The honest answer is, you don’t…
Most Brands rely on ‘trial & error’ – to guess what their product Recommended Retail Price (RRP) should be.
There is a new solution to help here and until recently, only a very few brands knew about it…
Why trust it?
In the last 9 months the Grocery Accelerator Ltd team have been helping over 50 Brands use this system to reveal a detailed understanding of food and drink product RRP.
Combined with the Grocery Accelerator commercial trading expertise, this incredible technology can provide independently verified consumer insights into your product range filtered either by age, national retailer or gender.
This system predicts how your range will sell at different retail prices and forecast the potential impact on your unit sales volume as this retail price changes.
This can help you in three ways:
- Defend a claim to hold a RRP when a Trade Buyer is negotiating with you.
- Understand your up-lift in unit volumes with price reductions.
- Understand the impact of increasing your RRP on your rate of sale.
Does it work?
Here’s what Kerstin from Nix&Kix thought about the system:
“If you’re launching a new product, or extending your range, this system is a no brainer if you want to affordably find out key consumer insights”
How does it work?
Our technology partner uses a phone app to engage directly with over 15,000 consumer spread across the UK.
There will a minimum of 500 consumer responses to each data test. The Grocery Accelerator team can then analyse this data to understand who said what they’d pay. This data is then cross referenced across different types of consumers to draw a detailed understanding of your potential unit sale rate in comparison to a range of retail prices. From this we are then able to forecast your potential rate of sale at different price points.
What does this cost?
Normally this system is only accessible to big brands and national retailers. Typically they would spend many £1,000’s a year to discover the same type of consumer insights.
Here are a few big brands that already use this system:
Thanks to Grocery Accelerator, this is now available to smaller brands at the following cost:
One set of consumer insights will have 200 to 500 consumer responses:
1 x Product data test £197
2 x Products data tests £349 (saving £45)
3 x Products data tests £497 (saving £94)
Consumer analysis filtering to aid further insights into your brand:
- Age ranges
- Gender: Male or Female consumers
- National Retailer
1 x Filter = £75
2 x Filters = £100 (saving 33%)
3 x Filters = £125 (saving 55%)
(All prices subject to VAT)
See an example of the data analysis from another brand:
We are offering 25 FREE 1:2:1 consultations with Rob Ward, Director & Co Founder of the Grocery Accelerator: