There is no longer any doubt: The shopper is in control and looking for a whole new level of personalization, forcing CPG manufacturers and retailers to rethink long-held strategies in order to capture attention and drive engagement.
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With big data and the rapid evolution of technology, retailers and manufacturers can now bring together disparate nuggets of purchase, media, social, macro and loyalty data in profound ways to better understand their core and target shopper and grow their business. The integration of broader and more diverse data sets gives marketers a deep understanding of pricing and promotion impacts across a variety of business situations. Coupling that with frequent shopper data brings depth of insight and concrete answers to vital questions around key target shoppers. CPG marketers must up their game and invest in highly tuned strategies built on an assessment of who sits where on the price value spectrum, and a decoding of the “how” and “why” of pricing and promotion strategies.
Download “Personalized Pricing: Leveraging Frequent Shopper Data Increases Promotion ROI by 5 to 10 Percent” to find out how personalized pricing strategies can increase revenue and profit margins, as well as enable promotion optimization.