The Van Westendorp Pricing Model – How To Price Your Product

Your business is preparing to launch a brand new product into the market. The product has been built and refined through many iterations, and now you are ready to ship it to customers. Only one question remains: what price should you charge for your product?

In this article, we analyze Van Westendorp’s Price Sensitivity Model, a data-driven pricing model that uses survey data to determine customers’ willingness to pay for your product. This article details how the Van Westendorp model works, why it addresses shortcomings in current pricing conventions that many businesses use, and what its limitations are.

What Is Product Positioning And How To Use It To Improve Marketing

As a small business or entrepreneur, you know how much work it takes to market your products and services to the right people. Digital marketing, content marketing, and social media marketing are all huge parts of the process. But none of them will work to your advantage without the right dose of product positioning.

AI Strengthens Smart Factories To Overcome The Challenge Of Product Complexity

Manufacturing CEOs I’ve spoken with are in unanimous agreement that the best way to drive new revenue growth is by transitioning to more services-based revenue models based on next-generation products. Their product roadmaps include configurable, customized products capable of delivering data back to manufacturers they can monetize as services. Manufacturers are looking to get beyond relying on transaction revenue alone. They’re most focused on how they can use configurable products to launch higher-margin outcome-based business services, and their 2020 roadmaps reflect this goal. The following graphic from McKinsey’s Leveraging Industrial Software Stack Advancement For Digital Transformation (50 pp., PDF, no opt-in) explains why manufacturers’ 2020 roadmaps are dominated by more configurable products capable of driving new services-based business models.

How Machine Learning Improves Manufacturing Inspections, Product Quality & Supply Chain Visibility

Manufacturers’ most valuable data is generated on shop floors daily, bringing with it the challenge of analyzing it to find prescriptive insights fast – and an ideal problem for machine learning to solve.