On March 22 and 23, I had the honour to run a two day workshop on pricing research techniques, organised by the European Pricing Platform (EPP).
The objective of the toolbox was two-fold: (1) inspiring the participants by discussing a broad toolbox of research methodologies where the voice of the customer is put central and (2) sharing experiences between the delegates.
The toolbox did focus on techniques used for value-based price setting, i.e. price setting beyond the traditional cost plus method, where the customer, its needs and willingness to pay are key.
Apart from the pricing techniques such as Historical price data modelling, Value map, Gabor Granger, Van Westendorp, Monadic Price Testing and Conjoint, we also reviewed research techniques related to this such as Segmentation, Drivers analysis, MaxDiff and Brand map. All of these identify what type of customers there are, what their needs are and how they view products and products. This knowledge is instrumental to further improve the right price setting, tailored to the right customer.
Thanks to the international audience – GE Healthcare from the US and Turkey, Capacent from Sweden, Viiv Healthcare from the UK, Philips Healthcare from Germany, Maquet Critical Care AB from Sweden, Ferring from Switzerland – and their very participative delegates, many experiences of what had worked and not worked in the past were shared, as well as what their current challenges are.
It made the 2 days worthwhile for both them, as well as for me.
Thank you EPP for organising this!