New Product Pricing Research
For the next two newsletters, we will be taking a look at new product pricing research. We will address this issue in two stages:
- How pricing research should be tied into the product development process
- What methods of pricing research are effective for new offerings
Most companies conduct pricing research way too late in product development cycle. Implementing value based pricing research at the right time will drive your competitive advantage by increasing the new product’s success rate.
For the next two newsletters we will be taking a look at new product pricing research.
We will address this issue in two stages:
How Things are Changing
If you are going to conduct research at an earlier stage there are a number of challenges that must be addressed:
Leading-edge pricers are beginning to conduct pricing research at a much earlier stage in their new product development process. The benefits of doing so are significant as they are able to assess the economic viability of new offerings before investing huge sums of money in development.
The next Pricing For Researchers bulletin will focus on what pricing research methods are best suited to deliver speed, budget, accuracy and results.