Revenue Growth Management
Revenue Growth Management (RGM) Study is a combination of two of PriceBeam’s most popular studies which are Comparative Willingness-to-Pay (CWtP) and Value Attribute (VA) to give customers the possibility to solve multiple challenges in a single study. RGM will enable customers to understand consumers’ Willingness-to-Pay for a product as well as the biggest deciding factors when faced with a choice.
PriceBeam RGM Study is part of the PriceBeam RGM360 Solution
What is an RGM study?
RGM integrates scientific methodologies like Comparative Willingness-to-Pay (Van Westendorp, Gabor Granger, Newton-Miller-Smith) and Value Attribute (Choice-Based Conjoint), alongside Machine Learning, to refine and enhance its models continually. This robust approach provides comprehensive insights across entire market samples, while also offering the capability into specific segments such as channels, retailers, and demographics.
Achieve your revenue goals
Businesses can gain valuable, tailored insights that enable them to adjust their pricing strategies effectively to meet distinct market needs and maximize their growth potential. RGM will unlock consumers' biggest driver when faced with a choice, highlighting the importance of key elements of a product, and allowing the customer to use the market simulation tool to test multiple scenarios (current or conceptual). It will also provide psychological price points, price cliffs, and pricing thresholds.
Challenges it Solves
An RGM study will provide psychological price points, price cliffs, and pricing thresholds. It can help solve challenges such as;
New Product Pricing
Do you need to price a new product or service? What is the optimal price? An RGM study uses market simulation and customer willingness-to-pay models to determine optimal pricing for new products.
Value Driver Assessment
Understanding what factors (value drivers) influence a customer's decision to pay more or less for a product. An RGM study can identify and quantify what customers value the most.
Price Increases
How do you implement a successful price increase? How big an increase can your brand justify? RGM study assesses customer price sensitivity to price changes and willingness-to-pay.
New Concepts
Pricing new concepts or innovative business models (such as subscription services or digital offerings) is challenging. RGM helps businesses explore different pricing models and run simulations to find the most profitable and scalable approach for new concepts.
Competitive Choice Analysis
What should the price be vs competition? A competitive choice analysis helps businesses understand how their product stacks up against competitors in terms of price and value.
Market Simulation
It's challenging to predict how changes in pricing or market conditions will affect. RGM studies can run market simulations using data from various factors (customer behavior, economic conditions, competitor moves) to model the potential outcomes of different pricing strategies.
Who is an RGM Study for?
RGM Team
Revenue growth teams will benefit from using an RGM to help with pricing strategy, price architecture, price planning and execution.
Innovation Team
An RGM study will help innovation teams with the development of products and understand how consumers will react to any new product development or concept.
Insights Team
The insights team benefits from an RGM study as it makes it easier to run pricing insights and provides the organization with detailed robust reporting.
Marketing Team
Marketing teams will benefit from RGM studies to help identify value perception of products/services.
Industries that benefit from an RGM study:
FMCGs/CPG
Beverages
Apparel
Cosmetics
Home Care
Food
Pet Food
Consumer Electronics
Veterinary Products
Consumer Goods
Services
Technology
Achieve your RGM goals
Holistic Approach to RGM
PriceBeam uses a holistic approach to achieve your revenue goals by integrating pricing, product, promotion, and various strategies across the organization to optimize all the factors that drive revenue growth. This approach provides users with a complete 360-degree view of revenue.
Advanced Insights
Leverage the power of data. Simplify data management with automated systems that load your data into a data repository, reducing manual input errors and increasing efficiency. Use world-class reports provided by PriceBeam experts to identify price opportunities or revenue issues.
Speedy Global Delivery
Results are available in as little as a day and never more than a few weeks, regardless of complexity. PriceBeam's cloud platform also delivers results 24/7 Globally in 127 markets.
Resources
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Case studies
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