New from CVI!
In-house Workshops: Learn Customer Value Management while Honing your Product Strategy
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Three new 2-day in-house workshops to choose from:
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Seminar on Value-Based Pricing -- Now Online
Dr. Bradley T. Gale - Author, Managing Customer Value; Founder and President, Customer Value Inc. - speaks on Customer Value Assessment for Value-Based Pricing in this new online seminar. The 56-minute talk, available anytime 24/7, is a great resource for anyone interested in pricing on value. Topics covered include
- Overview of the framework for managing customer value
- Case example illustrating the techniques and tools of customer value mapping
- Case vignettes of how business teams have used customer value analysis: business issue, analysis steps, insights gained, actions taken, and results achieved
- Responses to frequently asked questions
- Examples of how segmentation and differentiation link to value analysis
- How to get started
This seminar is one in a series on Value-Based Pricing produced by London-based Henry Stewart Talks. These talks are aimed at managers and executives in industrial and commercial enterprises who are looking to improve the profitability of their products and services. Leading experts have been brought together under the guidance of Series Editor Mr. Harry Macdivitt, Director of Axia Value Solutions, whose 20 years of experience in the field includes general and marketing management, consultancy and training.
A special discount for this talk as well as for the others in the series is available. For more information about the series and the special rate, see www.hstalks.com/r/cval. .
Now available : CVI’s New Value-Strategy Toolkit™ Software
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Customer Value, Inc.’s Value-Strategy Toolkit™ (VST) is personal-computer software used for value-based new product development, product management, pricing, marketing, and selling. Released in 2010, it is the successor to CVI's Marketing War Room software. The conceptual framework for the software is Dr. Bradley Gale’s classic book, Managing Customer Value, the definitive guide for managers on how to look at their products the way customers assess them – as choices competing head-to-head against other products in the category. CVI Consultants use the VST for client engaements. Clients can also lease the software for their own use.
What can your product teams do with the new Value-Strategy Toolkit™?
- Understand the true strengths and weaknesses of your product offer, and identify opportunities that can make your product more competitive.
- Look at your product head-to-head against each of your toughest competitors to think through your selling strategy
- Set your prices based on what your product is truly worth
- Hone your marketing message
- Align your management team around a plan to serve customers better.
New in 2010, the Value-Strategy Toolkit™ (VST) software lets you do a comprehensive comparison of the performance of your product versus the competition using any combination of (a) technical measures from product specs, laboratory, or field trials, (b) customer satisfaction ratings, and (c) subjective expert-opinion scores. The VST condenses this collection of product comparisons into a single index of overall performance. This index, in conjunction with data about the going rates for the various products, forms the basis for understanding the tradeoffs between price and performance that customers see when they are shopping for a product in your category.
A critical tool in customer value analysis is the customer value map, complete with a fair-value line or a best-value frontier. The value map is a visual display for modeling how the various products in a category measure up in terms of overall performance and price and provides an estimate of how much your product is worth versus competing products. In addition to the classic value map, the value-strategy software has three new tools. The comparative performance scorecard is a template for assembling and organizing the prices and attribute-level performance measures for your products and competing products. The performance evaluation standards and weights table guides teams on where their products are positioned, by attribute, on the spectrum from basic to premium performance in the category, and how to rank the attributes based on their importance in influencing the customer’s assessment of overall performance. The product appraisal table is a technique for calibrating how much each key performance difference, between your product and a reference product, is worth to customers. You can assess your product versus each key competing product in the category and develop customized sales collateral.
Download brochure: Developing Successful Strategies using the Value Strategy Toolkit
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Value-Based Pricing & Marketing
The idea behind value-based pricing is compelling: make sure that your prices are in line with the benefits you deliver to customers. It's the only safe way to steer a course between the shoals of overpricing (alienating customers) and the rocks of underpricing (and leaving money on the table). But value-based pricing can be done only if you can calculate what your product, with its unique pattern of strengths and weaknesses, is really worth to the customer. The need for such calculations has spawned a number of different approaches to figuring out a product's worth. Among these approaches are attribute importance-performance analysis, economic value analysis, and conjoint analysis.
CVI's value-based-pricing methodology, described in our white paper Value-Based Marketing and Pricing, synthesizes these approaches. It allows you to draw on the best of all of the tools depending on what's most appropriate and what data you have readily available.