Impact Pricing Rapid Needs-based Segmentation with a Pricing Twist! with Matt Johnston and Pavel Knorr
EPIC Conjoint's CEO Matt Johnston and CTO Pavel Knorr help companies win by enabling game changing product and pricing decisions. At EPIC Conjoint, experts combine their deep domain knowledge with innovative research platforms. With this, they enable clients to better understand their customer's preferences so they can make precise product and pricing decisions at great speed.
In this episode, Mark engages in a conversation about conjoint with EPIC Conjoint leaders, Matt and Pavel.
Why you have to check out today's podcast:
- Learn the importance of running market segmentation studies and figuring out what people's price sensitivity is to know which groups are becoming more price sensitive
- Find out why you should understand the challenges your target market is facing and react accordingly to that to be of help instead of going for your typical pricing mechanics
- Understand why you should be realistic in the way you do your design
"If you're addressing the question 'what is the proper price right now?' and 'what is the proper price three months after?' you have to properly specify the price intervals for that, and you have to deal with – specifically in conjoint – you have to deal with the realistic market situation.
– Pavel Knorr
Topics Covered:
01:25 – The backstory of how Pavel got into pricing
02:49 – Going back to the story on how and why EPIC Conjoint came to exist
05:56 – Talking about EPIC Conjoint's project which Mark got involved with
09:56 – The global economy, recession, and its impact on people's purchase decisions
17:08 – The challenge that arises when inflation rises but incomes do not
21:40 – Making decisions in the midst of supply constraints
29:50 – What Mark loves about what Conjoint does + the beauty of Conjoint
31:59 – Pavel's piece of pricing advice for today's listeners
33:39 – Connect with Matt, Pavel, and EPIC Conjoint
Key Takeaways:
"When you have product development background, for you, it's actually quite important when you want to come up with the product line up, when you're doing the product optimization, because it's fine to get the product which shows the overall quite good results with the aggregated view. However, in the reality, it might end up with the case when you have build the product that platform suggested to be the best aggregate of products in the market, however, nobody really needs it because all your market is several subgroups of the niche customers." – Pavel Knorr
"We believe most people make purchases based on their needs. And what we've seen in the work we've done with clients is that needs can dictate different willingness to pay under different price sensitivities." – Matt Johnston
"Conjoint is the good tool to compare yourself against the competitors, but it's not performing well when it's considering buy or no buy at all. All the magic behind the conjoint is something like 50% of success, because if you collect the bad data or from wrong people, you will have nothing as the output; nothing useful for you as the output." – Pavel Knorr
People / Resources Mentioned:
- EPIC Conjoint:https://www.epicconjoint.com/
- O2:https://www.o2.co.uk/
- Telefónica: https://www.telefonica.com/
- URIDU: https://www.uridu.org/
- BMW: https://www.bmw.com/
- Hyundai: https://www.hyundai.com/worldwide/
- Audi: https://www.audi.com/
Connect with Matt Johnston:
- Website:https://www.epicconjoint.com/
- LinkedIn:https://www.linkedin.com/in/matt-johnston-5a53672
- Email: mattjohnston@epicconjoint.com
Connect with Pavel Knorr:
- Website:https://www.epicconjoint.com/
- LinkedIn:https://www.linkedin.com/in/pavel-knorr/
- Email: pavelknorr@epicconjoint.com
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mark@impactpricing.com