Utilize the Price Navigator tool for benchmarking pricing against competitors in the market.
Key Steps
1. Setting Up Your Competitive Set
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By default, all stores within the selected radius will be included.
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Use the Exclude Retailers tool to remove specific retailers you do not want to benchmark against.
2. Analyzing Competitive Set Details
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Review the Competitive Set detail to see all retailers included in your benchmarking.
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Evaluate your sales performance against competitors and identify their pricing tiers.
3. Reviewing Specific Pricing Recommendations
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Navigate to Pricing vs Competitive Set to view price differences.
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Analyze pricing by category level, pack size, brand, or PPG.
- PPG stands for Promoted Product Group and is the brand + lowest category level + pack size
4. Filtering Price Positions
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Filter the price position to focus on categories where:
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Your retailer is priced higher than the market.
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Your retailer is priced lower than the market.
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You are outselling competitors.
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You are underselling competitors.
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5. Analyzing List Price Differences
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Start with the list price, which is the final menu price, whether or not the product is on discount
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Price differences greater than 20% are highlighted in red.
6. Understanding Original and Discounted Prices
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Review the original price (menu listed price before discounts).
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Check the discounted price (price after discounts are applied).
7. Evaluating Discount and Promotion Frequencies
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Analyze discount frequency (how often items on a menu are on a listed discounts. Ex: the original price is $20 and it's on sale for $15).
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Review promotion frequency (how often listed menu promotions occur. Ex: B1G1, store wide discounts, any promo).
8. Reviewing Total Promotion Frequency
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Look at the total number of products per store per day on promotion and/or discounted over the selected time period.
9. Analyzing Daily Sales and Units
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Review daily sales and units to see where your store is outselling or underselling competitors.
10. Utilizing the Map and Trending Chart
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Click on values in the table to filter the map and trending chart.
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The map reflects the most recent list price regardless of the time period selected.
11. Breaking Down Data by Time Period
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Analyze data by day, week, month, or quarter.
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Split data between list price, original price, and promotion frequency.