Know Your Customers
Get the Best Insights to Inform Pricing Strategy
A customer-centric pricing approach attracts and retains customers while driving increasing customer lifetime value. However, pricing requires customer-specific insights that optimize your pricing strategy and drive sales execution.
Alexander Group helps companies conduct targeted customer research to identify customer value drivers, solution preferences, competitive perceptions and pricing needs.
Customer Research That Makes a Difference
Customers must see the value in your products and services for the prices they pay. That’s why your pricing strategy requires alignment with customer segments, preferences and the market landscape.
Customer research and analysis reveal buyer priorities, market trends and opportunity areas, allowing you to tailor your products and pricing strategy to customer segments. Effective customer research requires:
1. Conducting surveys and interviews: This method provides first-hand feedback on your company’s current pricing, pricing expectations, willingness to pay and the perceived value of your company’s products or services. Choosing the right approach requires creating, distributing, and analyzing customer surveys and conducting customer interviews tailored to your objectives.
2. Deploying a variety of pricing research methods: Different research methods generate specific insights on competitive pricing, gaps in the market and industry trends that inform your pricing strategy, including:
- Qualitative Pricing Research
- Perceived Value Mapping
- Customer Churn Prediction
- Competitive Analysis
- Conjoint Analysis
- New Product Pricing Research
- In-Market Price Tests
- Brand Price Tradeoff Analysis
- Sentiment Analysis
3. Analyzing data: Gain insights into how customers historically reacted to your pricing, the most effective pricing strategies and the current market landscape. These foundational analyses formulate insights across:
- Sales. Understand and quantify the drivers of internal YoY performance to identify opportunities and gaps.
- Finance. Quantify the ROI of different initiatives to judge the impact and inform future decisions.
- Marketing. Assess the market landscape, quantifying the value of your brand vs. competition and identifying opportunities and threats.
Alexander Group provides customer research that informs your pricing strategy and drive sales and profitability. Using customer and market research, we help ensure your pricing strategy remains competitive and improves market share.
Pricing Strategy & Execution in Times of Change
Co-hosted with Revenue Management Labs, this replay provides research, insights & solutions for manufacturers and distributors.Watch the Video
Pricing Research & Benchmarking
Get access to the latest research and benchmarks to help shape your pricing model.