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?
The purpose of this paper is to briefly present the two commonly-used business model canvases and to introduce the Pricing Model Innovation Canvas that can be used by pricing, innovation, and marketing teams to better frame their pricing model(s) and to make better pricing decisions.
Pricing innovation can be a highly complex decision and one of the more challenging tasks marketers face. This is especially true in the MedTech industry, as the author explains. Although focusing on the MedTech industry, this article provides pricing advice that can be valuable to pricers in multiple markets.
In this article, the author breaks down the three critical steps in the Innovation Pricing Process: internal research with economic value to customer, external research with voice of customer, and pricing strategy decisions.
The purpose of this short essay is to make the case that good pricing starts with a front-end-of-innovation (FEI) that is clearly focused on customer value.
Flat rates are among the most important innovations in pricing. With flat rate systems, a customer pays one-fixed price per recurring period and then can use a product or service for as much as he/she wants within that paid period. This pricing system works well for some industries but, as the author explains, can cause problems for others if not used wisely.
Companies that are quick to adopt new pricing models, or innovate new pricing models themselves, often see rapid growth and development. Unfortunately for the manufacturing industry, pricing innovation has been largely absent in the recent past. In this article, the author explores some growing trends in technology that will help pricers in the manufacturing industry adopt new and competitive pricing tactics.