When retailers engage in price wars, it damages brand perception.
San Francisco, CA (PRWEB) March 24, 2014
Brand perception determines the price consumers are willing to pay. When brands have inconsistent pricing, it makes consumers devalue the brand’s identity. The three factors that influence brand identity are values, heritage, and personality. WisePricer’s infographic provides insight on how brands can employ pricing strategy to improve revenue, profit, and brand perception.
With its extensive experience with retail pricing, WisePricer has expanded its reach to brands and manufacturers with WiseMapper, a MAP (Minimum Advertised Price) monitoring tool that protects brand pricing. Arie Shpanya, CEO of WisePricer explains, “Consumers are buying more than a product. They are buying into brands and the way they portray themselves. When retailers engage in price wars, it damages brand perception.” Products that are consistently priced hold high regard with consumers because their brand value remains constant, both at high and low price points.
Brand value is determined by price and desirability. The combination of these two factors allows consumers to assess the value of an item and ultimately determine if they are willing to purchase it. Some companies are able to have different tiers of products based on price and quality. This can be an effective tactic, but it takes careful planning to attract varied customer segments based on the different prices and qualities.
Price is an important aspect of brand perception and can have a substantial impact on sales. WisePricer suggests that brands factor competitor pricing and perceived value into their brand strategy in order to increase revenue and brand value.
To view the full infographic, visit http://wisepricer.com/infographic-brandprice
WisePricer is a full-featured pricing and merchandising platform that monitors, analyzes and reprices retail products in real-time. With automated repricing and easy sync, WisePricer enables retailers to boost profit margins and revenue, price with confidence, and improve merchandising through powering the development of a sound pricing strategy.
WiseMapper is an easy-to-use service that lets manufacturers preserve their brand by monitoring product pricing across thousands of online retailers. See who’s selling your products and for how much. Utilizing the same advanced product tracking technology that has made WisePricer an industry leader, WiseMapper provides manufacturers with updated data daily and the most accurate product information possible.
For more information on WisePricer and WiseMapper, please visit wisepricer.com/wisemapper.