Pricing and promotion strategies for omnichannel successPricing and promotion strategies for omnichannel success
Watch and learn from Michael Movitz, an industry veteran of more than 20 years (with 15 of those at SPINS) and current founder and managing partner of The Movitz Group, an advisory company working with early stage brands to raise capital and build revenue. Movitz shares the nuts and bolts of pricing and promotion, and how to balance both to create an effective omnichannel strategy.
March 27, 2019
“Consumers do shop everywhere, and consumers ingest information ubiquitously and continuously. Virtually every activity that we execute has an omnichannel impact … and so really, at the end of the day, there only is an omnichannel.”
—Michael Movitz, founder and managing partner, The Movitz Group
Part 1: Introduction and overview
Learn more about Movitz’s background and what the Movitz Group does for brands.
The seven roots of brand prosperity, like the root system of a tree.
Part 2: Pricing
Which pricing strategy fundamental are most successful?
Learn about category price-pack architecture, competition, price elasticity and geographic segments.
Understanding your brand’s value proposition, perceived quality and consumer price threshold.
Building blocks to pricing: similarities and differences between brick-and-mortar and e-commerce.
Discover seven e-commerce pricing tactics (e.g., product bundles, anchor pricing).
Part 3: Promotion
Promotion does not mean discount: you’re advocating, making people aware of something.
Learn five promotion strategy fundamentals, then see how they play out for brick-and-mortar vs. e-commerce.
Seventy percent of coupon shoppers are still using paper coupons.
You have the opportunity online to describe your product narrative. This is phenomenally important and something that’s not an option in the store, because you can’t fit this on the label.
Online sampling is an effective way to get product directly into consumers’ hands when you’re in an electronic environment (e.g., Social Nature, Sampler).
Part 4: The omnichannel world
The opportunity here is most primary to the retailer through loyalty programs.
You can use social media and email marketing to cross-promote brick-and-mortar.
Offer future discounts based on purchase history.
Time-and-place specific offers are as granular as you can get from a targeting perspective.
This session—Fueling Sales in an Omnichannel World: Holistic Pricing and Promotion Across Channels—was recorded at Natural Products Expo West 2019. Click "download" below to access the presentation slides.
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