Pricing for Pet Food
Challenges in Pet Food Pricing
The price of pet food products can ultimately determine the brand's success or failure. Unfortunately, many companies set prices based on undercutting others or copying their competitors and this leads to major losses for these companies. Price can also determine whether a product is seen as premium or quality pet food. PriceBeam’s has experience in helping pet food brand retailers set their optimal price for their products.
Perishability of the product and the marketing strategy.
It's important to consider the perishability of the product and the marketing strategy you wish to adopt.
The cost problem of pet food.
Due to quality ingredients being expensive and additional expenses that human food does not have. For example, pet food often includes a return policy, allowing consumers to return the food if the pet doesn’t eat or like it.
Price Positioning & Strategy
New Product Pricing
Understand consumers' willingness-to-pay for new products, and use such insights to optimize prices when launching innovative products.
Market Launch Pricing
Setting the right prices when launching into new markets is often a challenge in Pet Food companies. PriceBeam helps understand market differences and sets optimal price points for each.
Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range.
Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay.
Prices should not be static. It is best practice to adjust prices upwards regularly, at least in line with competition and inflation, but often also higher thanks to brand innovations.
Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly.
Understand consumers' potential reaction to different promotional mechanisms or discount levels, and optimize the overall revenue.
How Does It Work?
PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
You describe your product/service on our cloud-based platform. You also define the target market to research.
Create Market Research
We add all the research details, statistical setup, etc. so you don't have to worry about it.
Conduct Market Research
We collect responses about the given product/service in the defined target market.
Analysis & Results
The results are aggregated, analyzed and presented in our cloud-based solution.
Why You Should Choose PriceBeam?
PriceBeam delivers strong value on a number of fronts, which is why our clients choose us.
PriceBeam's studies ensure statistically significant results about willingness-to-pay.
Results as fasts as 48 hours in B2C and 1-2 weeks in B2C.
1% change in price delivers 11% improvement in value for the average company.
Easy to Use
You define the product and target market. PriceBeam takes care of the research and statistical details.
PriceBeam studies can be run in 109 countries. PriceBeam takes care of the localization.
Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research.
Ready to get started?
Book a call with one of our experts and see which study helps solve your company's challenges.