Brands

One of the most important considerations to make having a brand is its equity. The equity refers to the commercial value of a brand, as well as its overall perception in the marketplace among both customers and competitors. Protection of the brand’s image is crucial since even a minor change in a vendor’s price can lead to a brand damage. A discount can create an image of second-rate products, which later could have a negative effect on the brand’s equity. That’s why it is essential to protect your brand’s equity to maintain and save a brand’s face.

Market Facts

90%

of all online shoppers have named price as the most important factor affecting customers' decision.

#1

Building customer lifetime value is the #1 priority for today’s brands and retailers.

Pricing Challenges & Solutions

Adopting to a quickly evolving digital commerce business might seem complicated. For brands it is crucial to know the pricing challenges they might face:

Stay in control of vendor pricing

Since there is increased transparency in the market, prices are everywhere. That is why it can be difficult to keep track of the vendor prices; tracking the market changes manually in the current market situation becomes almost impossible.

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Solution
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Lack of insights into the price sensitivity about a particular product

To have an effective pricing strategy, it is important to understand the price sensitivity of a particular product. Price sensitivity is the degree to which demand changes when the cost of a product or service changes. Price sensitivity is commonly measured using the price elasticity of demand, which states that some consumers won't pay more if a lower-priced option is available.

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Benefits of using SYMSON

SYMSON can navigate your brand’s pricing via collecting daily market prices from all vendors in the market.  Based on this, you won't miss a beat in the Price Leadership and you can  position your brand when it comes to pricing your most competitive products.

More control over your vendor pricing
Get insights about price elasticity and product performance
Analyse promotional effectiveness

In what kind of scenarios is SYMSON used for in
Brand Management?

  • Protect your brand's face and equity
  • Improve positioning of your brand
  • Optimise profit
  • Improve price positioning
  • Track the vendor's pricing
  • Get more insights into price sensitivity and elasticity of the products
  • Forecast demand better
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