Case Study: Virtual Event
About the Organization:
The Client is the world’s first, largest, and most respected association for the equity and executive compensation professional community. For more than two decades, the Client has served as the leading provider of expert guidance, resources, and education advancing the practice of stock plan professionals. The Client community totals more than 6,000 members globally, and over 30 affiliated chapters within the United States.
The Challenge:
Like the rest of our industry, Client was forced to move their in-person events to virtual when we faced our global pandemic. Part of Client's strategy was to create two smaller virtual events to complement their annual conference so that they could have focused education and networking opportunities for their members, increasing the value of attending. Because these were new initiatives, Client was not sure how to price or communicate the full value of these new products against their annual conference.
Our Custom Solution:
To overcome this challenge, Pricing for Associations customized our proprietary framework to determine the right answers for our client. Our framework always blends the science of data-driven decision-making and the art of pricing and value psychology to confidently lead our clients in their pricing and value strategy.
Step 1. Kick-Off Call
We began by welcoming their team into our family of clients, building trust, and understanding their intended goals. We reviewed our timeline to ensure we were on the same page with deliverables, discussed what internal data existed to review, and received a demo of any pertinent products and technology to best understand the product.
Step 2. Historical Data Analysis
We reviewed internal data inclusive of segmented personas and their purchasing behavior, prior surveys and market research related to this project, enrollment, retention, and engagement metrics, and historical purchasing patterns in light of price promotions, discounts, and bundles. This allowed us to understand a clear picture of how the current persona segments interacted with various pricing and value levers.
Step 3. Market Research
Pricing for Associations crafted and conducted a custom survey to clarify segmented personas, key value-drivers, what value was missing, relative value, price sensitivity, and competitive analysis. We then conducted a series of focus groups to further validate the data we gathered and to clarify any nuance in answers. Sometimes we need more data, so our team conducts 1-1 calls if focus groups are low to ensure we have proper data. This information was compiled into a report for our client to best understand where their audience was and to drive data-driven decision-making.
Step 4. Market Testing
With data in hand, we crafted a conjoint analysis with variations of the product to test the audience's consumer behavior when presented with variations in value and price. This allowed us to best capture what the audience would actually purchase, rather than hypothetical answers that can be slightly skewed. With this data in hand, we were confident to present our recommendations to our client.
Step 5. Pricing and Value Roadmap
Pricing for Associations created an in-depth roadmap for our client inclusive of our historical data analysis, market research, market testing, recommended value propositions, value adds, and pricing for not only the upcoming year, but additional strategic recommendations to execute over the following 3-5 years. These recommendations also included quarterly and annual market research questions the organization could use to continuously improve their knowledge of pricing and value needs.
Step 6. Launch
Our client was able to execute their Pricing and Value Roadmap with our continued 30 days of support, so there was no stress when executing their next steps.
The Winning Outcome:
Pricing for Associations utilized a mix of price anchoring, pricing psychology, and value assessments to determine what the members would be getting from these two new conferences as it relates to the normal annual conference. This allowed us to lead Client so that the value transfer of the events was clearly communicated and the pricing transfer made sense to members. Pricing for Associations was able to clarify the value, price, sponsorship packages, and sales pages for these events.
Client expects an ROI of 40x their investment in consulting with Pricing for Associations.
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