Pricing a new product is complex and pricing a new offer during the COVID-19 outbreak is even harder, especially as market research may not be accessible or reliable. In this article, the author outlines the possible challenges that may develop when conducting research for a new digital product during this time period, potential solutions to address and minimize these research challenges, and pertinent feedback from the front-line respondent recruiters and market research panel companies who are conducting research during the COVID-19 crisis.
Decision makers need a clear roadmap for integrating pricing into the New Product Development (NPD) process. This paper provides a roadmap for how best to integrate pricing in the new product development process, including timing of execution and methodologies and resources to deploy.
The question of how value should be split arises repeatedly in customer-value-centric organizations. It should be addressed in a thoughtful and systematic way. When building a product development or launch plan, teams debate feasible pricing ranges based on capturing value. Product teams who incorporate value into their discussions indicate that it helps them understand their positioning better and that it makes their decision-making customer-centric. In this article, the author presents several approaches to framing the value-capture questions and developing effective value-pricing strategies.
Nothing ventured, nothing gained: Companies need to innovate not just to stay ahead, but to even survive competition. Despite this however, the failure rate for innovations is shockingly high: Nearly three out of four new products or services miss their revenue and profit goals. How can you make sure your innovations succeed?
All new hit innovations need a winning price. But having never priced the product before, how do companies know what to put on the price tag? In this article, author Jan Haemer discusses conditions and success factors in deciding between two pricing strategies for new products: skimming and penetration pricing.