Launching a new product, whether you are in a startup or a well-established corporate environment, can be a daunting task. Everything from product development to marketing materials, sales training, customer communication and pricing comes in play. One of the biggest determinators of success is getting pricing right: price too low and the profitability is broken, plus it is almost impossible to later increase the price (substantially). Launch at too high a price and you may not sell enough to get off the ground.
This is the time of year when many companies are planning or executing price increases for the new year. Some are successful and reap considerable improvements in profitability. Others have difficulty in making the price increase stick. And others simply fail to implement a price increase.
Over many years working in the pricing industry, I have seen a number of things that successful companies do when it comes to implementing the price increases. Here are some of those insights.
Today, PriceBeam announced a change in ownership from its 3-party joint venture structure into a structure where 100% of the shares are owned by one of the original partners, Helmo Ltd. The change is only in the corporate holding and PriceBeam will continue to offer all the same services within pricing research and willingness-to-pay analysis as before. All services will remain on offer in the same 70 countries globally, including most countries in Europe, Americas and Asia Pacific.
Chairman, PriceBeam Ltd.
If you have any questions, please do not hesitate to contact me on finn at pricebeam dot com