The Five E's of Pricing: Part Two

Throughout the month of May, we will be uncovering each of the Five E’s and identifying action items you can take to improve and sustain your price image.  

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

Empower Employees:

This is your chance to set the tone with your team and ensure they understand that you want to hear their story whether it’s good, bad, or indifferent. The goal is to make their experience better and improve the customer’s experience.

Start by setting up time to visit with your team with the intention of gathering their feedback about the processes in the store. It’s important to reinforce the idea of garnering honest critiques during this time to improve their work experience.

During this time, consider asking the following questions:

·      Do they shop at your store?

·      If so, why do they shop here?

·      If not, where are they shopping instead? What makes them not shop at your store?

Again, it’s important to convey to your team that their concerns matter and you are willing to act upon them to ensure they have a quality work environment.

Finally, if you want to increase your profits, look to your team! They are going to be the best and least expensive advertising you have, especially if you operate ina small town. Word of mouth is a very powerful tool for your store and when your team members feel heard, they are more willing to be a spokesperson for you.

Stay tuned as we unveil the next “E”to improving your price image on May 16^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 400employees 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.