As we march further into 2017, consumer and retail companies continue to scramble to redesign products, services and stores to meet the rising expectations of the digital consumer. This new environment is being increasingly filled with mobile devices, where consumers are expecting brands to engage them on a personal level. A new digital world is happening within the walls of the traditional (and rapidly closing) brick and mortar store.
Companies are insufficiently prepared to build growth strategies that capitalize on these opportunities. Nearly half of companies surveyed by the recent 2016 Simon-Kucher & Partners Global Pricing Study are stuck in margin killing price wars, developing innovations that fail to meet financial goals over 40% of the time. Companies have insufficient pricing capabilities to increase prices enough to compensate for the costs to redesign their products and stores.
However, not all is doom and gloom. The study highlights how the “Best” companies thrive despite these challenges. They drive 30% higher margins by achieving 40% higher price increases and monetizing new products 33% more of the time than the “Rest”. They anchor pricing as a top priority, integrating it in their innovation processes from the start and investing in customized pricing strategies that are appropriate in this digital age.
To learn more about what the best organizations do that result in monetization excellence, please register below to attend Simon-Kucher & Partners’ Annual Consumer Goods & Retail Growth Strategy Forum on April 27, 2017 at The Standard High Line Hotel in New York City.
Annual Consumer Goods & Retail Growth Strategy Forum
April 27, 2017 | New York, USA