The Five E's of Pricing: Part Four

Follow along with us this month as we uncover the Five E’s of Pricing and identify action items you can take to improve and sustain your price image.     

The next “E” to improving your price image: EVALUATE. 

Evaluate the findings:

For the past three weeks, we have shared ways you can work with your team to uncover opportunities to improve your store and employee work experience. This week, we’re sharing what to do with the information once you have discovered it.

Begin by organizing your findings in an easy-to-understand system. This can be completed in whatever fashion works best for your organization and is easily accessible for your team. This is an important step in the process because you must organize the information in a way that is easy to measure when implemented.

Once the documents are in an orderly place, share your findings at your next staff meeting. Make sure to encourage your team to engage with what you have found and ask questions for clarity.

This is going to be especially important for your department heads and to show the work behind the discovery. This entire process is meant to be an encouragement for your team to lead and speak up when they have ideas to improve processes. It also shows that if you are willing to do this, it can go beyond just your pricing system and could be used in other areas of your business.

Once the information has been shared amongst your team, it’s time to start the implementation process. We encourage any price changes be completed when employees are not in the store to avoid any confusion or questions about the changes as they are happening.

Stay tuned as we reveal the final “E”to improving your price image on May 30^th.    

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.