As experts in helping companies to optimize their pricing and revenue management strategies, we have received many questions around changing price elasticities and whether brands should conduct pricing research now.
To help answer these questions and more, we re-ran pricing research studies across eight CPG categories and 87 brands, with 21,000 respondents in the U.S. and Europe. Our goal was to compare pre-COVID-19 price sensitivities and consumer choices with those during the height of COVID-19. We wanted to answer client questions such as: how/has COVID-19 changed price elasticities? Are consumers deciding differently now? How does price sensitivity vary across categories and countries? Should brands conduct pricing research now?
Analyses of previous crises, combined with our deep understanding of consumer decision behavior as well as global pricing research experience, provides us with a unique perspective on these topics (skimgroup.com/covid).
At the Quirk’s Virtual Event, we shared valuable tips on adapting pricing and revenue management strategies for the current economic slow-down. Leveraging our four decades of decision behavior expertise, which includes a background in crises and recession periods, we’ll share our insight into the following questions: How and to what degree are consumers’ perceptions of your brand changing? What current logic are those consumers following and what are the value drivers?
Date and time: Wed, July 15, 2020 at 11.10-11.40 CDT
Location: Room 2
- How price sensitivities changed and didn’t
- What happened to brand loyalty?
- And what about pack size – has pandemic shortages changed our buying patterns?