New Product Pricing Strategies: Why is it Essential to Identify the One that Suits Your Business?
Today, it’s no secret that small business establishments play a key role in improving the US economy. Though there are innumerable factors that affect a business’s revenue growth, the most crucial ones deal with the pricing strategies adopted by them. With several new product pricing strategies paving their way into the market it is essential to adopt one that best suits your end business objectives. A good pricing strategy is one which helps you to determine the price point that helps you in maximizing your profit margins.
Here are a few global pricing strategies that business’ implement while setting prices on their products and services:
- Pricing for market penetration
- Economy pricing
- Pricing at a premium
- Bundle pricing
- Psychology pricing
Don’t know where to begin? Request a free proposal to learn about Quantzig’s cutting-edge pricing analytics solutions and how they will drive tangible results for your organization.
The client is a leading medical manufacturing company with its operating base in the US.
Project Background and Solution Offered
To gain a winning edge in today’s fast-paced medical manufacturing industry drug marketers, drug manufacturers, health benefit managers, and medical device manufacturers require comprehensive insights on ‘Pricing Analytics’ which form the basis of market success. In order to realign their pricing strategies with their new business goal and objectives, the medical manufacturing client approached Quantzig.
We offered turn-key solutions to help the medical manufacturing client to implement new product pricing strategy. Our experts combined subject matter expertise with best-in-class, global pricing strategies to help the medical manufacturing company develop and implement their new strategies with an aim to drive business growth.
Value Delivered to the Client
As a result of our solutions, the medical manufacturing industry player was successful in reconciling the fragmented pricing data to develop new product pricing strategies. The developed product pricing strategy turned out to be a key differentiator in the global landscape, thereby helping them achieve remarkable growth.
Some of the tangible benefits include:
- Enhanced product pricing strategies
- Improvements in profit margins
Today, forward-looking business organizations are increasingly seeking to differentiate themselves from the adopted pricing strategy rather than speed and efficiency. To know how you can benefit from pricing analytics. Get in touch with us today.