This week, the Acumen team attended the Asia pricing and Commercial Excellence Summit in Singapore and were offered the chance to meet various vendors and sponsors at an event with huge networking opportunities and new insights.
From within the FMCG industry and further afield, the event provoked many fantastic discussions from a pool of dedicated pricing professionals. Our commercial lead, Tom Quinn, spoke on ‘Maximising your Pricing Potential’ involving talks around making informed pricing decisions in a fast-moving retail environment, developing future proof pricing structure within and across markets, and managing inflation of trade terms and customer discounts. Here’s a snapshot of our topic at the summit. So how do you go about maximising your pricing potential?
Before you can go about setting up a framework, it’s important to gain visibility of your data using graphics such as standard pricing waterfalls and looking at things from the regional and local level. Our application, Acumen Radar™ provides absolute clarity of your pricing data.
Building the right structure
Once you have visibility, you then need to build the right structure. It’s crucial that this is consistent, data driven, with enough flexibility to manage retailers. This involves the right processes, the right tools, and consistent definitions throughout.
When we look at the challenges facing the FMCG industry, it’s easy to get distracted. There is the conflict between risk and opportunity, the impact of positive movement, and both the opaque and complex versions of risk. Essentially, have a simple and transparent framework of your pricing structure that you are able to implement and enforce for the sustainable future. This includes the right levels of change management and coordinating your revenue management teams to carry through this change.
The team felt the event was really insightful, leveraging our breadth of knowledge within the sector. We’re already looking forward to next year’s event in Singapore!
Get in touch
If you’d like to know more about this topic, don’t hesitate to email our Commercial Lead at email@example.com