Retailers today are generating huge volumes of data on pricing, customers, promotions, and from EPOS, surveys and market data—but most still struggle to organise and use it to inform tactical activities and strategic plans.
We can help if you’re responsible for, or need to defend your organisation’s position in these areas:
Are our range and assortment decisions in line with our customer strategy? Do they have our most important customers in mind? Whether you have little or ample experience of customer analytics, Symphony EYC solutions can help you understand which promotions drive the most profitable sales for key customer groups, how pricing decisions affect how you are perceived in the marketplace, and where to place products within your stores to maximize sales.
Which customers are price-sensitive, and does their sensitivity vary depending on the type of store they visit? Companies equipped with answers to these questions will be able to outcompete their peers. However, many retailers struggle to formulate pricing strategies that both drive additional profitable revenues and improve price perception with price-sensitive customers.
As competition in the retail industry intensifies even further and as many consumers become more price-conscious, effective promotions and pricing can make a real difference to revenues, profitability and price perception.
How do I find out which promotions are working?
- How can I predict whether a particular promotion will pay off?
- Which products should I discount to attract more customers?
- What are the strengths and weaknesses of my product range for each customer segment?
- Which items are most important to my most loyal customers?
- How should I lay out my store to make it easier to shop?
- Can I stop stocking any products without damaging sales?
- Which customers are likely to be driven away by price increases?
How Symphony EYC can help you?
With sophisticated applications that put accurate, up-to-the-minute data at your fingertips to support decision-making, Symphony EYC can help you transform the effectiveness of your pricing, promotions and product assortments. Furthermore, these critical elements of marketing will become much easier to manage.