To sustain in a competitive marketplace, pricing becomes a crucial element for any organization. Frequent fluctuations in prices for products and services not only affects the return on investments but also affects the ability to target the ideal market. To deliver better returns on investment, a premium pricing strategy should be adopted to ensure that the price of a product is higher than that of similar products. Although the effect of pricing may dissuade some buyers, it ideally creates a perception that higher cost will bring in more revenue. Premium pricing helps companies fend off competitors in the marketplace, improve brand identity, and give their products an aspirational image. The market research experts at Infiniti offer actionable insights into the pricing and added value assessment of products to help businesses with better pricing of their products and services.
The Business Challenge
A major supplier of fluid systems was facing challenges understanding the customer’s perception on the perceived pricing and added value of its products globally. The client was facing challenges in understanding customer’s perceived price versus perceived value of its products as compared to its counterparts. Also, to gain better visibility into the product portfolio, the client wanted to understand the value proposition of its products, its competitors, key demand drivers, and competitive benchmarking of its products on non-price drivers.
Our Research Methodology
Infiniti’s industry experts carried out extensive primary research comprising interviews and discussions with leading market stakeholders and business executives. Our experts also carried out extensive survey programs comprising questionnaires, hosting and deployment, data analysis, and insight development.
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Our Solution Helped the Client
- Identify the drivers that help in promoting added value solutions
- Understand competitive benchmarking in terms of the competitors, quality, and service
- Assess the key demand drivers based on the price, quality, service, relationships, and brand equity
- Analyze unmet needs and pain points of the current and potential customers
Benefits of Our Integrated Approach
In a span of nine weeks, the client was able to identify the product lines under focus such as dry-break, TTE, refueling, DLA standard products, and DLA spares. Also, the client gained insights on the value proposition of their products, key demand drivers, and competitive benchmarking of their products.