Our client – a financial services provider based in New York – had a gut feeling their pricing was constraining sales.
Recent changes in market dynamics and new, larger competitors increased the need to build a fact base on how their pricing compared to existing and emerging players. In particular, they needed insight into the prevalence of both standard and custom pricing solutions across their range of products.
Accelerated approach to the research:
Accelerated worked with our client to understand the key gaps in their pricing knowledge.
We established a bespoke team led by our Collaboration Partner Mark Gomez, a US-based Bain alumnus who had previously worked in the sector, and was an experienced interviewer.
Mark interviewed nine senior executives across competitors to build a segment-specific comparison of how competitors were approaching pricing, winning clients and what buyers were looking for.
Synopsis:
Our research provided concrete insights (data and quotes) that enabled our client to make business decisions around their approach to pricing with greater confidence
Key insights included:
Learning the areas where discounting would allow them to maintain share and preserve competitiveness in less differentiated segments (and by how much they needed to discount based on the strength of their brand).
Understanding where and how they could maintain margins by pursuing custom pricing.
By moving these insights beyond the “hunches” of the sales team, our client created a common, unbiased rationale for executing these changes.
