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Pricing may be the single aspect of strategy where a more precise understanding of demand pays the most immediate, most significant dividends. The Cambridge Group has helped clients across categories optimize their pricing strategies by developing a more precise understanding of the most profitable market demand.
For a recent client in the insurance industry, for example, TCG's team developed an optimized pricing strategy for a range of new product offerings around the respective strategic roles each product would play in the overall portfolio. As discussed in our prior mailings, the team initially leveraged Cambridge's Consumer Demand AnalysisTM methodology to define the new product offerings that would address consumers' unmet needs in the category. Based on the product economics and potential for growth, it was clear that Offering C would play the Fuel Strategic Growth Engine role, Offering B the Build High Potential Categories role and Offering A that of a Protect and Maintain role. Since the execution of the revised strategy, the company has realized an incremental $2+ billion in premiums and $125+ million in incremental gross underwriting profit annually.
Without the benefit of an in-depth understand of your target consumers' demand and the potential opportunity this presents, it is almost impossible to truly optimize your product portfolio and pricing strategy.

You must have JavaScript enabled in your browser to utilize the functionality of this website. The average company can increase its operating profits by an astounding 11% by raising prices just 1%.
The starting point is to clearly define the role each offer plays in the portfolio based on the respective economics and growth potential of each offer. The team investigated a wide range of potential features and benefits that could be incorporated into new insurance offers, and ultimately identified the handful that were both highly motivating to target consumers (highly relevant and highly differentiated from existing competitive offerings) as well as highly profitable for the client to deliver. With the roles clearly defined, the team then leveraged the Consumer Demand AnalysisTM methodology to determine precisely what price points optimized results for the client's range of new products. Importantly, in developing the optimized pricing strategy the team not only sought to maximize product volume, but also incorporated their understanding of the client's cost to deliver the identified benefits to ensure maximum profitability was achieved. Acquisition and retention rates continue to be much higher than previously, costs are much lower and optimized product offers continue to command a price premium in the market.

In addition, you may be interested in the article, "Charge What Your Products Are Worth," by Cambridge Group Economist Venkatesh Bala and Principal, Jason Green, published in the Harvard Business Review in September 2007.
The font used throughout the template is in clean Calibri, to go with the overall minimalist look.
Ultimately, the optimized pricing strategy created a clear portfolio of offers aligned to specific segments of demand with a compelling trade-up logic. The information is presented in a straightforward manner, without making the document look boring or text-heavy. Maintain too many price points across your portfolio and consumers are often too confused to make a decision.

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