Guitar Center Fine-Tunes Its Pricing Strategy With Wiser’s Price Intelligence
Guitar Center is the world’s largest retailer of guitars, amplifiers, drums, keyboards, recording, live sound, DJ, and lighting equipment, with more than 300 stores across the U.S.
2014 marked the milestone 50th anniversary of the Guitar Center Brand as they continue to help people make music from coast to coast. Guitar Center is all about enabling musicians and non-musicians alike to experience the almost indescribable joy that comes from playing an instrument.
Challenges
Guitar Center required greater accuracy and completeness in its competitive price intelligence data to be more confident in their pricing and assortment decisions. Their previous price intelligence vendor struggled to monitor competitor prices and manage assortment.
Guitar Center was aware of how incredibly challenging their assortment was and as such, found accurate matching an on-going battle. Furthermore, when inaccuracies were found in their data, it was difficult to connect with their previous vendor to help resolve their issues.
Guitar Center needed data they could feel confident about and a vendor they could rely on.
Solutions
Real-time pricing insights: Guitar Center actively utilizes Price Intelligence to monitor competitive prices and trends in real-time, allowing them to be more proactive in their competitive pricing strategy.
Marketplace seller visibility: Guitar Center now has the capacity to view real-time insights on marketplace sellers and mainstream competitors at the click of a mouse. This provides Guitar Center with a more complete view of the competitive landscape.
Assortment insights: Guitar Center has gained better insight into their competitive set and has the ability to make more informed merchandise planning decisions, helping to increase inventory turns and profit.
Improve upon internal processes: Wiser’s Pricing Intel enabled Guitar Center to both improve upon internal processes and build new tools to ensure their online and in-person stores are running as efficiently and effectively as possible.
PRODUCTS USED:
"We get a lot of value out of simply knowing where we’re priced in the market at any point in time. It’s not about having the lowest price, it’s about having the right price. It’s having confidence because you have the information.”
Senior Manager of Pricing Strategy, Guitar Center
Results
After an intensive review process, Guitar Center, selected Numerator Pricing Intel, now merged with Wiser’s Price Intelligence, as the superior solution for their pricing and assortment insights. Shortly after launch, Guitar Center had access to thousands of SKUs, allowing them to quickly spot their underperforming products and strategically plan their pricing and product assortment for optimal margins and market share in real-time.
Gain a Partner in Wiser
Wiser Solutions is in it for the long haul. We will be a dedicated partner to your marketing efforts as we work with you to establish baselines, run tests, optimize workflows, and turn our real-time data into confident marketing decisions for your business.
Knock that next merchandising campaign out of the park. Win market share from your competition with price optimization. Understand shopper insights to create better messaging. No matter your goals, Wiser is here to help.
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