Marketing Strategy

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Pricing

An art as much as it is a science, pricing correctly can maximize your company’s opportunity.
It’s not just what your competition is charging or what your costs are – your unique combination of brand reputation, market access, values-added, and other factors influence your optimal price. Our client roster for pricing consulting projects includes telecommunications, financial services, professional services, and retail firms.

While our approach is tailored to each client, it typically includes:

 

  • Competitive benchmarking
  • Value-add determination
  • Cost analysis
  • Customer insight research
  • Brand value assessment

 

Case Study: American Express

  • Situation

      1. A business unit of American Express, International Payments, allowed US importers to make online assured payments to non-US vendors
      2. The unit was not making money. Several of the initial assessments indicated:
        1. Prices seemed too high for some customers, but was too low for the costs of the operation
        2. Customer acquisition strategy and promotions were too expensive

  • Solution

      1. Performed detailed financial, operational, and competitive analysis and customer research
        1. Chart below shows cost and price lines that ultimately identified the correct price point

  • Results

      1. Focused on customer segments that valued the American Express brand
      2. Offered promotions that were attractive to long-term customers
      3. Increased prices overall with flexibility for transaction size, increasing attractiveness of large transactions
      4. Changed acquisition methods and lists to target preferred customers
      5. The business unit became profitable within 6 months

 

Explore your opportunities by calling us on 917.921.8009 or email us on Ideas@BendingBrook.com to discuss how this area can grow your business

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