Determine optimal pricing for products using BDSA's pricing assistant and dashboard tools.
Key Steps
Step 1: Access Pricing Assistant 0:00
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Navigate to BDSA's Business Suite.
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Locate and open the Pricing Assistant tool.
Step 2: Utilize Pricing Dashboard 0:09
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Access the Analyst Suite.
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Go to Pricing Strategy and select Pricing Overview.
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Review the data behind pricing recommendations.
Step 3: Specify Pricing Parameters 0:21
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Identify product types, brands, sizes, and locations.
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Focus on the lowest category level and pack size for your brand.
Step 4: Analyze Market Pricing 0:31
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For example, analyze 1 gram distal disposables in Southern California.
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Determine the most common price for your brand and compare it to the market.
Step 5: Evaluate Dollar Velocity 0:41
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Identify the price point that maximizes dollar velocity (dollars per store per day).
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Use the scatter plot to visualize dollar velocity across different prices.
Step 6: Adjust Pricing Strategy 1:07
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Consider adjusting prices based on dollar velocity insights.
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Identify if higher prices yield better sales performance.
Step 7: Assess Discount Effectiveness 2:23
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Review the lift in sales by discount over the last 13 weeks.
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Compare sales performance when products are discounted versus when they are not.
Step 8: Identify High Frequency Discounts 3:08
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Analyze which discounts are most frequently applied.
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Determine if these discounts are positively or negatively impacting sales.
Step 9: Optimize Pricing Decisions 3:27
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Decide whether to maintain higher prices without discounts or lower prices with discounts based on sales data.
Step 10: Trend Analysis 3:44
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Track pricing trends over time.
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Analyze how pricing relates to dollars, units, velocity, or unit velocity.