Challenges in Veterinary Products Pricing
The nature of pet ownership is changing relative to previous generations, elevating their status within the family unit. Therefore, greater attachment leads to greater willingness to pay for our animal companions, to assure their well-being and to associate with brands that share the mindset of their owners.
Price optimization for veterinary product brands is an area where PriceBeam has long experience and expertise. Veterinary product brands benefit from price optimization more than any other industry, but at the same time, it is often an incredibly challenging task. We must segment pet owner consumers and market pet-related products to them strategically.
Spending priorities regarding veterinary products are changing and follow consumer trends that follow our expressions of living a healthy lifestyle. For example, ethical, sustainable and “green” products are becoming increasingly sought after in pet related products.
Veterinary product brands are being increasingly transparent about costs , due to an increase in demand for transparency from customers in terms of product costs and ingredients, and this leads to a greater need to find the optimal price for your pet-related products. Higher prices often can confirm pet owners expectations for product quality and corporate authenticity.