A leading 2-wheeler brand, while formulating its Pricing Strategy was faced with the challenge of limited information about the price quoted by its dealers at the last mile. Non adherence to brand approved pricing was leading to traction of customers to competition brands
- A Price Benchmarking study was executed to gather complete market information – of the brand as well as its direct competitors. An important aspect of the study was to cover the buckets (Insurance, RTO, Accessories, Taxes etc) under which dealers were quoting additional price.
- This required the respondents to capture comprehensive pricing structure.
- The study was spread across 780 dealers across different geographies, covering 23 variants. These prices were benchmarked against 22 competitor variants.
- A comparison of the entire pricing structure was executed to identify the additional money levied under each component
- Identification of dealers involved in the practice of over pricing
- Curbing the over pricing practice by 15%
- Brand Product-Price comparison matrix via a via competitors to frame the future pricing
Expectations and aspirations of a customer from a premium brand were identified to build brand loyalty
Improvement in lead conversion ratio by identifying process gaps and efficiency opportunities