Pricing for Sports Media Owners | Industry Expertise Predictive Research How It Works Willingness-to-Pay Comparative Willingness-to-Pay Value Attributes (Choice-Based Conjoint) Menu-Based Conjoint Analysis Assortment Lab Promotion & Discount Lab Customer Experience Feature Value Matrix FAQ Solutions Consumer Goods Consumer Goods Cosmetics Beverages Beer, Wine & Spirits Apparel Home Care Home Appliances Food Products Pet Food DIY & Home Improvement Retail E-Commerce Retail Consumer Services Consumer Services Publishing & Media Hotels & Hospitality Subscription Services Phones & Telecom Memberships Training & Education Electronics Computer Equipment Consumer Electronics Startups Start-Ups SaaS & Software Finance Investors Consumer Finance Equity Analysis Entertainment Restaurants Events Sport Subscriptions Streaming Video Health Veterinary Products OTC Pharmaceuticals Automotive Cars / Automotive Automotive Aftermarket Challenges Pricing New Products Brand Health & Pricing M&A Pricing Investment Portfolios Price Segmentation Sales Teams & Pricing International Pricing Price Optimization Price Increases Pricing Strategy Psychological Pricing Value-Based Pricing Lifecycle Pricing Market Launch Pricing Value Communication Assortment Pricing Promotions & Discounts Plans Plans Sign Up Resources Blog About Company News & Events Partners Press Careers Contact Us English Português - Brasil Deutsch Français Dansk Svenska Español Sports Subscription Pricing Follow @PriceBeam Tweet Challenges in Sports Subscription Pricing Pricing in sports subscriptions has long been one of PriceBeam’s primary areas of expertise. Consumer goods companies benefit from price optimization more than any other industry, but at the same time, it is often an incredibly challenging task. In fact, only as little as 12% of consumer brands have a winning pricing strategy. Thus, the demand for our services in this industry is high and consequently, we have grown in expertise with the many projects we have done. One of the most vexing challenges faced by sports subscriptions firms is setting one price that unifies all internal objectives: one price that simultaneously boosts top-line growth, is aligned with the brand positioning, and increases penetration and growth. Our pricing solution addresses this challenge by using data and statistics to find a price that does just that. And it works every time. PriceBeam has worked with companies from a broad range of industries, and we apply the best practices from all industries when we help sports media owners optimize their pricing. In that way, we continuously improve and innovate our current pricing method, making sure it stays ahead of the game and is adjusted to prevailing industry trends. Price Positioning & Strategy New Product Pricing Market Launch Pricing Assortment Optimization Value Communication Price Increase Implementation International Pricing Promotional Optimization Price Positioning & Strategy Setting the overall price position against other products in the assortment, or against competitors, is always a key challenge in sports subscriptions. If you need to price a product (or service) in a new market, it makes all the difference in the world if you understand customers' willingness-to-pay. Demand / WtP curves like the ones above, show the optimal price point where the curve peaks. In this example, the best price to optimize quantity is 10, whereas the optimal price for optimizing revenue is 15. In the old days when research was expensive, this could be difficult to get through a corporate approval if launching in many markets at once. These days, with cost-effective research options from e.g. PriceBeam, the cost of getting these crucial insights should no longer be an issue. Feature Value Matrix Understand consumers’ willingness-to-pay for different product features and use such insights to optimize your product offering through add-ons and identification of salient features wanted by your target customers. With PriceBeam´s Feature Value Matrix you can identify for which of your product features or benefits are customers willing to-pay, and how much. Understanding customer value of such attributes is essential in order to customize your product as necessary, wherever there is a potential fit. This is crucial to drive sales up, through attraction of target audience and additional features, as well cutting down on losses from features that aren’t valued. New Product Pricing Understand consumers' willingness-to-pay for new products, and use such insights to optimize prices when launching innovative products. In sports subscriptions, innovation is crucial for many brands. It is quite common that 20-30% of all products sold are recently launched. Companies spend many millions in launch marketing and advertising across multiple channels. However, they often struggle to set the right price. With PriceBeam's price research, you can test different concepts and communication strategies before launching, and understand consumers' willingness-to-pay for those options. This provides solid facts and improves the likelihood of success of the launch, when launch prices are aligned with value perception of the consumers. Market Launch Pricing Setting the right prices when launching into new markets is often a challenge in the sports subscription industry. PriceBeam helps understanding market differences and setting optimal price points for each. Market Launch Challenges Pricing Managers, Marketing Managers, and Sales teams often find it more difficult to get pricing right when launching a product in a new market, as opposed to pricing the same product in an existing market. In theory existing-market pricing should go through the same steps as new-market pricing and look at value drivers and willingness-to-pay, but in many situations existing markets mean there is a reference point to base the price on. Such a reference point is lacking if pricing for a new market. Value Communication Understand the benefits and features that consumers value as well as those attributes that don't impact consumers' willingness-to-pay While overall willingness-to-pay is a useful start, for really professional new market pricing, the next step should be to break down the willingness-to-pay into the individual value drivers. For what features or benefits are customers willing to-pay, and how much. A good method for understanding the individual value-drivers is to use choice-based conjoint analysis. In this type of research (see e.g. PriceBeam's solution), respondents are shown a set of product choices. He/she then chooses his preference and is shown a new set of choices with other configurations; and again; and again. Through the choices it is possible to determine how much value the respondent puts on the individual features. The outcome: a series of value-drivers and the value potential customers put on them in the new market. Price Increase Implementation Prices should not be static. Quite the contrary, it is best practice to adjust prices upwards regularly, at least in line with competition and inflation, but often also higher thanks to brand innovations. Quite often overlooked when pricing a market launch is what happens next year. Or the year after? Make a plan for how prices should evolve over time in the new market. Do you start high and then gradually lower the price as the product matures or becomes obsolete? or do you start low and then introduce price increases? The answer should really lie in what the expected willingness-to-pay is over time. In most businesses and industries, it is likely to be a more solid strategy to start high and then over time reduce the price is necessary. This is often associated with human psychology, where it is easier to accept a price reduction than a price increase. Especially start-ups get this wrong, where they value themselves too low to begin with, and then struggle to increase prices later. But also big corporations get it wrong from time to time. International Price Management Prices vary across countries. Understand differences in willingness-to-pay per market and set prices accordingly. Actually, in most industries there is a marked difference in prices between countries. This for a good reason: customers are willing to pay a higher price in some markets than others. So while it can in certain instances be tempting to introduce a single, global price to simplify IT systems or manage customers who exploit price differences, the upside and benefit from differentiated pricing around the world is significant. So don't fall in the trap of harmonizing prices. PriceBeam market research can be run seamlessly in 109 countries around the world, with results ready and comparable in less than a week. Use our cost-efficient research to monitor WtP and optimize prices globally. Assortment Optimization Use market research to understand the differences in willingness-to-pay across all items in an assortment, and optimize both prices and range. How many products or services in an assortment, and their individual prices, are challenges faced by many brand managers, product managers, or customer insight executives. PriceBeam's willingness-to-pay research can reveal how customers see the indivudal items in the assortment, and how they would choose between them. Solve different pricing challenges: Test willingness-to-pay a premium for brand extensions. Determine the ideal number of items in the assortment Test price anchoring effects Understand willingness-to-pay segments/groups. Promotional Optimization Understand consumers' potential reaction to different promotional mechanisms or discount levels, and optimize the overall revenue. Discounting and promotions are prevalent in most industries. Running a promotion or giving a discount can, when done properly, deliver incrmental sale or help gaining access to new customers. With PriceBeam's Willingness-to-pay research you can quickly research what your customers really are willing to pay for a product or service in a given market. Solve different pricing challenges: What promotional mechanisms work well and what don't? Predict customer choice based on promotions offered. How Does It Work? PriceBeam’s solution conducts extensive market research, collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning. Define offering & target market You describe your product/service on our cloud-based platform. You also define the target market to research. Create Market Research We add all the research details, statistical setup, etc. so you don't have to worry about it. Conduct Market Research We collect responses about the given product/service in the defined target market. Analysis & Results The results are aggregated, analyzed and presented in our cloud-based solution. Why You Should Choose PriceBeam PriceBeam delivers strong value on a number of fronts, which is why our clients choose us. Scientific Results PriceBeam's studies ensure statistically significant results about willingness-to-pay. Fast Insights Results as fasts as 48 hours in B2C and 1-2 weeks in B2C. Immediate Value 1% change in price delivers 11% improvement in value for the average company. Easy to Use You define the product and target market. PriceBeam takes care of the research and statistical details. Global Reach PriceBeam studies can be run in 109 countries. PriceBeam takes care of the localization. Cost Effective Using cloud technology, PriceBeam studies cost a fraction of classic, old-fashioned market research. Want to Get Started? Book a demo Get Started with a Trial Account Further Reading Willingness to pay Learn how to use WtP when optimizing prices in consumer goods industries. Read More Lifecycle Pricing Differentiated pricing strategies from cradle to grave of the product lifecycle. Read More Brand Health Assess the brand's health through willingness-to-pay research. Do you have pricing power? Read More High-low pricing Supporting the pricing strategy of high-low prices, supported by market research facts. Read More Price segmentation Segment the market and determine willingness-to-pay for each segment. Exploit insights into consumers willing to pay a premium price. Read More About Us With a methodology that is confirmed to be accurate in thousands of projects, PriceBeam provides self-service market research to companies of all sizes that quickly, accurately, and affordably discovers your customers’ willingness to pay for your product or service. News Subscribe to our Newsletter Useful Links How It Works Plans & Pricing Sign Up About Us Contact Us Contact Us 17 Marryat Road, London SW19 5BB, United Kingdom +44 207 081 2770 info@pricebeam.com www.pricebeam.com Copyright © 2022 by PriceBeam Ltd. All Rights Reserved. | Privacy Policy | Terms of Use |