Product and Pricing Strategy
While technology has made gauging market interest and response infinitely easier, the ultimate end-goal of a transformational product strategy remains the same: to introduce highly profitable new products and services.
New products and services are the lifeblood of a company, but identifying and optimizing meaningful innovations–products and services that are not only appealing, but also highly profitable–is extremely difficult. You need to get a product and pricing strategy in place that will minimize risk and maximize growth.
Our research and modeling tools enrich decision-making about features, benefits, pricing, and marketing planning with a full understanding of bottom-line implications. We bring experience working with companies at all stages of the product strategy development process to:
- Generate ideas and discover new opportunities
- Configure the most profitable combination of features and price
- Test alternate concepts in terms of sales potential, not just appeal
- Develop a marketing plan that supports product strategy success
- Forecast performance
We can also assist you in determining the optimal price of a previously-configured product or service concept. To do this, we investigate exactly what forces influence your target customers and plan accordingly. We use our Concept EngineeringSM tool to analyze the product/service’s tangible features, its intangible benefits, the target’s price sensitivity, and return on investment.
The end result of our product and pricing strategy work is a fully-configured, highly profitable product or service concept and/or pricing recommendation that represent the best opportunity for innovation and market expansion.
Product and Pricing Strategy–Our Tools and Solutions
- Interactive ideation
- Profit-focused product/service design
- Product/service testing
- Price testing
- Portfolio optimization
Innovation Copernicus created Concept EngineeringSM, a modified form of multiple trade-off analysis, to make it possible to test hundreds of thousands of different combinations of product/service features and benefits, including price, to identify and describe the financially-optimal product and/or service strategy.