Overview
The Pricing Assistant Dashboard is a powerful tool designed for cannabis industry professionals, including brand managers, producers, and retail dispensary managers, to analyze pricing strategies and market trends. By understanding price dynamics across the market, users can optimize pricing to maximize revenue, improve sales velocity, and remain competitive.
Using the Dashboard
- Select a Territory: Filter by state, region, or county to focus on specific geographic markets. Click "Apply Changes" to refresh the data.
- Select Brands & Price Types: Use dropdowns to analyze specific brands or price types (e.g., Original List Price and Purchase Price).
- Performance Metrics: The dropdown under “Performance Metric” allows users to toggle between different key metrics to customize their analysis.
- Trending Pricing Insights: Visualize changes in pricing, sales, and velocity over time to identify trends and opportunities.
Key Metrics Available
The Performance Metric dropdown includes the following options:
- Dollars
- Tracks total dollar sales associated with pricing bands or specific price points.
- Helps identify which price ranges contribute most to revenue.
- Units
- Measures product sales volume (units sold) across different pricing levels.
- Allows users to identify high-performing price points based on consumer demand.
- Dollar Velocity
- Measures the speed at which products generate revenue relative to their availability.
- Ideal for identifying the most profitable price points in terms of sales efficiency.
- Unit Velocity
- Tracks the rate at which product units sell across locations.
- Helps benchmark product movement to optimize inventory and pricing strategies.
Insights Provided by the Dashboard
- Percent of Sales by Price Band: View the distribution of product sales across different pricing tiers to identify sweet spots in pricing.
- Brand Pricing Trends: Compare a brand’s average Original List Price and Purchase Price to market averages to assess competitiveness.
- Sales Lift by Discount: Measure the impact of discounts on sales and unit movement, enabling precise promotional planning.
- Trending Metrics: Monitor changes in Dollars, Units, Dollar Velocity, and Unit Velocity over time to align pricing strategies with market demand.
Pro Tips
- Use Dollar Velocity and Unit Velocity to identify price points that maximize sales efficiency.
- Compare % of Sales on Discount to market benchmarks to ensure discounts are driving value without eroding margins.
- Analyze the Sales Lift by Discount section to optimize promotions and understand how price reductions influence consumer behavior.
Support
For further details, access the Pricing Assistant Metric Glossary & Video Tutorials link provided within the dashboard.
The Pricing Assistant Dashboard ensures cannabis brands and retailers have the data-driven insights needed to optimize pricing strategies, improve performance, and stay ahead in a competitive market.