As usual, we began with a deep dive into internal client and main competitors’ reconnaissance. We managed to gather a bunch of mystery shopper insights. We discovered that Thulium had a much lower price point than the competitors. Considering how much they were giving - e.g., dedicated onboarding and free implementation workshops - we agreed that there was an imbalance between offered value and service pricing. Also, very positive client relations and low churn were a clear indicator that there was room for a price increase.
As a next step, we ran an internal strategic alignment survey that helped frame strategic goals and prioritized features pricing. It ensured the organization had a consensus about how they perceived the value generated by various product areas.
The Valueships team arranged a pricing page workshop to ensure that the whole Thulium team was going to be aligned when it came to implementing our recommendations.
As always, we prepared a detailed calculation of the recommended actions' potential impact to ensure that Thulium management got the proper perspective of risk to benefit ratio. We’ve provided three scenarios varying by estimated price elasticity (based on the B2B-specific benchmarks).