Olla! We're back from beautiful Barcelona where we were talking premiumization, shrinkflation and the dreaded 'greedflation'.Yep, it can only have been the EPP FMCG Pricing and RGM 2023 Forum where we hosted the world's first* Pricing Pub Quiz and I hit the stage to address the outrageous state of tooth fairy inflation, and, of course, the power of intelligent automated pricing.
For anyone who couldn’t be there, you can take a look at our special edition of ‘Power to The Pricing People’ or read on for my takeaways from the EPP FMCG Pricing Forum.
The end of blunt price rises
After the inflationary shocks of 2022, when all eyes turned to costs, FMCG companies are returning their focus to shoppers.
So what does this mean for pricing? This could be the end of blunt price rises and a move towards data-led, strategic, and long-term pricing – ¡Olé!
Nurturing the retailer relationship
Consumer brands are feeling the pressure from all directions, input costs are still stubbornly high but the retailer relationship is more strained than ever. The pricing people at EPP FMCG Pricing Forum told us that what they need is a full view of margin – what’s coming from core margin and what’s coming from promo – to give them the ability to have transparent conversations with retailers and get them onboard with the pricing strategy.
The devil is in the data
To get back in control of profits and regain trust, it’s all about data and execution. EPP attendees want instant margin visibility to make smarter, faster decisions and the power to implement changes when they’re needed.
According to one of the major brands we spoke to, “Price will always be a lever we need to pull up and down, we just need a better way to do it”.
Flintfox is here to give consumer brands full control of that lever and steer you into profit. To start a conversation about how we can help you, contact us here.
*Unverified but highly likely.