One of the main reasons brands and companies fail is because they priced their products poorly. Do you know if your sales prices are truly the prices that maximize your revenue?
The effects of suboptimal pricing can impact every facet of your organization: stagnant revenues, missing financial goals, decreased resources and even corporate morale.
A lack of clear and optimal pricing strategy can cost you significantly. Clearly, you cannot afford to get pricing wrong.
How much of your company's marketing resources are wasted advertising to the wrong people and saying the wrong messages? Meanwhile, the right people never see or hear you. The real damage is deeper: it's the right customers hearing the right messages - but from your competitors. Wasted resources and foregone revenue are one thing, customers lost for good because your competition targeted better is immeasurable. Your business will not survive long if your targeting is not optimized.
Brands launch product bundles often not knowing which feature has the real value and which component is dead weight. Including features that are costly to produce and maintain but provide little incremental value can cause real damage. Product features or line extensions that are part of an offering - but do not add more value are called 'dead weight.' The real damage dead weight creates is intangible but severe: lack of clarity in your offering and distracting features. How many customers don't give you a chance due to confusion with your offering?
And it is most likely not your competitor's price. It's also not the price your production team suggested based on their production costs. Magic happens when you scientifically understand the VALUE consumers attach to your offering. When you operate at the optimal price point - the price customers are willing to pay for your product, you will see increased revenue that translates to more resources available for growth: new products, new markets, new hires, new office space and healthier and better morale. Are you ready to lead your organization into that optimal future?
"50% of advertising is wasted" was said in the early 20th century, yet it seems to be the excuse today as well. Hopefully you think that even 1% of wasted advertising is too much. Optimal marketing starts with a thorough understanding of who wants your products and services the most and why. As soon as you hone in on the most valuable target customer with the most appealing message, you will see an unprecedented success: increased marketing ROI and a significant boost to your top-line. Will you be the marketing manager that reveals the optimal customer to your organization?
When a new brand manager replaces an old, unsuccessful manager, they start with creating clarity and a logical structure around a product. Creating clarity starts with understanding the incremental VALUE customers associate with each feature in the offering. Confident managers don't shy away from cutting features - and thereby maximizing total value with minimal components. These brand managers free up tremendous resources on one hand and increase top-line sales as customers are drawn to a clear and logical offering. Will you be that manager?
Over the past decades, we've seen it all. We've helped clients succeed and get ahead in virtually every industry: automotive, financial, retail, health care, pharmaceutical, software-as-a-service, transportation and others. Based on what we've seen, we've focused our deep expertise on the 3 P's: Price, Product and People. (And if you're wondering where 'Promotion' is - we believe it's really part of these 3 P's). We use advanced quantitative research techniques to support our strategic recommendations. We apply the latest and greatest marketing science technologies.
Most recently in 2020, Miklos Kremser, Founder of Choice Based Market Insights was invited to be one of the keynote presenters at the annual Sawtooth Conference in Stockholm. The Sawtooth Conference is a prestigious conference held each year for market researchers and marketing leaders looking to understand advanced marketing science applications. Miklos highlighted his expertise in his presentation detailing how conjoint analysis combined with Bass Diffusion modeling can be used to increase forecast accuracy for product launches.
"I worked with Miklos and his team on a couple of high profile projects. I find their quantitative solutions innovative and refreshing and their leadership of projects to be intently focused on ensuring client confidence and satisfaction. I am not only a past client, but plan to be a future one."
Cindy Machles, CEO and Co-founder, Glue Advertising a top 20 NY Ad Agency
While conjoint analysis is becoming an increasingly popular tool in marketers tool box, it is definitely more science than art... a lot more. Knowing what to pay attention to when applying conjoint analysis to pricing or product optimization studies can save you a lot of headaches - and embarrassment. This video will keep you from stepping on mines.
This video borders on a bit more technical, but if you manage products and brands - you need to know how market research attempts to replicate the real world purchase process - and decompose it. By decomposing consumers' decision processes, we're able to assign value to product attributes which empowers marketers to optimize what is put in front of any potential customer.
Okay... can you BE any more geeky? This is what Chander from Friends would have said after realizing we used powerful market research techniques to understand what women look for in a man. In reality, just as we used advanced statistical techniques to decompose men's appeal for women, the same techniques can be used to understand product and service appeal - to optimize its appeal. Enjoy!
Forecasting is an art - and most of the times it's wrong. However, add a bit of science to it - and you're wrong a lot less. In fact, this video shows how to combine choice-based techniques with the Bass diffusion model to give you an impressive tool to be pretty accurate when time comes to forecast sales for new products or product extensions.
This video walks you through the steps of creating a perceptual map of your products. Perceptual maps can help you position your brand or product more optimally and differentiate among the clutter. Science comes to the rescue again - but perceptual maps can be invaluable for strategic planning.
This video is not for the faint of heart. We're starting to get more technical in this explanation of how to use Naive Bayes approach to classify customers into segments. Especially when those segments were derived from a Latent Class MaxDiff exercise. For those, wanting to learn the steps - enjoy. For those who don't have the stomach, just know - this is the stuff that gets us up and out of bed in the morning. ;)
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