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Latest Pricing Insights

PriceBeam is a Proud Partner of Mark Peacock

Posted by PriceBeam on November 6, 2018
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PriceBeam is a Proud Partner of Better Pricing Australia

Posted by PriceBeam on November 5, 2018

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10 Ways Price Research Can Help Getting Price Increases Through

Posted by PriceBeam on November 2, 2018

The end of the year remains the time where many businesses plan and execute price increases for the coming year. By how much, when and what product or market scope are then key questions. By getting market facts through price research instead of guessing what are the best areas to increase in, companies can improve the likely success of such increases tremendously. It can help a business get a firm grip on what product features are more important, what customer are willing to pay for a certain product or service, and analyse what competitors are charging for their products. 

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Topics: pricing research, price increase, Pricing, Pricing Strategy

PriceBeam is a Proud Partner of Pricing News

Posted by PriceBeam on November 1, 2018

 

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Topics: Pricing

Tariffs and Their Impact on Pricing Strategy in the US

Posted by PriceBeam on October 30, 2018

2018 has been a year where tariffs were a key topic in the news. The US government imposing tariffs on Chinese goods and the Chinese government doing the same to US goods had and will continue to have serious ramifications for businesses. Even though the first round of these tariffs were for steel and aluminium, consumers buy many products that contain steel or aluminium, which also drives the price up of ordinary consumer goods. Tariffs impact consumer goods the most and businesses are left with a tough decision to either hike the prices of their products or reduce their profit margins. This will result in a decline in retail volumes for many companies, with companies such as Pepsi and Coca-Cola having to raise prices for the consumer side in order to cope with the extra costs. Tariffs have seen the average cost of washing machines in the US jump by 17%.

These tariffs imposed by the Trump administration will impact two types of companies:

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Topics: tariffs, fmcg, price increase, PriceBeam Updates, Profit, Pricing Strategy, willingness to pay, international prices

Brexit and its Impact on Price Increases

Posted by PriceBeam on October 26, 2018

 

The 29th of March, 2019, the day the United Kingdom officially leaves the European Union, is fast approaching. It is important for businesses to know the impacts Brexit will have on pricing for their products and how they can prepare for post-Brexit. Food prices are expected to go up after Brexit and some have even encouraged the government to cut tariffs on international products. Adding to that, a "no-deal" Brexit could have huge consequences for businesses as they risk potentially going bust in the event of no trade deal being secured. Despite this, some companies can actually gain from Brexit if they know how to retain their customers when the prices will be impacted by Brexit and thus become out of sync with consumer/customer willingness to pay for certain goods.

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Topics: price increase, international prices, fmcg, globalization, PriceBeam Updates, willingness to pay, brexit, tariffs

5 Ways Price Research Can Support Marketing Budget Decisions

Posted by PriceBeam on October 23, 2018

Marketing teams face annual budgets for their various investments in brand equity creation, product development, promotions, advertising and much more. Price research can contribute in a number of highly valuable ways when it comes to these decisions.

1. Understand if the brand (or individual product) is considered over-valued or under-valued by the customers: Willingness-to-pay research is a great indicator of how much value customers associate with the brand in comparison to the current price. Take an example like this chart from the PriceBeam solution:

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Topics: Marketing

7 Areas Where CPG/FMCG Manufacturers Can Use Price Intelligence to Optimize Revenue

Posted by PriceBeam on October 12, 2018

What should the price be for your existing line of products? Are customers willing to pay more than they pay today? Are consumers willing to pay more for brand extensions or entirely new products? What should be the optimal price for different markets? How do you implement the planned price increase? What would be consumers' reactions to different (price) promotions?

CPG/FMCG brand teams face a myriad of decisions related to pricing their brands and individual SKUs, be it existing or new products. Research shows that there is considerable profit improvement potential by collecting price research among consumers and applying those insights to the pricing of both individual items and across an assortment.

In this upcoming webinar we look at different methods for collecting actionable price intelligence through primary consumer research, and how to use those insights in different situations such as:

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Topics: webinar, price research, cpg, fmcg

Price Optimization Tactics for Startups and Scaleups

Posted by PriceBeam on October 11, 2018

What should the price be for your main product or service? Are customers willing to pay more than they pay today, or are new customer segments willing to pay more than existing customers? What should the price be when launching into new markets?

As a Startup or Scaleup CEO there is often thousand of things to work on, and pricing either gets overlooked or prices are set too low to be on the safe side. However, research shows that Startups and Scaleups can improve their prices between 30% and 100% without losing any significant number of customers, by applying scientific and systematic price optimization techniques. In other words make a lot more profit for themselves and for their investors.

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Topics: pricing research, start-up, venture capital

Using Price Research to Increase Prices

Posted by PriceBeam on September 18, 2018

As we are approaching the last quarter of the year many companies look at increasing their prices for the coming year, in particular in B2B industries with cyclical negotiation cycles. But price increases are not always easy to implement and more than half of all price increases either fail outright or get neutralized by heavy discounting.

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Topics: price increase, price research