Price Band Analysis

 

What is it?

This dashboard is a vital component of our Insights Premium Pricing Module. Its purpose is to empower you to delve deeper into pricing trends and establish your own customized pricing bands for thorough analysis. This dashboard offers a lot of flexibility, allowing you to dissect, explore, and segment the data according to your preferences.
 

Why would you want this?

The primary objective of this dashboard is to provide users with a comprehensive understanding of the pricing landscape within their market. While our other pricing dashboards present trends like average prices and EQ prices, this particular dashboard takes a more in-depth approach. For example, it is excellent for conducting "Good, Better, Best" pricing analyses in the market.

• Is the market evolving to accommodate a broader range of product tiers?
• Are value-oriented products gaining market share and exerting pressure on the prices of core products?
• Are my competitors introducing premium product lines?
• Does this market support ultra-premium products, and if so, who is leading in this segment?
• How should I price my new products?
• Should I contemplate a price increase or decrease?
   

Who is this Dashboard for?

This dashboard is primarily designed for Pricing Analysts, Chief Revenue Officers (CROs), and Category Managers. It serves as a valuable tool for conducting competitive analyses of the product market. These key stakeholders can leverage the insights gained to make informed decisions about whether to adjust their pricing strategies, introduce new product lines that cater to different customer segments, or explore other market opportunities.
 

For instance, in the California gummies market, established brands have started introducing premium (best-priced) products to attract a different customer base than their previous core (better-priced) products. Specifically, we can observe the entry of Plus Gummies (Hi-Cubes) and Kanha (Nano) into this space, where such products were previously absent.
 

Visual Examples

Today:

 

 

 

Last Year:

 

 

Notice in this Example:

1. Wyld has entered the California market, primarily offering core (better-priced) products. This intensified competition in the gummy market in California, leading to price reductions for most brands (observe Kiva, where prices have shifted from $20-$21 to $19-$20).
2. To counter this competition, both Plus and Kanha began offering premium products (highlighted in the "Today" chart).
    

What implications does this hold for brands like Kiva that aren't leveraging data? Essentially, they will continue to compete with Wyld on price (resulting in shrinking profit margins) and struggle to attract premium consumers as there are now several premium products in that space.

Without monitoring this trend, brands risk missing out on profitable opportunities within the marketplace!