In the realm of market research for pricing, avoiding common pitfalls is essential to deriving true value from the endeavor. The test for market research for pricing success lies in its ability to confidently guide companies toward improved pricing strategy, steady growth, and increased profitability. In this article, the author outlines ten common failures associated with pricing market research and provides best practices for both avoiding these pitfalls and also developing actionable, insightful research for your pricing operations.
MaxDiff is a versatile and powerful research technique that can provide valuable insights for new product development. By understanding its theoretical underpinnings, advantages, and applications, as well as the challenges and limitations, researchers and product developers can effectively leverage MaxDiff to make informed decisions and create successful products that resonate with their target audience, as the author explains.
Using the standard volume hurdle equation allows a pricing professional to calculate the volume hurdle required for both price increases and price decreases. However, this volume hurdle analysis only considers pure price changes, where nothing changes but the price. It does not take cost changes into account. In this article, the author explains how to expand this equation to account for changing costs, which is a critical consideration for pricers in the current economic environment.
Many companies fail to earn the full value of their profits because their pricing strategy is not based on the actual decision-making process customers attribute to the product. Pricing studies can provide some help, but they are only the first step on the path to behavioral pricing, as the author explains.
The Professional Pricing Society’s December 2020 survey of pricing professionals received 752 responses from a cross section of industries across the globe. PPS conducts surveys with the hope that this information provides a good synopsis of where pricing stands as a career option while also providing a good demonstration of pricing’s status in the business world. For more information, please email firstname.lastname@example.org.
This case study outlines how to implement value pricing approaches in the difficult process of pricing a new pharmaceutical product. The process implemented in this project enabled the client to achieve market access in the US and the EU5 (Germany, France, UK, Italy, Spain) for a first-in-class, ultra-orphan oncology therapy.
In this article, the author demonstrates the use of Design-to-Value (DTV) and Cost Integrated Conjoint Analysis as an approach for delivering winning product pricing strategies with high value to cost ratios. This article draws upon recently completed pricing consulting projects to illustrate the effectiveness of this approach.
Back in 1597 Sir Francis Bacon opined that knowledge itself is power. And with the correct data, analytics, and a framework of key processes, it’s possible to leverage the knowledge of what a market competitive price should be to avoid overspending, as the author explains.
Now, more than ever, brands that are maintaining a competitive edge have adopted an agile approach to pricing research. They have shifted their insights strategy to keep a finger on the pulse of consumer behavior now and in the near future, as the author explains.
The COVID-19 pandemic is causing global economic uncertainty and pricing challenges that are changing daily. One of these challenges is the need to continue to engage with customers to answer near and long-term pricing strategy questions. But will customer research be reliable during this time? The answer is yes, according to the author, who believes that customer research during the COVID-19 crisis can still produce reliable results when carefully implemented.