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Getting your pricing strategy right is key
– and this is especially the case when economic conditions
are tough
We can help with a range of questions such as;
- how I should I price
a new product?
- where are the critical thresholds?
- how much will a price increase drive my profitability?
- how much will a price cut increase my share?
- what is the most powerful combination of price and promotion
type for my brand / category?
We use a variety of techniques; for example
Van Westendorp to look at price expectations for a new product
and choice based conjoint to look at the impact of price changes
to an existing brand. We also use conjoint to optimise new
product packages
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These techniques are widely used but where
we at Engage really add value is interpreting what the output
means in the real world. Increased preference or ‘share’
in a conjoint model does not necessarily mean that that increase
will be seen in the market. Our experience has identified
a number of category characteristics that help calibrate the
output and increase the predictive power of these techniques.
To learn more, take a
look at our knowledge bank
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