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Veterinary Products Pricing

The nature of pet ownership is changing relative to previous generations, elevating their status within the family unit. Therefore, greater attachment leads to greater willingness to pay for our animal companions, to assure their well-being, and to associate with brands that share the mindset of their owners. Price optimization for veterinary product brands is an area where PriceBeam has long experience and expertise.

veterinary

Challenges in Veterinary Products Pricing

 

Price optimization for veterinary product brands is an area where PriceBeam has long experience and expertise. Veterinary product brands are becoming increasingly transparent about costs, due to an increase in demand for transparency from customers in terms of product costs and ingredients, and this leads to a greater need to find the optimal price for your pet-related products. Higher prices often confirm pet owners' expectations for product quality and corporate authenticity.

Segmentation.

It can be a challenging task to understand your target market and what products they will buy. Therefore it is necessary to segment pet owner consumers and market pet-related products to them strategically. 

Spending Habits.

The priorities for spending on veterinary products are changing according to the current trends of living a healthy lifestyle. For example, ethical and "green" products are becoming increasingly sought after in pet-related products also.

How PriceBeam Brings Value                                   Find out more →

Price Positioning & Strategy
Setting the overall price position against other products in the assortment, or against competitors, is always a key challenge in Vet Products. 
 
New Product Pricing

Understand consumers' willingness-to-pay for new products, and use such insights to optimize prices when launching innovative products.

 
 
Market Launch Pricing

Setting the right prices when launching into new markets is often a challenge for Vet Product companies. PriceBeam helps understand market differences and sets optimal price points for each. 

 
Assortment Optimization

Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range. 

 
 
Value Communicate

Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay. 

 
 
Price Increase

Prices should not be static.  It is best practice to adjust prices upwards regularly, at least in line with competition and inflation, but often also higher thanks to brand innovations.

 
International Pricing

Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly.

 
 
Promotional Optimization

Understand consumers' potential reaction to different promotional mechanisms or discount levels, and optimize the overall revenue. 

 
 
 

How Does It Work?

PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.

Define offering & target market

You describe your product/service on our cloud-based platform. You also define the target market to research.

Create Market Research

We add all the research details, statistical setup, etc. so you don't have to worry about it.

Conduct Market Research

We collect responses about the given product/service in the defined target market.

Analysis & Results

The results are aggregated, analyzed and presented in our cloud-based solution.

How It Works

Why You Should Choose PriceBeam?

PriceBeam delivers strong value on a number of fronts, which is why our clients choose us.

Scientific Results

PriceBeam's studies ensure statistically significant results about willingness-to-pay.

Fast Insights

Results as fasts as 48 hours in B2C and 1-2 weeks in B2C.

Immediate Value

1% change in price delivers 11% improvement in value for the average company.

Easy to Use

You define the product and target market. PriceBeam takes care of the research and statistical details.

Global Reach

PriceBeam studies can be run in 127 countries. PriceBeam takes care of the localization.

Cost Effective

Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research.

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