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Last time this year: Pricing Seminar on 01. and 02.12.2022
Too often, price is associated solely with price reductions. However, using price as a strategic lever for more value creation requires a long-term concept. And the current times of inflation require a viable strategic pricing concept more than ever.
In this practice-oriented Pricing Seminar in Hamburg, the last one in 2022, you will learn the building blocks of a long-term pricing strategy with the renowned pricing expert Prof. Hans-Christian Riekhof, learn to review pricing processes, learn to perfect price communication and introduce effective price controlling.
Reserve your place now!
For more information, visit:
www.unicconsult.com/pricing-seminar/
Youtuber Hendrik Kleinwaechter on his success with bread baking videos
Youtuber Hendrik Kleinwächter has found a niche that excites around 100,000 followers on the popular video platform. The former student of the PFH Private University of Göttingen dedicates himself to Germany’s favorite baked good, bread, more precisely to bread baking, in his successful channel “The Bread Code”. In a recently held lecture at the PFH, he already gave an exciting insight into a subject that is undergoing major changes due to increasingly efficient production methods. In the following interview, Hans-Christian Riekhof, Professor of International Marketing at the PFH, was able to discuss further interesting aspects with the YouTuber.
Prof. Riekhof: You reported to us at the PFH last semester about The Bread Code, which is about sourdough and the “engineering” of bread. What made you start reporting on sourdough on YouTube, and how did it all start? After all, bread baking is not your core competence.
Hendrik Kleinwächter: In the last 150 years, the art of bread baking has not evolved. On the contrary, today’s bread has become much worse in quality. Since Louis Pasteur first isolated pure yeast, bread production has become increasingly efficient. Suddenly there were yeasts available that could perfectly ferment a dough. However, this has led to the quality of bread deteriorating more and more.
It is not possible to produce a good quality bread in two hours. The germination process of the grain converts components such as starch or proteins (e.g. gluten) into other smaller components that can be used by the seedling. This process is activated in the flour by adding water. Enzymes are responsible for this. These enzymes need time. If you bake with yeast, use as little yeast as possible.
Sourdough, in comparison to pure yeast, is a complex structure of different microorganisms. The yeasts and bacteria metabolize the entire flour. The bread at the end has little to do with the original flour. For example, long-matured cheese is usually lactose-free. The same principle applies to sourdough bread.
Youtuber Hendrik Kleinwächter: “I approach the topic like a software developer”
However, sourdough is problematic in the industry, as each sourdough has a different microbiome. The fermentation at your home can therefore be different from mine at home. That’s exactly what my YouTube channel does. I provide the audience with the basic knowledge for natural fermentation.
With this knowledge, you can then bake your own individual sourdough bread at home. I approach the whole topic myself like a software developer. I do continuous A/B tests when baking to identify better combinations. For example, I test different temperatures during natural fermentation. Depending on the temperature, whether at 25°C or 20°C, the taste of the bread can change. As far as possible, I then try to change only one variable and show the differences. This approach seems to inspire the viewers.
Prof. Riekhof: If you were to give the three most important tips to your fellow PFH students on how to build a fan community of over 100,000 followers on YouTube, what would you say?
Hendrik Kleinwächter: 1. Find a topic that excites. This enthusiasm attracts other people. 2. Identify good images and titles for the videos. This is very important for the YouTube algorithm. 3. Evaluate the data of the respective videos and learn what needs to be done better for the next videos.
Interaction is an important metric, says Youtuber Hendrik Kleinwächter
Prof. Riekhof: How much time do you spend on data analysis to analyze and improve the impact of your videos? What are the most important KPIs you use, and what analysis tools do you use?
Hendrik Kleinwächter: That’s almost 50 percent of the time. The algorithm looks at how many people click on the video after it has been suggested. This metric is improved by good titles and preview images of the videos. After that, it is important to keep the viewers entertained. The longer the videos are watched, the more advertising YouTube can make with it. Then I analyze, for example, what points are where particularly many viewers have watched for a long time, or why they dropped out at certain points.
Prof. Riekhof: What do you do to increase interaction with your followers?
Hendrik Kleinwächter: Interaction is also an important metric for YouTube. For this, it is important, for example, to have many comments under the videos. So it helps to call on viewers to comment. Open questions work very well. The questions can also be a bit provocative.
Youtuber Hendrik Kleinwächter: “I now always make a script for the videos”
Prof. Riekhof: What are your experiences in creating the videos, do you have something like a script or screenplay? Are accessories important, how long can individual topics and settings be?
Hendrik Kleinwächter: I now always make a script for the videos. This helps me to keep a clear focus. In addition, the videos then appear more structured. I wouldn’t buy any accessories, but would record everything with the smartphone from the start.
Prof. Riekhof: Do you test the videos for their effect before they are published? You may remember my lecture where I presented the example of the comprehensive tests of the individual episodes of Sesame Street.
Hendrik Kleinwächter: That’s a very good point. No unfortunately not. If there was such a service, many people would pay a lot of money for it. Would there be someone at PFH who would like to implement this?
Prof. Riekhof: Can you make money with YouTube activities? What categories of influencers can generally be distinguished, and which category would you count yourself in?
Hendrik Kleinwächter: You can expect about 7 euros per 1000 video views as income. This also depends on the industry. Computer games, for example, may have 0.5 – 1 euro per 1000 views. My channel is focused on a specific niche. This allows you to place products very well, such as flour or other kitchen accessories. However, such channels also have disadvantages. At some point, a viewer may lose interest in bread baking. Generic cooking channels continuously attract more viewers.
Prof. Riekhof: Which companies are potential advertising partners for you? The topic of “bread baking” is a very exciting topic in terms of content, but for large international (branded goods) corporations it is rather a marginal topic, isn’t it?
Hendrik Kleinwächter: Yes, that’s right. The suitable advertising partners are rather specific for the baking industry. However, you can of course show very specific advertising in the niche.
Prof. Riekhof: Thank you very much for the interview and continued success!
Link:
YouTube channel “The Bread Code”
https://www.youtube.com/c/TheBreadCode
Invidis features locandis’ Digital Signage Solution
Locandis implemented a multichannel solution for a Hagebaumarkt, which realizes the use of displays with a digital customer card. The magazine Invidis has now reported on this.
Since the beginning of May 2022, the Hagebaumarkt Stammelbach in Hildesheim has been communicating in real time with its customers using the digital signage solution and a digital customer card from locandis, the magazine writes. Product information, pictorial advertising material, information about events or short videos are presented on the digital signage screens.
The digital signage solution from locandis, which was developed in combination with a digital customer card as an app for the Hagebaumarkt Hildesheim, enables communication with customers on the sales floor during the shopping process. “Latent customer needs are awakened and conscious needs are intensified”, Hans-Christian Riekhof, one of the locandis managing directors, is quoted.
Link
Full article in Invidis
https://invidis.de/2022/06/kundenkommunikation-intelligentes-digital-signage-im-baumarkt/
More about the company locandis:
www.locandis.de
Locandis develops intelligent Digital Signage solution for Hagebaumarkt Hildesheim
Product information at the right moment in the right place: The Hagebaumarkt Stammelbach in Hildesheim has been communicating in real time with its customers since the beginning of May 2022 using the Digital Signage solution and a digital customer card from locandis. On the Digital Signage monitors, customers are presented with product information, pictorial advertising material, information about events or short videos.
“Internet trading has set new standards in terms of customer centricity. Anyone who shops on the well-known platforms quickly finds what they are looking for and also receives individualized offers. This is the benchmark for brick-and-mortar retail, especially when the range is large”, explains locandis Managing Director Prof. Dr. Hans-Christian Riekhof. The Digital Signage solution from locandis, which was developed in combination with a digital customer card as an app for the Hagebaumarkt Hildesheim, enables communication with customers on the sales floor during the shopping process.
“The use of such technology in combination with the digital customer card can close the evaluation gap to online trading”, explains Dr. Stefan Brinkhoff, CTO and Managing Director of locandis. “Based on the data obtained, the deployment of staff and the implementation of events and promotions in the market can be planned more precisely. All GDPR requirements are met when collecting the data.”
Complete press release
https://www.locandis.de/locandis-entwickelt-intelligente-digital-signage-loesung-fuer-hagebaumarkt-hildesheim/
Rising production costs force SMEs to optimize their pricing
The ongoing exorbitant rise in purchasing prices for energy and raw materials hits German SMEs hard. Companies should quickly get their pricing in order in the face of rapidly rising or fluctuating production costs – but how? This question is addressed by the Creditreform magazine in a current article. The business magazine for SMEs (Handelsblatt publishing group) publishes assessments by experts, including Hans-Christian Riekhof as a specialist for strategic pricing issues. One of his key statements: “Companies often approach pricing naively.”
Massive price increases threatening the existence of many companies
The situation is serious, the magazine quotes Stefan Ortolf from DZ Bank. Russia’s war against Ukraine is affecting a large number of medium-sized companies. With regard to the current situation, about 72 percent of the companies surveyed for a current Creditreform study consider the massive price increases to be the biggest challenge for SMEs this year. The situation does not tolerate any delay – companies must act quickly.
Pricing expert Riekhof: Some companies treat the topic of pricing completely naively – this is now taking its toll
Many managers have never seen such price increases. Today’s entrepreneurs often lack experience. As Hans-Christian Riekhof, Professor of International Marketing at PFH Private University of Göttingen and sought-after pricing expert, finds in his empirical studies, some companies approach the topic of pricing very professionally, but some also completely naively. “The latter is now taking its toll. Because those who have not defined a process to put their prices to the test once or several times a year and possibly adjust them, now lack speed, says Riekhof. ”
In addition, the wrong people often decide on price increases in many companies. There should be consensus across the department boundaries of product development, marketing, product management, sales, service, controlling about where to go in terms of price strategy, explains the pricing specialist”, who imparts strategic pricing knowledge and practical action options to managers in regularly held pricing seminars.
Link:
Full article in Creditreform magazine:
https://creditreform-magazin.de/finanzen/preise-erhoehen-pricing/
https://creditreform-magazin.de/finanzen/preise-erhoehen-pricing/
Screenshot: Creditreform magazine
Sales Marketing on the Communication of Price Increases
In times of the Corona pandemic and the Ukraine war, it is a difficult task to communicate price increases successfully. Under the title “Trapped in the Price Spiral”, the marketing magazine Absatzwirtschaft investigates the question of how brands can still succeed.
In the confusion of raw material shortages, tearing supply chains and record inflation as effects, it is becoming increasingly difficult for brand companies and retailers to adjust prices and to communicate this successfully. In answering the most important questions on the subject, the magazine also sought the assessment and advice of Hans-Christian Riekhof, Professor of International Marketing and expert in price management at the Private University of Göttingen.
Pricing expert Riekhof: Price controlling is underdeveloped in many companies
In response to the question of how marketing should accompany the communication of price increases, he assigns the task to marketing to announce increases and prepare end consumers for them. These messages would always also indirectly address competitors.
At the B2B level between manufacturers and retailers, the role of marketing is less. Here, marketing or product management must develop the line of argument, but the actual implementation of the price increases is the responsibility of sales, the pricing expert is quoted. Subsequently, good price controlling is required, i.e. the subsequent analysis of one’s own price strategy, “a function that is underdeveloped in many companies”, according to Riekhof.
Photo/Screenshot: ©Eva Vasari
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Links
Read the full article on absatzwirtschaft.de:
www.absatzwirtschaft.de/gefangen-in-der-preisspirale-233977
Read/download the full article as pdf:
https://www.unicconsult.com/wp-content/uploads/2022/08/Gefangen-in-der-Preisspirale-Absatzwirtschaft.pdf
Walsrode App: City relies on Multi-Retailer App
Press Information
Hamburg, April 13, 2022.
New Dimension in City Marketing: Walsrode App displays retail offers location-based on smartphones
One for all, all for one: With the “Walsrode App” for the city of Walsrode, visitors and residents will soon receive individual offers from local retailers as well as information about events and attractions directly on their smartphone. The Multi-Retailer App bundles information, services and coupons from participating retailers based on location and directly at the user’s location. The implementation of the app was initiated by Gronemedia, the publisher of the Walsroder Zeitung, and the city of Walsrode. On March 31, the “Walsrode App” was launched – and is now intended to build a bridge to stationary retail.
The user parks in downtown Walsrode – and is informed that her trusted hairdresser still has appointments available. The cinema visit is already planned – and just before entering, the user’s smartphone reports: “Today two tickets for the price of one.”
These are just two of countless examples of how analogue and digital experiences merge in the “Walsrode App”. Based on position data, visitors and residents receive push notifications about offers from participating retailers as well as information about events, retailers and shops, and restaurants in their vicinity.
For a shopping experience on site with added value
Many different shops and restaurants, a wide range of goods: This is what makes city centers attractive for strolling. But the share of e-commerce is growing and making it increasingly difficult to meet customer needs in stationary retail.
One answer, also for city marketing, are digital solutions like the Multi-Retailer App from locandis. It guides visitors via smartphone to attractions and offers and can be used for playful exploration of the city center in addition to delivering coupons, messages and invitations to city festivals, for example.
The daily information and offers are maintained by the editorial staff of the Walsroder Zeitung via a separate web frontend and sent out regularly via the app. In addition, users have access to background information, opening hours and price information. “With the “Walsrode App” we create a completely new shopping experience. The app builds a bridge between the smartphone and local retail,” says initiator and Gronemedia managing director Clemens Röhrbein.
Location Based Services: Online and offline merged
“The location- or target group-specific information of this new city marketing tool reaches visitors and residents exactly where they are,” says Prof. Dr. Hans-Christian Riekhof. Since 2018, the locandis managing directors and founders Prof. Dr. Hans-Christian Riekhof and Stefan Brinkhoff have been active in the fields of real-time location systems, so-called Real-Time Location Systems (RTLS), and Location-Based Services. Their idea: to enable visitors to access relevant information based on location and personal preferences. The users of the app could receive the messages either via a GPS connection in the city center, via Bluetooth using the locandis locators in the shops, or directly without the influence of the location.
Interested parties can download the app for free in the Google Play Store and in the App Store. It strictly adheres to data protection regulations and a multi-level opt-in procedure protects user data from data misuse during registration in the app. But even without providing personal data, the “Walsrode App” can be used. “Users then have access to offers and deals that are released for unregistered users. With a registration, however, they secure unrestricted access to all exclusive offers,” explains Stefan Brinkhoff.
Strengthening local trade
“Our goal is for the app to develop into a joint digital customer card from Walsroders for Walsroders,” says Clemens Röhrbein. For him, the advantages of this solution are clear. “Especially for smaller retailers, the app is a good opportunity to join a kind of cashback system, which due to high costs, such as with Payback, is otherwise only interesting for large companies.” In addition, the “Walsrode App” is intended to support stationary retail: “We don’t want a discount slingshot, but a small trigger in the moment of truth that brings about the transaction, the purchase.”
Digitization of Retail: Trade Magazine Reports on Solutions from locandis
On the topic of “Digitization of Retail”, the magazine Rundschau für den Lebensmittelhandel has now reported under the title “The Next Step”. The digitization of retail cannot be stopped, but it is less clear how the process must actually proceed in order to stay in the game as a retailer, and which technological upheavals will ultimately shape the shopping of the future.
In the course of the research for the article, the experts for suitable solutions around location-based marketing, indoor navigation, digital customer cards from the Hamburg company locandis were also asked for an assessment. Thus, the following is reported about co-managing director Prof. Dr. Hans-Christian Riekhof and locandis, among others.
Digitalization of Retail: Digital customer card with functions such as location-based marketing and in-store navigation
…With his company Locandis, Riekhof has now implemented a system in the Hagebaumarkt C.J.Wigger in Neumünster that could close all these gaps. “The basis is the digital customer card, which basically does the same as Amazon: it records what the buying behavior was in the past. And this card can then be connected with various functions, e.g. an in-store navigation and a location-based marketing, since I know when the customer is at which shelf.” This opens up completely new ways of marketing, because if a customer is e.g. in the confectionery department, it can be assumed that he is also interested in this product group – which makes him more receptive to tailored advertising at the scene…. “We digitize everything possible. Therefore, stationary retail should also digitally map the shopping process”, says Riekhof.
Links:
You can read/download the detailed article here as a pdf:
https://www.unicconsult.com/wp-content/uploads/2022/02/RUNDSCHAU-2202_Seiten-15-21.pdf