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Basing pricing decisions on insights and data is certainly better than using guesswork. Some pricing teams use basic market research. Others use data mining of historical data, using elasticities or more advanced machine learning. However, best practice is to combine segmentation models with primary market research, in order to create detailed, forward-looking simulations.
In this PriceBeam webinar you will learn about.
- The different methods for simulating market outcomes from pricing changes.
- Why segmentation delivers superior results, especially in changing market environments, high inflation, or in markets with frequent price changes (e.g. through promotion).
- How to define and use segments in pricing research
- How to forecast market outcomes by consumer segment
- How to analyze and simulate changes in the consumer segments themselves when applying changing prices.