How have we created monetization strategy for a brand new Marketplace?
Research Case Studies
December 28, 2021
Go-to-market strategy for a brand new Marketplace
Client: The Client is a marketing group that has various agencies in their portfolio helping with e-commerce setup, lead generation, marketing automation, data analysis, and performance marketing.The Client was struggling with a go-to-market for a platform that allows consumers to find the best deals across all the B2C categories. In the nutshell, this platform aggregates day-to-day commodities into one marketplace, categorizes it appropriately, and makes it unbelievably easy for customers to browse, and for companies to list and promote their products.
Situation: The Client approached Valueships in order to scan their competitors and help with a pricing strategy for their new product - The Marketplace. Market situation was extremely challenging with lack of market standard - competitors had very different strategies regarding their pricing & monetization, and it all needed to be translated into one, comprehensive and easy to analyze research. As we had the pleasure to work together before, we were both keen to jump straight into another cooperation.
Goal: Our main goal was to come-up with a research that could help us and our client draw conclusions about pricing and monetization strategy that will boost revenue and growth.
Approach: It wasn’t a typical pricing project, so it was even more interesting to participate in such an activity.
First of all, we started from problem solvingabout the needs of our Client, and defining the outcome After getting the high-level perspective, we were ready to take a look at competitors, and create the very first draft of the research.
We spent plenty of time coming up with a framework that would help with labeling, gathering, and understanding the data. As we mentioned before, all of the competitors had different monetization strategies, so creating a good backbone of our research was the key to success. Fortunately, we managed to do so, and after ensuring with our Client that this file would have everything we need to create a pricing policy, we were ready for next steps.
In total, we have analyzed 3.500 different price points, labeled and categorized them in order to unify the outcome and prepare the data to be ready to be used in pivot tables, analyzed, and made conclusions out of.
Since we value agility, we decided to organize the project in weekly sprints, with specific outputs after each week, as we were working againsts very short deadline. Every week we were problem-solving with the Client on the specific models to make the decision process smooth.
After creating the research output, we analyzed all of the gathered data, and combined with our pricing & monetization knowledge, we proposed a few alternatives for our Client. We also pointed out some common patterns, detected a few anomalies, and provided both deep-dive knowledge and high-level overview of competitors monetization strategies.
Results: The Marketplace is now a working platform with clear pricing & monetization strategy that was created on a basis of the file provided by Valueships.