Dynamic pricing tools - they’re like the mood ring of pricing strategies, ever-changing in response to what’s happening around them. These tools help businesses to adjust their prices in real-time based on factors like demand, competition and across different franchises. But it’s not just a fancy buzzword – these tools are revenue-boosting powerhouses, with McKinsey reporting that companies using dynamic pricing strategies see an average revenue increase of 2-5%.
If you’re going from static pricing to dynamic, it’s useful to know how it can be applied. Here’s how we did it for Belgian bakery brand, Panos.
With over 270 locations across the country, each Panos franchise location has its own menu, pricing and aesthetic. Being a bi-lingual country, stores also require different languages depending on the region, as well as localised campaigns. The La Lorraine Bakery Group (who own Panos) wanted a solution to the management of pricing for both their physical printed assets (food labels, menus etc.) and their developing digital menu board estate. This is where Pixel Inspiration's dynamic pricing tool came in.
How does it work?
The system resides in Pixel’s managed cloud infrastructure and is designed to streamline the creation of all of Panos’ marketing material. From price tags and posters to digital menu boards while maintaining each shop’s personal touch and managerial discretion.
"But how do they work?", you ask. Let’s break it down:
Easy data entry for managers
At the beginning of each campaign period, Panos’ shop and cluster managers can input their data into a user-friendly, responsive UI. This defines the required printed materials, product assortments and multi-tier pricing. Previous campaign data can be accessed and updated, making the process intuitive and efficient.
Automated graphics and print preparation
The tool then links the entered or imported data with pre-designed print-resolution graphical templates, created by Pixel’s in-house design studio. This automation prepares print-ready files that are then sent to printers for production, with Pixel’s logistics partner and group parent company, STACI handling the preparation, picking and delivery, ensuring every shop receives the right materials at the right time.
Customised newsletters for each shop
The tool also generates personalised print-based newsletters for every shop. This ‘Delinews’ includes tailored details about upcoming initiatives, national marketing strategies and a summary of the materials delivered within the current campaign.
Dynamic digital content
As you would expect, the tool also ensures that the dynamic product and pricing data is also delivered directly into the Panos’ digital signage and menu board network, ensuring that the right content is displayed on in-store digital screens at all times, and that each playlist of digital content reflects shop-specific products, prices played out in the correct dayparts. Local language preferences and menu board configuration details are also factored in to the process, ensuring that the customer experience remains seamless.
Dynamic pricing is your ticket to staying agile, competitive, personal and just a little bit ahead of the curve - no mood ring required.
Get in touch with our digital experts for more information, or read our full Panos case study here.
Comments