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.
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.
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.
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.
Price Positioning & Strategy
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 in Veterinary Products companies. PriceBeam helps understand market differences and sets optimal price points for each.
Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range.
Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay.
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.
Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly.
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.
Why You Should Choose PriceBeam?
PriceBeam delivers strong value on a number of fronts, which is why our clients choose us.
PriceBeam's studies ensure statistically significant results about willingness-to-pay.
Results as fasts as 48 hours in B2C and 1-2 weeks in B2C.
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.
PriceBeam studies can be run in 127 countries. PriceBeam takes care of the localization.
Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research.
Let's get you started
Book a call with one of our experts and see how we can help your brand.
Check out our latest webinars and guides.