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Global Healthcare Product Manufacturer Maximizes Profitability with New Strategic Pricing Tool

The Challenge: A global in vitro diagnostic solution provider needed help assessing its current pricing strategy and developing a global strategy to help them win more business and win profitably.

Assessment: Through initial discussions with global stakeholders, Blue Canyon learned that while a variety of best practices in pricing were implemented in specific countries, there was no overarching pricing strategy. Blue Canyon then analyzed the client’s current account portfolio, working closely with a variety of internal functions globally, and spoke to numerous customers about decision drivers and differentiation factors.

Strategic Solution: Blue Canyon first developed a strategic pricing framework that could be deployed globally. A strategic pricing tool was developed to help the client identify potential customers that would be willing to pay more for a premium solution, and customize pricing for maximum profitability. Processes were developed and tested to support the new pricing strategy. Blue Canyon worked closely with the client to implement the strategic pricing framework, tool, and processes and helped the client restructure the global organization to place a higher focus on strategic pricing.

Results: Following extensive testing and global roll-out of the strategic pricing tool, the client now has a comprehensive pricing tool to help them make more informed pricing decisions, combat competitive price pressures, and maximize profitability. Feedback on the tool to date has been very positive.

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