The Art of Pricing Interviews for Associations
The following is an excerpt from our book, Pricing for Associations, available now on Amazon.
In the intricate dance of pricing strategy, interviews emerge as a nuanced tool, particularly suited for sponsors, segments with low survey representation, and key accounts that demand a tailored approach. This article delves into the intricacies of conducting interviews for pricing analysis, exploring methodologies, templates, and tailored considerations for different product categories.
Please note that you can mimic this for focus groups, but when it comes to pricing questions, we recommend interviews over focus groups. Remember - value analysis leans more into surveys and focus groups, pricing analysis leans more into surveys and interviews.
Timing and Purpose
Interviews are not the swift sprint of surveys, but they offer a depth that's unparalleled. Best conducted after surveys, interviews provide a direct 1-1 interaction, devoid of biases imposed by group dynamics. This is particularly crucial for sponsors, niche member segments, or substantial key accounts that might require customized solutions.
Template of Questions
The interview template should strike a balance between structure and flexibility, fostering open and honest conversations around pricing. Here's a template with tailored considerations for different product categories:
Introduction and Assurance:
Explanation of the interview's purpose.
Confidentiality assurance.
Personal Information:
Name
Demographic Questions (Industry experience, Membership tenure, etc.)
Pricing Questions:
General perceptions of the product's value.
Specific scenarios around pricing acceptability.
Open-ended questions on what features or aspects would enhance perceived value.
Note - utilize the above examples from Van Westendorp and Conjoint Analysis models to determine pricing questions you may ask.
Considerations for Product Categories
Tailoring the interview questions based on the product category ensures relevance and depth in responses:
Membership: Exploring willingness to pay for different membership tiers and perceived value at each level.
Education: Delving into the importance of education, preferred formats, and the perceived value of additional features.
Certification: Probing into the perceived value and affordability of certification programs, and how they contribute to professional development.
Events: Understanding expectations regarding event pricing models, considering factors like virtual or in-person attendance.
Sponsorship: Evaluating perceived value and expectations related to various sponsorship packages, customizing questions based on the sponsor's unique needs.
Analysis and Implementation
The data gleaned from interviews is qualitative but rich. Associations must carefully analyze responses, identifying common themes and outliers. This rich data informs strategic decisions on pricing adjustments, package modifications, and value proposition enhancements.
Interviews for pricing analysis are the artisanal brushstrokes in the canvas of association strategy. By adopting a thoughtful template and customized considerations for different product categories, associations unlock profound insights. This qualitative approach ensures that pricing strategies align not just with broad audience trends but also with the nuanced expectations of sponsors and specific member segments, fostering a pricing strategy that resonates and endures.
