What Do Value-Based Pricing Consultants Do?
Value-based pricing consultants help companies develop and deploy a value-based pricing strategy. Within the strategy, they define who the customer is, what their needs are, and how they perceive the value of products on offer. By establishing correctly set linkages between value and pricing, value-based pricing experts help shift a company from less profitable pricing strategies like cost-plus and competitor-based pricing.
Value-based consultants also assist companies in regaining control over prices, especially in cases where competitor pricing pressures lead to unhealthy pricing practices. Through their input, they help companies develop pricing frameworks that capture value better. They also help influence product development and marketing to create and promote products from a value-based perspective.
Most In-Demand Services of Value-Based Pricing Consultants
Why Hire Value-Based Pricing Consultants?
Hiring value-based pricing consultants enables a company to extract more value from its customer base, which leads to higher profitability. Companies that benefit from value-based pricing consulting are those that are either using other less-profitable pricing strategies or those introducing new products to the market. By hiring value-based pricing specialists, companies avoid costly pricing mistakes associated with setting prices too low or too high. By harnessing customer and market data, value-based pricing consultants help companies implement pricing best practices, enhance product competitiveness, and maximize profitability across all product lines.
Moreover, value-based pricing consultants offer crucial insights and support in the following areas:
Switching to Customer-focused Pricing
Companies can avoid harmful competition-based race-to-the-bottom pricing practices by switching to more profitable and sustainable value-based pricing practices. Value-based pricing consultants help companies make this transition by providing deep customer experience research, extracting value-related insights, and using this to create a compelling value-based pricing strategy. Leveraging this strategy, companies can realize higher profits and growth while differentiating their products from competitors.
Profitable Product and Feature Discovery
Value-based pricing experts help a company identify its most profitable value-based products and features. Through intensive product research, they help surface key products, features, and use cases that drive the value that customers care for the most. From these insights, they help companies focus profit maximization efforts like marketing and product development on valuable features. Conversely, this data also points to features that customers do not find useful, information that helps a company avoid investing in low-impact products and features.
Pricing Framework Development
Value-based pricing consultants help companies develop profitable and sustainable pricing frameworks that sidestep common pricing mistakes. These frameworks contemplate questions like what the customer needs, how the product or feature maps onto the need, and how valuable the customer perceives a solution to be. By helping a company adopt frameworks-driven pricing practices, value-based pricing consultants help take the guesswork out of setting prices, for both existing and new products.
Value-based Profit Maximization
Value-based pricing delivers the highest possible profitability, a reality that value-based pricing consultants help companies achieve. They perform in-depth customer research that provides insights on how much value customers place on the different needs the products meet. If these needs are not fully satisfied, they can suggest feature or product enhancements that allow a company to charge more, hence unlocking even more value and profits from existing product and feature lines.
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