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Setting the Right Price
Optimising Price to Maximise Value
Pricing is a high-stakes decision that can make or break a product’s success.
Set the price too high, and you risk alienating consumers and losing market share. Set it too low, and you erode profitability and potentially diminish your brand’s perceived value.
Miscalculations in pricing can leave your product struggling to compete, undervalued, or misunderstood in the marketplace.
The opportunity lies with the right price. It attracts consumers, boosts sales, and reinforces your brand’s value perception.
Mindlab’s Pricing Methodology removes the guesswork, delivering data-driven insights to uncover the perfect price point, balancing consumer appeal with profitability to ensure your product thrives. And if you need the story behind price decisions, we can add qualitative insight through chatbot or one-to-one conversations.
The Optimal Message Strategy answers the following questions:
Helping empower brands to set their product prices in a way to maximise profit and revenue, while dynamically reacting to competitor moves.
What is the range of prices that consumers are willing to pay?
How does the likelihood of purchase change with price?
What is the anticipated share of selection that the product can expect at different price points?
What impact do competitor
pricing decisions have?
What is the impact upon
product / brand perceptions of
pricing at different points?
To understand how your product fits within the wider category context, our Category Mapping solution uncovers the competitive context that shapes value perception, pricing expectations, and purchase decisions.
Here’s how Bailey’s tackled pricing pressure while staying premium:
For Bailey’s, pricing had always been a delicate balancing act. While seasonal discounting had become a norm, the brand was feeling the squeeze from competitive products that undercut their price point.
Complicating matters further, the growing popularity of smaller, low-cost formats was creating uncertainty about how to position their iconic product.
The Challenge
Bailey’s needed clarity.
How much could they charge when consumers were primed for discounts? How did competitor pricing and packaging strategies impact their own? And crucially, how did the interplay between their product formats (70cl and 1L bottles) affect consumer perceptions and choices?
This wasn’t just a pricing problem; it was a question of how to navigate a complex, shifting market while preserving the premium nature of their brand.
The team at Mindlab were really responsive and supportive and communications were great. The story was really clear in the report and feedback was actioned really quickly and effectively. We had a great working relationship and we are really happy with the results.
Insight Manager - Bath, Body, Hair & Cosmetics at Walgreens Boots Alliance
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