Unlocking value-based pricing excellence: crafting comprehensive insights and user-friendly tools for optimal recognition
Customer lifetime value, People & talent, Pricing, Technology & process
What they wanted
Recognising a significant need for a thorough and systematic understanding of the factors influencing optimal pricing, the organisation aimed to align this framework with the perceived value by customers.
Additionally, the objective was to empower the organisation to delve deeply into the determinants of various price points, thereby facilitating informed discussions with customers grounded in a comprehensive understanding of pricing dynamics.
What we did
We systematically constructed a comprehensive overview of all pricing determinants, encompassing product factors, customer considerations, and value drivers. This intricate analysis involved breaking down each driver into multiple levels.
Subsequently, a detailed examination of each pricing driver was conducted, facilitating the assignment of pricing parameters to each level within every factor. This meticulous process culminated in the development of a fully transparent pricing list and a coherent logic for defining optimal prices for each product.
What was achieved
Involving all key stakeholders throughout the process, we successfully fostered engagement through collaborative teamwork. This joint effort resulted in the development of a highly sought-after tool by the sales teams, facilitating a comprehensive understanding of pricing intricacies. Additionally, the tool has been designed in a user-friendly format using Microsoft Excel, ensuring accessibility for all without the need for additional complications related to IT, applications, or account management.