Challenge: How to set the right price for membership, events, and other products?
An association we work with was having difficulty creating a pricing strategy because they didn’t fully understand their market.
Historical data on supply, demand, consumption as well as company size was available on the internet, but the association couldn't determine pricing based on their research.
The association couldn't figure out the right price for membership, events, and other products. Which of their offerings should have the highest price? Which of their services and products would be in highest demand? Which region should they focus on initially?
Association Analytics Solution: Create data visualizations that enable in-depth market analysis and can guide pricing decisions
The Association Analytics team cleaned, joined, and categorized the data from publicly available sources (including the U.S. Government) as well as related associations.
We stored essential data in data warehouse. Collected data included data on past prices of similar products, the market size of the industry, as well as demographics, and technological factors.
Association Analytics built visualizations on top of the data warehouse that enabled association staff to see the analysis.
The association's staff can now identify the market trends (supply/demand) of each product, as well as pricing trends. In addition they can show which area is most at risk from competition.
The association saved time and money by focusing on products and services with higher potential and were able to establish competitive pricing. They eliminated certain products and services and reallocated resources to optimal regions.