Identifying best price and prioritize target markets for new product launches🚀
Who is it for🙋
Imagine you are working in marketing, pricing, or other relevant functions in your company and want to optimize pricing and/or predict sales performance for new product launches where you have limited or no data.
The challenge you face⛔
Estimating optimum prices and your sales performance, especially for new product launches where you have limited or no benchmark data, is a complex process influenced by many drivers:
Country conditions (inflation, exchange rates, spending capacity, etc)
Market conditions (supply constraints, materials & other costs, competition, etc)
Product characteristics (product variety and features, quality, bundling, etc)
Customer characteristics (customer diversity, customer personas, segmentation, etc)
It is challenging to identify the impact of these factors to optimize pricing and estimate your sales performance based on your experience and simple data analysis. Furthermore, the few specialized software tools you could use are too complex, with a long learning curve, and require a lot of data, which is usually not available or limited for new product launches.
The solution💡
Unlike most sales forecasting models that need a lot of data, underperform in volatile environments, or expect too much from the users in terms of time and expertise, FutureUP’s Predictive AI models can leverage both Prospective and/or Historical data and take into account the changing country, market, product, and target audience conditions and allow the user to generate results quickly, in real-time, and with measured accuracy:
➡️Optimum price suggestions
Identifying the best price across countries or other dimensions (states/areas, markets, time, or other), for various optimization types (revenue, profit, profitability, and market penetration) and optimization conditions (profitability, penetration levels, and other KPIs).
➡️Sales & Market forecasts
Estimate the impact of pricing across countries or other dimensions (states/areas, markets, time, or other), on several KPIs (probability to buy, revenue, profit, profitability) with measured accuracy (Min/max ranges at certain confidence level).
➡️Key growth drivers identification
Finding the most important pricing and/or growth drivers with the largest performance impact.
➡️What-if scenarios
For changing macro, market, product, and customer conditions.
The model can leverage all available data:
Historical data (benchmark product sales or pricing data from competitors, replacement, similar, complementary, or other related products, market indicators, macro & demographics indicators, etc.)
Prospective data (pricing research, market research, market trends, macro & demographics trends, etc.)
All these can be combined or used independently as presented in the following indicative example:
Product | Data to use |
New product - no benchmark data/products | Prospective data |
New product - with benchmark data/products | Historical & Prospective data |
Dream outcome😀
Identify best pricing and prioritize across countries & markets, while adapting to varying market and macro conditions with effortless, real-time forecasts.
Our Predictive AI models do the heavy lifting of data analysis, generating optimum price suggestions and sales & market estimates per country or other dimension, enabling you to interact effortlessly with intuitive dashboards, including key predictive insights.
Success stories🏆
Check out how our Predictive AI model was used in a New Product Launch combined with Neurosceince-based pricing research to estimate optimum price suggestions, probability to buy, and other KPIs for varying macro indicators.
Interested in learning more about AI-Powered Price Optimization and Strategic Forecasting?
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