Understanding Price Elasticity by Persona for Effective Pricing Strategies
Customers are the important part of a direct selling business. For retaining the customers is a difficult task for a business. Companies are introducing discounts as an incentive method for retaining the customers. But every customer does not like discounts. Some of them like receiving recognition or any special status.
With hierarchical Bayesian demand models, companies can understand what distributors and customers consider a priority, whether it is pricing, value, status, or convenience. They get clarity on each persona and their preferences on pricing and discounts. Persona-based pricing…
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