In today’s inflationary environment, there may be no more important task than getting pricing right. During the “Pricing in the Everywhere Commerce World” panel discussion, a trio of consumer goods manufacturers shared varying perspectives and strategies about how their companies are navigating the difficult landscape without alienating their retail partners or consumers.
Moderated by Rob Hand, CEO, Hand Promotion Management, the panel included Peter Hall, president, away from home and Kraft Heinz Ingredients, Kraft Heinz Company; Craig Price, head of sales centre of excellence, Distell; and Justin Balke, senior manager, sales finance, Florida’s Natural Growers
While their customers may vary, the group agreed that the “peanut butter” approach of applying promotions or pricing in a one-size-fits-all manner no longer cuts it.
“We need to think about — and I think it’s something that we need to challenge ourselves on and challenge retailers on — is how do we price differently for different consumers at different moments,” said Hall. “Consumers shopping at club are very different from consumers shopping in dollar stores. We need to treat them differently, and we need to have a very clear strategy, whether that’s price pack architecture [or something else]. We need to have that conversation with the retailers.”
The panel was part of the three-day Consumer Goods Sales & Marketing Summit held October 2022 in New York by Consumer Goods Technology (www.consumergoods.com). The event is the premier gathering of sales and marketing executives across all consumer products industries for the past two decades.
For a complete review of the events and programs held at this year’s event, go to https://consumergoods.com/everywhere-commerce-back-action-live-consumer-goods-sales-marketing-summit?utm_source=omeda&utm_medium=email&utm_campaign=NL_CGT+Insider&oly_enc_id=2448A4834012C0W.