Show, don't (just) tell
How data visualization helps communicating a brand's strategy
Visualize the big picture
There is a common misconception about data: It is only for specialists to use. In our case, price data, usually means that only product guys have the need and the right to use it.
The reality is the opposite: Price specialists do come into the equation, but it is only as part of the bigger picture: The first step is setting a clear positioning strategy.
Whether we are presenting a brand to retailers, wholesalers, suppliers, or investors, in internal strategy meetings, or when discussing a change in distribution, rather than just saying “XYZ is an affordable luxury garment brand”, or “We should reposition to a higher (or lower) price point”, we should use data visualization to show, not just telling it.
Showing the market opportunity as “compared to brand A, B, and C, our Brand stands exactly here” adds a fundamental piece of narrative to our story. We create a picture in our audience’s mind that exactly defines the strategy, and thus, defines precisely where it stands and how it differentiates.
The price architecture of a brand, regardless of its industry, is way more complex than just one single product. And even if our brand consisted of one product, our competition does not. There are product variants, editions and collection that range at different price levels, contributing to creating both the core offering but also the consumer perception of a brand.
This needs to be explained in a single, simple visualization.
Show competitors, not only direct alternatives to the product but build a richer representation by adding also brands that sit in the outer field of the playground.
This will help add clarity and have broader discussions.
Backup with details
Visualization is a key point, but we have found it useful in our experience to add backup slides with tables and numbers, which, once to picture is clear in mind, add that confidence that is necessary when addressing the economics on a specific deal/strategy/partnership.
This is where price specialists come into play: When an exact product has an exact price. Add pictures, and detailed descriptions and define the right brand story. Once the positioning is clear, it will all come easily.
The DataBoutique Tool
Needless to say, all of this can be achieved in the DataBoutique platform, the tool for price visualization that provides both big picture and detailed metrics, derived bottom-up from every single product of every brand selling on the market in real-time.
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