The Power of Opportunity Pricing
Willard Bishop's Opportunity Pricing Solution (OPS) provides retailers with ongoing visibility into their existing competitive data to identify prices and KVIs that are “out-of-sync” with their specific market. This includes isolating everyday prices and KVI prices that are too high ─ and perhaps more importantly ─ identifying prices and background items that can be increased to capture additional margin, without jeopardizing their overall price position.
OPS is a subscription-based service that helps retailers:
- Evaluate your price position – You send us your competitive pricing data and your own price files and we’ll run these data through a competitive pricing model tailored to your business and will produce a series of reports at all levels of analysis, i.e., total store, department, category, item group (KVI and background) and item.
- Isolate pricing opportunities – Our modeling and analytics isolates and prioritizes immediate opportunities to improve your price position without unnecessarily investing gross margin.
- Build and update your KVIs – We apply our proven methodology to develop a KVI portfolio tailored to your stores and market. We assess a wide range of relevant information to identify the right set of KVIs, e.g., your sales data, syndicated market data, category role information, loyalty data (as available), etc. And we update your KVIs annually to ensure they reflect current shopper behavior and needs.
- Assess and improve communication – As an optional add-on service, we’ll evaluate your current price communication using our proprietary framework that examines over 100 drivers of price communication (in-store and digital), and identifies opportunities to capture greater credit for prices and values offered.
- Deliver quarterly senior management updates – We’ll conduct quarterly update meetings with senior management to review the latest price position information and discuss immediate actions that can be taken to improve pricing and drive profitable sales growth. Our retailer clients find these quarterly “pricing days” an extremely valuable way to ensure that the entire management team is focused on pricing issues/opportunities at regular intervals.
To learn more about Willard Bishop's Opportunity Price Solution, contact
Jon Hauptman at email@example.com or at 847-756-3714.