Determine the optimal product configurations and prices for specific customer segments! Decide on a pricing structure for your product portfolio anticipating potential competitive reactions! Know which product attributes can be bundled in order to improve sales and profitability!
Product and pricing decisions are crucial for marketers as they possess a direct impact on sales and profits. Given the massive spending on R&D necessary for developing new products it is crucial to know which features and functionalities truly meet customer needs, and which are dispensable. Successful pricing decisions also require an in-depth understanding of customers’ willingness to pay and their feature preferences next to cost and competitor information. Suboptimal decisions in the areas of product and pricing can not only result in lost revenue and profit for a company but can even threaten its very existence. Yet, successful product and pricing decisions don’t just happen by chance. They are based on a thorough understanding of the customers’ decision-making processes.
Factworks supports you during all product development phases, from concept testing to market entry as well as in all questions related to pricing your products and services. From classic conjoint and discrete choice analysis to the most modern methods, such as Adaptive Choice Based- or Menu Based-Conjoint, our experts will create the best research approach for your distinct decision problem. At Factworks, we regularly presents at leading research conferences and constantly incorporate the latest scientific findings into our methodological toolbox. Our easy to use market simulators allow for our clients to understand the effects of alternative pricing decisions and different product configurations on revenue and profit for their own brand, but also for their competitors. Benefit from our deep methodological and conceptual expertise to make better product and pricing decisions!
A client from the financial services industry wanted us to determine the ideal price model for their transnational peer-to-peer money transactions.View case Study