing capability, so you can make sure your increasingly perceptive customers perceive, and readily pay for, the full value of what you provide.
Only 11% of fast-moving consumer goods (FMCG) companies meet our definition of top performers—those that have gained market share in the last two years and strongly agree that their companies make excellent pricing decisions. The vast majority (84%) believe their pricing decisions could be improved.
What separates top performers from the rest? One notable finding from our research is that they excel on a key element of pricing strategy: price pack architecture. They are also strong in dynamic pricing and data analytics, and have well-designed operating models characterized by clear roles and decision rights.
Our B2C pricing framework is a comprehensive approach that addresses all those elements, enabling us to help FMCG companies respond to the growing disruption of e-commerce, build greater customer loyalty, and respond effectively to changing market conditions.
Telcos face a unique set of pricing challenges. First, they need to focus on customer acquisition and employ effective pricing strategies to provide compelling, competitive offers. Second, they need to create a strong base price architecture, using advanced analytics and deep customer insights to understand how to acquire and retain customers.
Our B2C pricing approach helps your company excel at on these critical capabilities. We also address other pricing practices that characterize the best-performing telcos:
In this intensely competitive sector the right pricing strategy can make all the difference. Our expertise and robust set of diagnostics, benchmarks and analytic tools enables you to understand how you stack up today and how much better you could be. Most important, we show you exactly how to close that gap, and how to continue building on your new pricing capabilities.
Car makers and manufacturers of appliances, consumer technologies and other durables must account for the fact that they often have an indirect relationship with the end consumer and are providing expensive items that are purchased infrequently.
In addition, the markets for external pricing data are somewhat opaque, and to some degree their pricing strategy is more akin to a B2B model,.
We help durables manufacturers develop an effective pricing strategy that takes these dynamics into account, enabling you to achieve the right:
Our pricing expertise also addresses two other critical needs: an operating model that supports effective pricing decisions, and an industry-best collection of technology enablers that address every facet of your pricing, from initial strategy through teams training and digitalization of key processes.
Typical margin improvement
Payback period on Bain fees
Consumer Pricing projects done
Improve across five core capabilities to transform your pricing performance and boost your bottom line.
Undisciplined pricing practices can erode your profitability—often invisibly. Pricing Navigator lets you take control of your entire pricing system, highlighting weaknesses and providing a simple, flexible platform to manage every element of your pricing strategy.
Nothing boosts profits like smarter pricing. Get started with a fast, flexible assessment that quickly reveals your strengths and weaknesses.
Dynamic Deal Guidance is a data-driven tool that removes variability from frontline pricing and enables your sales team to make faultless pricing decisions quickly and confidently.
Pricing Value Roadmap assesses all your pricing capabilities, from your sales team’s motivations to the systems governing discount approvals. Use it to fix weak spots or completely redesign your pricing strategy.