New Product & Service Pricing

Don't let your value become obsolete.
Businesses need to effectively commercialize innovation to ensure you continue to deliver relevant value to your customers. It is critical not only to innovate but also to create go-to-market strategies that accurately reflect your value and your customer’s perception of your value.
New product or service pricing is more than just setting a price. It’s best to consider your relationships with customers, channel economics, competitive positioning, product portfolio positioning, and commercial models alongside margin and business growth goals. INSIGHT begins with market intelligence to capture critical data such as:
- Competitive Landscape such as market position, market share, and competitive pricing
- Customer Intelligence such as purchasing criteria, price sensitivity, and barriers to switching
- Market Dynamics such as market sizing, commodity price trends, and industry market drivers
Once customers, competitors, and market dynamics are understood, INSIGHT develops a tailored commercial strategy to take your new product to market successfully. This includes:
- Target segments and associated value proposition
- Product design and bundling based on features, functionality, and end markets
- Commercial strategies such as market-relevant pricing, discounts, and policies
- Marketing strategies throughout the product lifecycle
To best ensure scalability and sustainability, INSIGHT partners with your team to implement your pricing and commercial strategy through running pilots or phased rollouts, meticulously measuring results, and establishing a reliable feedback loop to ensure desired outcomes.
Common Challenges
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The Right Price
Getting new products into the market at the right price, to the right customers, via the right channel(s) is critical to get right and difficult to recover from if not executed effectively.
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Customer Relationships
New products are an ideal occasion to rethink your relationships with customers. Who is your ideal customer? What are their behaviors and preferences? How do you incentivize and communicate value? These should all be considered in your go-to-market strategy.
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Competitive Positioning
How does your product compare to competitive offerings when it comes to price, pricing structure, availability, packaging, features, brand position, customer perception, and more? New product and service pricing requires in-depth market intelligence to derive a value-based pricing strategy that reflects your unique differentiation and customer sentiment.
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Product Lifecycle
From new product introductions to sunsetting features or brands, pricing should be optimized throughout the product lifecycle, considering changes to product features or positioning, as well as market appetite and business growth objectives.
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Innovation
Innovation is one of the key profitable growth levers any business has. How can you innovate your offerings to meet customer needs, differentiate effectively, and meet margin growth plans?
Meet Our Experts
With over 250 dedicated pricing strategy experts, our team helps businesses achieve profit and EBITDA growth through our process proven on over 800 engagements since our founding in 2006.
Andy Voelker
Andy is a Principal at INSIGHT2PROFIT bringing over 20 years of strategy consulting experience, specializing in pricing, analytics, strategy and operations. He has led numerous B2C pricing and commercial strategy engagements at INSIGHT and has deep retail experience as an operator.
Prior to joining INSIGHT, Andy spent 10 years at Ace Hardware, where he held multiple leadership positions encompassing all aspects of cost/price management and analytics to support the merchandising organization. Prior to joining Ace Hardware, Andy spent 10 years in Accenture’s retail practice focusing on pricing and promotion strategy and operations.
Examples of Andy’s experience include:
- Built a team of 16 analytical professionals focused on managing wholesale and retail profitability through analytics and cost/retail management
- Led a complete redesign of cost change management process, technology and reporting, leading to greater efficiency, accuracy and visibility
- Effectively navigated an entire organization through tariffs, pandemic-related pricing and supply challenges, and historic rates of inflation, all while growing profitability and maintaining competitiveness
- Led a team of more than 35 professionals focused on improving productivity of retail model through store planning, space and assortment planning, retail pricing, power aisle, store environment and GNFR
Andy earned his B.S. in Chemical Engineering from the University of Illinois at Urbana-Champaign.
Charles Lukkes
Charles is a Principal at INSIGHT2PROFIT, leveraging over 25 years of pricing experience in both industry and consulting services. He has driven price realization and building pricing capabilities across a multitude of clients. Charles has experience in developing and leading price realization strategies across multiple organizations with revenues exceeding $1B during his tenure as a consultant and industry practitioner.
Prior to joining INSIGHT, Charles worked for Booz & Co. as a general management consultant developing and implementing pricing strategies and capabilities globally. He also created and led strategic pricing teams for several large consumer packaged goods companies, building capabilities and price strategies from the ground up.
Examples of Charles’ experience include:
- Established pricing teams, processes, analytics and governance for a large food/snack manufacturer in the U.S. and Australia/New Zealand; developed pricing strategies across the portfolio, achieving +3% price realization while mitigating channel conflict
- Provided a price quoting tool for an industrial client in the U.S. and Europe that incorporated key value drivers of new products, enabling the client to capture more value from new offerings driving substantial revenue improvement
- Developed a new pricing strategy for a software provider that resulted in a +30% increase in revenue by capturing true value provided to their client’s versus selling, transitioning from a software license to subscription model
Charles earned his MBA and B.A. in Finance from the University of Chicago, Booth School of Business.
Chris Gougler
Chris is a Director of Private Equity at INSIGHT2PROFIT, with 9 years of professional experience with the company. He began as a Business Analyst and has progressed through roles including Associate, Consultant, and Manager of Business Development.
Chris specializes in pricing and profit strategy, account leadership, and generating new sales opportunities. His track record demonstrates his exceptional talent for relationship building, leveraging advanced analytics and strong interpersonal skills to drive client success.
Prior to joining INSIGHT, Chris worked for the State of Illinois where he managed State and local political campaigns.
Chris earned his MBA in Marketing and Statistics from George Washington University and his B.A. in Political Science from DePauw University.
James Padget
James is a Director at INSIGHT2PROFIT. He has 10 years of experience in strategy consulting, pricing and commercial strategy consulting, and corporate & commercial strategy roles. He specializes in pricing strategy & commercial excellence with a diverse industry background spanning both B2B and B2C sectors, both as a consultant and industry leader. James takes the lead on several projects within INSIGHT’s portfolio, with typical client engagements ranging greater than 1 year.
Prior to joining INSIGHT, James served as a Director of Pricing Strategy at The Home Depot and Consultant at the Boston Consulting Group. Additionally, he worked in Corporate Strategy & Business Development at ADP and Strategy & Analytics Consulting at IBM.
Examples of James’s experience include:
- Led a project for a B2C graduation supplies company, achieving $10M EBITDA improvement in 6 months through value-based pricing, market surveys, competitor web price scrapes, and transaction data
- Directed a $30M pricing excellence strategy for a $1.5B B2B seller of uniform and facilities supplies, addressing margin leakage, price variance, cost headwinds, and commercial gaps
James earned his MBA in Decision Sciences from Duke University, Fuqua School of Business, and a B.S. from Georgia Institute of Technology, where he graduated Summa Cum Laude.
Tom Jacobson
Tom is a Senior Advisor at INSIGHT and partners with C-Suite executives to architect major pricing and commercial strategy transformations, bringing deep expertise in digital commerce, negotiations, and customer and market analytics. A globally recognized thought-leader, author, and key contributor to several books including Selling Through Someone Else, The Oxford Handbook of Pricing Management, and Contextual Pricing, Tom is frequently cited in the press for his perspectives on consumer behavior, price, and luxury. Tom brings a unique perspective to his work, and trains client leaders and sales teams on mastering the role of brain chemistry in negotiation effectiveness.
Prior to joining INSIGHT, Tom spent 15 years as the global leader of Accenture’s Pricing and Commercial Strategy Practice and was a member of the NA Leadership Team of CEO and Growth Strategy. He served in an executive role at a price and profit optimization software company and has held various leadership positions in consulting and industry.
Tom has a graduate level education in both Psychology and Finance/Strategy.
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