Engage3 and Nielsen Team Up to Help Retailers Attain Ideal Price Image Perception
DAVIS, CA - Let’s talk about two very important “P” words: price and perception.
The first, for obvious reasons, is a big player for both the buy- and supply-sides in ensuring that everyone sees a return on their investment (ROI). Perception, numbers argue, is at least as important, but maybe more so coming from the side of the consumer, whose decision is made more by the image of what they are spending than the actual number. That is what Engage3 and Nielsen have teamed up to prove.
“Understanding your price index is as important as it has ever been, but it doesn’t actually help you understand how your consumers perceive your pricing,” said Edris Bemanian, Engage3’s CEO. “Our strategic relationship with Nielsen unlocks an analytically-driven measurement that gives retailers a clear view of their positioning relative to both their specific competitors as well as the total market. This lets them identify top investment opportunities that will have the greatest impact on their Price Image.”
Price Image, according to Engage3, is the consumer’s perception of a retailer’s overall price relative to its competition. This has to do with the actual price, but it’s a factor not so hard and fast as math would have us believe.
“Price Image Analysis adds an additional layer of insight for our retail customers. Working with Engage3, we’re able to combine our data and analytic capabilities to bring something truly unique and powerful to the market, giving retailers the ability to measure and improve their Price Image,” Morgan Seybert, Managing Director, U.S. Analysis at Nielsen, said.
In short, Price Image Analysis helps retailers define the image they want to establish in the market without going straight to price cuts—a move that can sometimes negatively impact the health of the market. Instead, they can avoid bias, time delays, and other perceptive influences, understanding how to align their financial objectives with achieving the price image they desire.
Reaching across categories, markets, and time, this is certainly an intriguing tool as retailers look to take on both pricing and perception among the increasingly competitive marketplace.
