The Business of Spirits
Finance & Pricing for Spirits
Nick Carr - Formerly Global Director of Pricing and Promotions at Diageo
Pricing is an art and a science. Get inspired by the power and potential of pricing with this presentation by Nick Carr.
Nick shares some of the best strategies, tools, and techniques and explains the vital importance and key elements of the P&L (profit and loss statement) to set the right price tag for the product.
In this session, Nick runs through the different commercial channels - general market, wholesaler, direct to retailers or e-commerce - to highlight the importance of having different discounts and promotions that need to be considered when creating the pricing. He explains useful concepts and tools for analysis and digs into the meaning of “price” including promotional effectiveness and trade terms, price tracking and the importance of price segments across all categories.
Showing that price is the only marketing lever with a direct and unambiguous impact on profitability, Nick offers keys to improve pricing capability and creates different exercises for facilitating the understanding of price elasticity, especially relevant for cheaper and mid-range brands.
