Monetization and pricing strategy
At Pricing Innovations, we have developed a proprietary approach to pricing that is specific to the needs of your business and the dynamics of your space. Below are our guiding principles to our approach in pricing:
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More science; less art in pricing
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Validation at every step
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Alignment of pricing with the key growth goals
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Alignment of pricing with the other key business structures: product, offer, and cost structures
Our pricing services are the best fit for pricing a new product and/or service, implementing a price increase, changing your revenue models such as into recurring revenue or SaaS, and transforming your revenue metric. Tell us what you're working on, we're sure we got you covered.
Data and business analysis
We will first send over a data request detailing the key knowledge and relevant business data. This qualitative and quantitative data analysis will be key to aligning our guiding principles and baseline assumptions as we build our your value model and identify on which growth levers to focus our work.
Competitive analysis, value mapping, and field testing
Next, we will conduct qualitative research with your customers and non-customers. We will identify and evaluate your pricing opportunity, and design 2-3 pricing plans to test and validate in the field. In our wheelhouse are 20+ price testing methods from monadic price testing to conjoint analysis and all the way to full market simulations
Product and offer structure [re]configuration
We will next help you [re]configure your product, service, and offer structures to establish segmented and value-based pricing. We will market test the optimal pricing metric(s) for long-term growth, determine the right caps and fences to drive the right adoption behaviors, and set up mobilization triggers to maximize customers' lifetime value.
New pricing implementation and go-to-market
Implementation is the most underestimated and overlooked area of pricing innovations. We will support you every step of the way as you align product, marketing, sales, finance, and business operations for successfully implementing your new pricing. An effective migration strategy and a good pricing communication plan are also instrumental in long-term monetization success.