The client, an Association of Higher Education, sought a better understanding of how members perceive its increasingly robust membership benefits to optimize their member pricing.
In order to accomplish this, they needed answers to:
1. Whether or not their current pricing strategy reflects the value of current member benefits
2. How new benefits and pricing can provide more value to members and strengthen relevance while allowing for a segmented approach to higher education constituents
3. How to implement a "more for more" pricing strategy to meet the needs of different member segments with the objective of increasing member value and membership engagement through pricing while maintaining membership growth
Our decades of experience in strategic pricing and research enabled our client to develop a member-centric "more for more" pricing strategy to elevate engagement and financial returns.
After only eight weeks, CMG had demonstrated significant value in three areas:
1. Member Value Perception Insights - Provided a comprehensive analysis based on primary research on member value perceptions
2. Optimized Segment Pricing – Performed Van Westendor pricing analysis and provided tailored pricing recommendations across a discrete segment of members
3. Increased Client Revenue Through Increased Acquisition, Engagement, and Retention –Provided a thorough revenue and member impact assessment and revenue forecast across relevant member segments in-year and across future years
The research we conducted found that members are satisfied with their current benefits, and pending enhancements will further strengthen our client's position in the higher education marketplace in terms of price / value. The resulting analysis and recommendation about pricing and benefits resulted in immediate adoption and implementation of segment pricing, and in the achievement of revenue and member satisfaction goals.