Leveraging Micro-Value and Pricing Assessments: A Strategic Approach for Ongoing Success
The following is an excerpt from our book, Pricing for Associations, available now on Amazon.
The integration of micro-value and pricing assessments within products has emerged as a powerful strategy for continuous improvement. This article explores how embedding these assessments into key touchpoints, such as onboarding, events, education, and renewals, can enhance overall value delivery, refine pricing strategies, and foster long-term engagement.
1. Onboarding into Membership: Upon welcoming new members, initiate a micro-value assessment to understand their expectations and needs. This can include a brief survey or interactive session to gauge their perceived value, which in turn informs the association about the initial value proposition.
2. Conference Attendance: Integrate micro-pricing assessments during the conference registration process. Ask attendees about their expectations, preferred pricing models, and the perceived value of the conference. This real-time feedback contributes to agile pricing strategies and enhances attendee satisfaction.
3. Sponsor Onboarding: For sponsors, incorporate micro-value assessments at the beginning of the partnership. Understand their unique goals, preferred pricing structures, and expected returns. Regular check-ins during the sponsorship period provide insights for both parties, ensuring the alignment of value and cost.
4. Certification Enrollment: When individuals enroll in certification programs, gather insights into their motivations, perceived value of the certification, and expectations. Use this data to refine pricing models for certifications and tailor offerings to meet the diverse needs of participants.
5. Post-Education Program: Following the completion of an education program, conduct a micro-value assessment to capture the immediate impact. Understand how the program contributed to their professional development, and use this feedback to enhance course offerings and adjust pricing if necessary.
6. Post-Event Assessment: After events, deploy micro-value assessments to measure attendee satisfaction and identify areas for improvement. Assess the perceived value of the event against the price paid, allowing for iterative adjustments and enhanced planning for future events.
7. Annual Renewals: During the renewal process, include a micro-value and pricing assessment to understand members' satisfaction over the past year. This data informs decisions on membership fees, benefits, and services, ensuring ongoing alignment with member expectations.
8. Quarterly Pulse Checks: Implement quarterly pulse checks to gather real-time feedback on ongoing initiatives. These brief assessments allow organizations to detect early signs of dissatisfaction, identify emerging trends, and make timely adjustments to pricing and value delivery strategies.
Benefits of Micro-Value and Pricing Assessments:
Agile Strategy: Micro-assessments provide continuous insights, enabling organizations to adapt pricing and value strategies in real-time.
Enhanced Member Satisfaction: Regularly assessing value ensures that members, attendees, and sponsors feel heard and valued, leading to increased satisfaction.
Data-Driven Decision Making: Harnessing data from assessments empowers organizations to make informed decisions based on the evolving needs and perceptions of their audience.
Iterative Improvement: Continuous assessment feeds into an iterative improvement cycle, allowing organizations to refine products, services, and pricing structures systematically.
Member-Centric Approach: By embedding assessments into various touchpoints, organizations demonstrate a commitment to a member-centric approach, fostering stronger connections.
The strategic integration of micro-value and pricing assessments into key touchpoints offers associations and organizations a dynamic approach to enhance value delivery and pricing strategies. By consistently gathering feedback and adjusting strategies in response, organizations can build a more resilient and member-focused ecosystem.
