priceGPT
What it is
A tool to determine the price in the Nonconscious. Find the price that is at the border of acceptability. A price the consumer finds hard to ignore, yet at the same time does not leave margin and profit on the table. Determine the right kind of promotion most suitable for the consumer. Find price from price volume econometrics. Determine price from the application of fuzzy rules based on long term experience. Determine Nonconscious price from both a measure of Desire and from an understanding of the layer of the Maslow hierarchy the product finds itself in. Determine both Rational and Emotional promotions that maximize consumer adoption without sacrificing margin.
IN USE
Client Value Delivered
Global Client in Fashion and Apparel was nervous. They were launching a new product line, and really wanted to set the price right so there would be no need to discount later. Algorithms detected that the price the client envisioned was too low, and that there was opportunity to secure a higher price point by a mild repositioning of the product. The appeal to the nonconscious was made, and a higher price point was marked. There was no need for further discounting in the season, and the envisioned volume and velocity were achieved smoothly.
Who Should Use It?
Brand Marketers, and Revenue Growth Management specialists. Economists, price modeling, and optimization specialists.