Funeral services pricing strategies

THE CHALLENGE

The company was experiencing rapid growth and price increases at many newly acquired locations. They sought a better understanding of their price elasticities and desired a scientific pricing approach.

OUR SOLUTION

We reviewed past price changes by location, competitor prices, as well as all current products to assess their suitability for bundling. Then we created a price elasticity metric and concluded that elasticities had significant variance by branch based on distance to local competitors. From this we delivered a new value proposition, product structure and identified where prices could be altered.

RESULTS

We improved margins by 3.3% of sales and ROI improved to 11x greater than the previous figure.