Have you created an innovative product or service but are unsure of how to sell it? Our market insight will enable you to adopt the best position among your competitors.
Successfully releasing a new product onto the market is a challenge; your organisation has one chance to make the best possible first impression! Does your product appeal to its target customer group? At what price point are they willing to pay? These are some of the questions which we will analyse for you as part of a market positioning project. The Young Consultant investigates a variety of crucial aspects.
In consultation, we determine which aspects are relevant for your organisation. By collaboratively determining the research proposal at the start of the project, our final recommendations at the culmination of the project are tailored to your needs.
The target group
We begin by determining the target group, making them the focus for subsequent analysis. We may create profiles for the different groups which often vary by age, location, gender etc. This overview helps you to focus your product on their needs.
In general, the optimum price is determinable through three approaches:
- How much is the consumer willing to pay? The maximum price may then be set in consideration of this customer preference.
- How much does the production of the product/service cost? By factoring in a profit margin, the sales price may be determined.
- What are the prices of your competitors? Your price can then be strategically determined in comparison to these values.
Where appropriate, a combination of these approaches may be utilised to develop a complete picture in terms of pricing. The application of these approaches to different target groups also enables the creation of different pricing strategies tailored to each customer segment.
Pay for ownership or for use?
Finally, it is important to consider payment structures. Is payment offered once for infinite use of the product/service or on a subscription basis? We derive the answer to this question through interviews and surveys to determine which structure is most appealing to your target customer group(s).
By combining these three elements, we are able to present you with a complete and informative pricing strategy to help you secure a strong and profitable market position.