We use a consistent, disciplined process to provide you in-depth, accurate pricing strategies and customer intelligence. We know that everybody is busy, so our process is designed to take the least possible amount of your resources while providing us with the information we need to conduct the project.
As a result, you can increase your market share, often at prices higher than you charge today.
Baseline. All engagements begin by defining the objectives of the client and the desired results of the engagement. In this initial phase, we consult with company executives and customer-facing employees to gain a firm understanding of the larger marketplace issues and the client’s product or service place within that market. We document these internal perceptions of the company’s marketplace in a Baseline Document. Few companies have their perceptions formally documented, and when this document is provided to executives, it often provides early project wins.
Research Design. In the research design phase, we custom develop the instrument that will be used to capture the perceptions, drivers, satisfaction, choices and willingness to pay of your marketplace. This is often a highly-interactive portion of the project, and no market research will be conducted until you have signed off on the instrument.
A few words on anonymity – this is absolutely crucial in order to capture true unbiased data from the marketplace. We, therefore, go through considerable efforts to ensure that those who take an online survey or who are interviewed do not know who the project sponsor is.
Market Research. In the market research phase, we apply the research instrument to your entire marketplace, which includes your current customers, target customers, lost customers and others from our own data resources who share a similar profile. When researching sales transactions, we are looking for correlations, customer segmentation, price elasticity and coefficient of determination in order to asses current customers decision behavior.
Analysis & Recommendations. With all the raw data in hand, we take the project several steps further. We examine the data from any number of different angles, we segment and cross tab, we drill deeper and deeper into the data. In the end, we are able to understand your customers in depth, i.e., what drives them to make the purchase choices they make, what drives them to your company and to a competitor, what drives customer satisfaction, dissatisfaction and loyalty, how they prefer to pay and how much they want to pay for your product or service. In short, we take customer data and make it into customer intelligence.
But we don’t stop there – we then use the customer intelligence to provide you with detailed recommendations on how to effectively price your product or service, capture market share, make your marketing and sales more efficient, optimize your pricing and marketing messages, create bundles or unbundles, and create policies, strategies and tactics to achieve the stated objectives.
Workshop. The results and recommendations are presented in a workshop, where we work with your team to develop an action plan with timelines and dates, and identify the responsibilities and resources to get them done.
Implementation. We often develop white papers, scripts, answers to objections, proposal templates, sales call gambits and other resources needed to make the results of the research useful to your company as widely as possible.
We also conduct sales process development. From the customer intelligence data, we derive optimum sales messages and we teach how sales can better increase closing rate, reduce discounting and generate increased market share and revenues at the same time. We create lead generation processes and sales management processes to insure maximum usefulness and application of the research findings.