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.