Economic Value Proposition
Understanding the perceived value of your product
If you want to gain market access with your product, it’s crucial to understand its economic value propositions and arguments. Only then you’ll be able to perceive a correct pricing strategy.
There are a couple things you need to keep in mind when working this out:
- Every product is a combination of different features.
- Each of those features have different benefits and value drivers.
- Each feature could be turned into a value, both in utility as monetary.
- Combining the features (which drive value) will make up a combined product.
- Combining different features will result in a different product with a different value.
In other words: the value proposition you end up with, is a result of both what the product is offering and what the product promises to resolve.
Different insight methodologies to learn about the customer’s willingness to pay
When you want to turn your value proposition into a pricing strategy, it’s important to gain insight in your customer’s willingness to pay for your product. With the use of our methodologies, we can map out when and why the customer would (not) consider purchasing the product.
Next to this, you need to keep the important role of the different stakeholders in mind – such as purchasers, CFO’s, heads of departments, administrators, etc. They are also involved in the purchase decision, both clinical and non-clinical. Therefore, they are not to be forgotten during the research process.
During our research, we make sure both factors are taken into consideration. We support you in understanding the purchase journey as well as the influence levels of the different stakeholders. By combining both insights, you’ll understand the value drivers and price sensitivity in all groups – making for a correct pricing strategy that’ll help you gain market access.