August 25, 2021
Global Central Laboratory Services Company Requests Kineticos to Support the Development of a Pricing Strategy
A global central laboratory services company was considering implementing a price increase across their lab services and requested Kineticos support the development of a pricing strategy.
Kineticos developed and launched an online willingness to pay study intended to provide the sponsor with insight into customer’s pricing perceptions for various tests, project management, storage fees, etc.
Kineticos also conducted blind interviews with several current and prospective customers, which provided insights into more anecdotal and complex customer perceptions. Finally, Kineticos performed an in-depth review of the sponsor’s historical proposal data, which illuminated strengths and gaps in the existing pricing strategy.
- Interviews with customers
- In-depth review of sponsor’s historical proposal data
- Online willingness to pay study
Kineticos identified several areas where the sponsor’s pricing was not aligned with the customer’s willingness to pay. Kineticos paired the learnings from the primary market research with the findings of the internal historical review to guide the sponsor with a pricing strategy designed to increase profit margins and proposal win rate.