Surviving Inflation: How can data create a competitive edge by steering price and promo?
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Brands are seeing price and promotion in a new light, as a true lever of resilience. They need to dissect, analyze, and twist them to establish a clear strategy that will allow them to enhance on their attractiveness while managing rising costs.
However, managing these levers today requires shuffling the deck to challenge proven strategies, particularly when it comes to the marketing mix. This is where data science solutions for business prove to be a precious asset. By studying all angles of the marketing mix, they allow refinement of possibilities and acceleration of tactical and strategic decisions. By integrating inflation now as an optimization constraint, they can prove to be powerful tools for steering informed, fine-tuned price-promotion strategies. That’s what this paper digs into. By looking back at the major disruptions and changes that inflation is causing, we will explain why pricing and promotion can make a difference. This white paper also examines the risks and opportunities of steering this dual strategy and how to use data science to strengthen pricing power and promotional strategy.