Business challenge: How to effectively price a new premium product and understand price sensitivity
How Baker Tilly helped: Baker Tilly conducted conjoint survey to 1,000 farmers in the primary target states. Through the conjoint analysis Baker Tilly was able to determine the combination of product attributes including yield results that drove the optimal price point for the product. Baker Tilly then worked with the company’s product line, marketing and sales organizations to internalize the findings and develop appropriate marketing and sales support material and messages. Finally Baker Tilly developed models to allow the product line analysts to predict volume needs based on price point. Specifically Baker Tilly:
Results: The organization has realized premium pricing for this product. It maintains a market leadership position in this product space and is increasing its market share for the product.