PriceBeam Overview
PriceBeam is a cloud-based pricing optimization platform designed to help businesses determine the optimal prices for their products and services by eliminating guesswork and relying on scientific, data-driven insights. Here are the key aspects of what PriceBeam does and its core features:
What PriceBeam Does
PriceBeam conducts market research to optimize pricing strategies for both new and existing products across various industries. It operates in 127 countries worldwide, providing precise and actionable insights into customers’ willingness to pay (WtP) for different products and services.
Key Features and Functionality
Research Creation and Target Market Definition
Users can create projects to measure WtP for specific products or services, selecting the target audience from a predefined list of profiles. This ensures that the surveys are directed at the most relevant demographic.
Market Research and Data Collection
PriceBeam launches surveys and collects data until a statistically valid number of responses is achieved. The entire process, from survey launch to data analysis, typically takes about a week. The platform also employs AI to ensure the quality and realism of the responses.
Feature Value Matrix Analysis
This feature allows businesses to compare WtP across multiple attributes or features of their products, as well as those of their competitors. It helps in identifying which features are must-haves, differentiating factors, or add-ons, and their respective impact on customer value. This analysis is crucial for setting the right prices, implementing price increases, and positioning products competitively.
RGM360: Revenue Growth Management
PriceBeam’s RGM360 is an AI-powered solution that combines market research with internal and external data to simulate and optimize prices, assortments, and promotions. It uses Virtual Shopper Modelling and historical data to predict market reactions to price changes, new product launches, and other strategic decisions. This tool provides customized pricing reports, automates data integration, and helps identify price opportunities and revenue issues.
Global Reach and Multi-Market Analysis
PriceBeam enables businesses to run market research and analyze WtP in 127 countries, allowing for single-market assessments as well as comparisons between different countries. This is particularly useful for international launches or global price strategies.
User-Friendly and Cost-Effective
The platform is designed to be user-friendly, with cloud-based access that simplifies the process of conducting pricing research. It spreads development costs across all clients, making it a cost-effective solution compared to custom report development.
Consumer and Customer Centricity
PriceBeam places a strong emphasis on consumer and customer insights, ensuring that pricing decisions are based on real market data and customer preferences. This approach helps businesses set prices that maximize profit while maintaining long-term brand positioning.
In summary, PriceBeam offers a comprehensive solution for pricing optimization, leveraging advanced market research, AI-driven analysis, and global reach to provide businesses with the insights they need to make informed pricing decisions.
