The right packaging and pricing strategy drives long-term commercial growth.
Our client, a US-based healthcare IT data service company, had been enjoying an impressive revenue growth of over 40 percent. However, to sustain this momentum, it recognized the need to professionalize its packaging and pricing strategy.
In order to do that, our client sought a partner to lead the company through this transformation. Our support helped it continue its growth and establish a stronger market presence.
Our team addressed this challenge by focusing on value-based pricing, tailored packaging, and a robust governance structure.
We developed a pricing strategy customized to suit the specific needs of all our client’s business verticals. Backed by market data, this pricing strategy aimed to maintain competitiveness. The objective was to ensure the company would be able to scale the pricing with customer size and capture the full extent of the value delivered to its clients.
We also designed three distinct packages – good, better, best – for each customer segment. Each of these packages were designed to meet the unique needs of different segments, facilitating upsell opportunities by clearly differentiating the value propositions. Our client’s customers were able to choose the package that best matched their requirements and also motivated to upgrade to higher tiers as needs changed.
Finally, we helped the company set up its first pricing governance structure. This included creating a dedicated pricing team, tracking KPIs, and providing the right technology support. This framework professionalized our client’s pricing practices and enforced pricing hygiene, ensuring products were consistently sold in line with customers' value-based prices.
Continued growth with new professionalized pricing and packaging strategy.
The new strategy helped our client maintain its impressive growth trajectory, resulting in over a 30 percent increase in the average purchase size for new customers.
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