Pricing New Products
Pricing New Products
When launching a new product or new product version, the importance of price cannot be understated. Setting the price right will not only make sure that the new product generates as much profit as possible, it will also be of paramount importance to maintaining brand health and positioning the product, both for the new product and other products in the portfolio.
The right price for a new product or product version is one that is aligned with the target group’s willingness to pay. For a new product, this can be daunting as there is no historical data or consumer insight to use for determining this willingness to pay, and moreover, it is difficult to anticipate what target group will value the product the highest, and consequently pay the highest price.
What We Do
PriceBeam provides the answers to these questions. Through data-centric pricing research, our software measures the willingness to pay of a segment of your choosing, which you can subsequently use to identify the price point that will generate the most profit. Moreover, PriceBeam Advanced allows you to measure willingness to pay for various segments so you can see what segment will pay the highest price for your product.