Let’s start at the beginning

Which data points should you use when?

This infographic breaks it down to the key part so business you need to keep track of:

• your product
• your market share
• the category / market you are operating in
• and how to keep track of portfolio performances

Download it to keep it for future use:

Get that price right

Product pricing can be tricky or simple, depending on what you know. On a fundamental level the right price should: cover your costs, make you profit, portray the value of your product, and continuously attract more customers. This requires a dynamic pricing strategy.  

The starting point is understanding your product (and your category’s) price elasticity. Price elasticity measures how a change of price will affect the purchase of your product. The more elastic your product is, the more likely customers will jump ship and find alternatives when prices rise. The more inelastic a product, the less likely shoppers are to purchase alternatives when prices rise.   

• Elasticity split describes the two potential outcomes of the loss in voluem
• Own elasticity scenario – depends on your level of brand loyalty. When a certain SKU increases in price, customers will still want to buy within the same brand but will switch to another SKU. In other words, internal competition
• External elasticity scenario – when prices on your product rise, customers would look at a competing brand.

With the right data partner you can determine your brand’s elasticity and take your pricing strategy to the next level.

Are you ready to get your product that much deserved shelf space?

It’s time to talk to retailers about distributing your brand – here’s how data can help you get their attention. 

The principles of negotiating with a retailer are like negotiating with almost any stakeholder. The ideal result is a win-win situation, but what does that mean when it involves a retailer? 

Here are a few guiding steps: 

1. Know your brand’s market performance today, and where you want it to be. 

2. Gain extensive knowledge of your category and competitor performance. What does your product or brand provide that makes it stand out?  

3. Understand your retailer. What are their priorities, and how can your brand contribute to them? 

4. Set clear financial expectations. Know well how much you would be willing to part with to count as the retailer’s profit margin.  

5. Prepare a strong pitch deck. It’s not about the presentation, but about diving deeper into the overall retailer’s motivations including the person(s) you will be in conversation with. Afterall, you are pitching to a person.  

NIQ data is used and viewed by thousands of retailers around the world. We deliver the Full View™, the world’s most complete and clear understanding of consumer buying behavior.