The Five E’s of Pricing: Part Five

The final “E” to improving your price image: EXECUTE.

For the past four weeks, we have explored the action items you can take to improve and sustain your price image. Pricing is more than just looking and cost, setting the retail and hanging a tag. It has a major impact major impact on the customer experience and thus impacting your employee experience.

The final “E” comes down to two simple steps:

1. Measure the results and modify.

2. Repeat process.

Last week, we emphasized the importance of having your process documented and accessible for your team. The next step we want to emphasize is how important it is to measure your actions to see how they are performing. Consider implementing random audits or check-ins with your team to understand how they are adjusting to the new processes.  

If you realize the results are not improving your team’s productivity or efficiency, recognize that it’s okay to modify it. The purpose of this process is to figure out what will work best for your store through learning opportunities. As times change and people shift, processes will need to be evolved and you must evolve with them.

The process of executing prices in the store may seem simple and be overshadowed by bigger issues that day. However, keep in mind that prices can are changed for various reasons throughout the week and typically delegated to different positions to get updated. Taking a deep dive into understanding the processes and allowing the following changes in your store will go a long way to improving price image and brand.

Have more questions about best pricing practices? Reach out to us here.

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At Storewise, we pride ourselves not only on our platform, but also on the deep wealth of industry knowledge and experience we offer to our partners. Storewise customers gain access to seasoned technologists, former grocery operators, CPG professionals, and support specialists ready to work together and strengthen their businesses.     

One such expert in our network is former Corporate Pricing Manager for HEB, John Ulmer.    

 John offers 40+ years of retail industry experience and leadership roles with independent grocers. Through his numerous leadership roles in operations, John has led teams of over 400 employees and created tools that continue to be used daily. John’s experience leading the pricing and price optimization teams delivered improved price index, price image, and gross margin improvements across his organization.