We are excited to announce a new PriceBeam webinar about how to take pricing into consideration sooner in the product development process and thus developing new products or services that better match what the market is demanding and is willing to pay for.
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:
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.
A question very often asked about price research is who uses it or benefits from it in an organization. The first answer is typically either "Marketing" or "the pricing manager", and they certainly can use the insights generated by price research. But in many cases, price research can also help sales people in various ways:
That value-based pricing offers a great avenue to strong prices and significant profits is probably clear in many pricing practitioners' minds. But what is also important to remember is that a value-based pricing strategy should be data-driven: data about customers' willingness-to-pay. Data about value drivers. Data about customer segments. And not just a single global set of data, but for each market where the product or service is sold.
Prices can be set and optimized using many different techniques. In this upcoming webinar we will look at how price research can boost the price optimization process and achieve superior results. Recent PriceBeam projects have shown that companies often underestimate their pricing power by 20-30%, especially when it comes to new products in existing businesses, or launches of start-up companies.
Topics: price research
We are excited to announce three upcoming webinars in June:
- June 5th: Pricing Right Made Easy - Optimizing prices with research: learn about how to use price research when setting prices, including using different research methods. See how segmentation along customers' willingness-to-pay can drive superior profits..
- June 12th: Value-Based Pricing foundation done right: Conjoint Analysis: Build a solid foundation for your value-based pricing strategy by implementing regular price research using conjoint analysis. Understand value-drivers and differences in willingness-to-pay.
- June 19th: Increasing prices more efficiently with research: price increases are sometimes difficult to implement. In this webinar we look at how you can become more efficient and achieve a higher proportion of the price increase potential through price research.
You can learn more about each by clicking on the links and signing up. Once the webinars are live you will receive an email with a personal link to watch the streaming video, at your time and convenience.
Take the Guesswork out of Pricing
Do you have the right price for existing products or services? Do you know what the price should be for a new product yet to be launched? Are your customers willing to pay more for a given set of benefits? If you measure willingness-to-pay scientifically you will be able to answer all of those questions. Yet, still 88% of all companies admit that their pricing process is at least in part based on guesswork, without knowing what customers value and how much they are willing to pay for an overall product, or for a given set of features.