Pricing has become a huge issue for brands over the last 12 to 18 months. Increased costs of goods, supply chain issues, and increased consumer sensitivity in uncertain times have all contributed to this renewed focus.
For example, I have witnessed how a brand (the competitor of a client in the frozen food aisle), which had been the market leader for many decades, lost its leadership position due to poor management and communication of its price increases. This has allowed the second biggest brand in the category, which had been much smarter in changing and communicating its pricing and which had worked closely with the trade throughout the process, to become the category leader.
In that context, the work done by research firm Kantar is both insightful and valuable. One of its big conclusions is that what they define as meaningful differences accounts for 94% of a brand’s Pricing Power. This is another reason marketers should strengthen their brand associations while creating meaning and differentiation.
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