Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices
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Product managers and marketers of medical devices have always faced the challenge of determining the right features to include in a device while identifying the perceived value of those features. More and more, medical device manufacturers are allowing customers to customize their devices or purchase additional add-on solutions. Because of this, product managers often need to know how willing customers are to pay for specific features and what kind of price barriers they may face in the market. In the past, techniques like Choice-Based Conjoint (CBC) and Adaptive CBC were used to answer these questions, but there were many drawbacks to these approaches. Our presenters explore here Menu-Based Conjoint (MBC) analysis as an optimal methodology to determine feature pricing and strategy for the medical device industry. While our spring 2013 webinar on MBC focused on finding the optimal product or menu configurations, this webinar will explore how to find the right price for product features and identify your “killer” features that will truly drive the product’s value. For more information about SKIM's webinars, visit www.skimgroup.com/webinars
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Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices
- 1. Share your thoughts online: #SKIMwebinar Menu-Based Conjoint: A new approach for designing and pricing medical devices Paolo Cordella Research Consultant RSS Jemma Lampkin Senior Research Consultant RSS Marieke Op het Veld Today’s webinar host SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 2. Focus of the webinar Choice modeling 2 Medical devices SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 3. • • Medical Device Market Dynamics • Introduction to Menu-Based Conjoint (MBC) • Wrap up • 3 Introductions Questions? SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 4. The Market SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 5. Medical devices Three key areas: • Marketing & communication • Feature prioritization & product development Small devices: Medium devices: Large devices (capital equipment): • Pricing & portfolio optimization 5 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 6. Increasing challenges Market changes 6 Fierce competition Increased pressure to innovate and offer “new” and “exciting” solutions Pressure to prove the value or benefit of products to endusers and buyers Providing more value at lower price points SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 7. Where do you stand in the industry? Pricing strategy 7 Positioning strategy Proving product and feature value SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 8. A shift towards customization Fully configured devices 8 Customerconfigured devices SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 9. More involvement from the customer Example 1 The customer can customize their medical device at the purchase – selecting which features they need in order to end up with the desired package 9 Example 2 The customer can “add on” extra solutions or features to a basic solution – e.g., an additional warranty or service package SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 10. Knowing the value of your features Feature = $ 10 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 11. Two important trends 1. Increased involvement of the customer in what features are in or out of the product 2. A focus on understanding the price premium associated with innovative or “killer” features 11 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 12. The Methodology SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 13. Testing an automatic external defibrillator What if we offered additional solutions to the customer? • • • • • • 13 Video display Ergonomic pads 24/7 customer support Extended warranty CPR coaching Etc. SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 14. The Evolution of Conjoint CBC MBC Choice Based Conjoint 14 ACBC Adaptive Choice Based Conjoint Menu Based Conjoint SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 15. The Evolution of Conjoint CBC MBC Choice Based Conjoint 15 ACBC Adaptive Choice Based Conjoint Menu Based Conjoint SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 16. CBC: A Discrete Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 16 $350 $425 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 17. CBC: A Discrete Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 17 $350 $425 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 18. CBC: A Discrete Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 18 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 19. CBC: A Discrete Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 19 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 20. CBC: A Discrete Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 20 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 21. CBC: A Discrete Choice Video display Ergonomic pads 24/7 support We observe preferences for the overall product and its total price Extended warranty Total Price 21 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 22. CBC: A Discrete Choice Video display Ergonomic pads 24/7 support What if a respondent does not like a feature? Extended warranty Total Price 22 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 23. The Evolution of Conjoint CBC MBC Choice Based Conjoint 23 ACBC Adaptive Choice Based Conjoint Menu Based Conjoint SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 24. ACBC: An Adaptive Choice Base Product Video display Ergonomic pads 24/7 support Extended warranty 24 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 25. ACBC: An Adaptive Choice Base Product Video display Ergonomic pads 24/7 support Extended warranty 25 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 26. ACBC: An Adaptive Choice Base Product Video display Ergonomic pads 24/7 support Extended warranty 26 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 27. ACBC: An Adaptive Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 27 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 28. ACBC: An Adaptive Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 28 $490 $355 $280 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 29. ACBC: An Adaptive Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 29 $290 $435 $350 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 30. ACBC: An Adaptive Choice Base Product Product 1 Product 2 Product 3 Video display Ergonomic pads 24/7 support Extended warranty Total Price 30 $290 $435 $350 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 31. ACBC: An Adaptive Choice Base Product Video display Ergonomic pads 24/7 support More granularity at the feature level Extended warranty Total Price 31 $290 $435 $350 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 32. ACBC: An Adaptive Choice Base Product Video display Ergonomic pads 24/7 support But we still observe preferences for the overall product and its total price Extended warranty Total Price 32 $290 $435 $350 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 33. The Evolution of Conjoint CBC MBC Choice Based Conjoint 33 ACBC Adaptive Choice Based Conjoint Menu Based Conjoint SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 34. MBC: Your Choice Base Product Video display $ 65 Ergonomic pads $ 30 24/7 support $ 25 Extended warranty $ 65 Total Price 34 $ 420 $0 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 35. MBC: Your Choice Base Product Video display $ 65 Ergonomic pads $ 30 24/7 support $ 25 Extended warranty $ 65 Total Price 35 $ 420 $0 While CBC addresses "or" questions, MBC addresses "and" questions. SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 36. MBC: Your Choice Base Product Video display $ 65 Ergonomic pads $ 30 24/7 support $ 25 Extended warranty $ 65 Total Price 36 $ 420 $0 Build-Your-Own product in a given price scenario SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 37. MBC: Your Choice Base Product Video display $ 65 Ergonomic pads $ 30 24/7 support $ 25 Extended warranty $ 65 Total Price 37 $ 420 $ 540 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 38. MBC: Your Choice Base Product Video display $ 65 Ergonomic pads $ 30 24/7 support $ 25 Extended warranty $ 65 Total Price 38 $ 420 $0 Test different price scenarios, as well as product offering scenarios SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 39. MBC: Your Choice Base Product Video display $ 50 Ergonomic pads $ 45 Extended warranty $ 55 Total Price 39 $ 420 $0 Test different price scenarios, as well as product offering scenarios SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 40. MBC Output Base Product Video display Ergonomic pads 24/7 support Extended warranty Observe preferences for each feature and its price Total Price 40 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 41. MBC Output Base Product Video display $ 50 25% Ergonomic pads $ 45 26% 24/7 support $7 9% Extended warranty 41 $ 420 $ 55 12% Predict the take up rates for each feature given a specified price SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 42. MBC Output Base Product Feature A $ 50 20% Feature B $ 45 Feature C Feature D 42 $ 420 $ 420 $ $ 40 28% +8% 26% $ 45 19% -7% $7 9% $7 9% $ 55 12% $ 55 12% Identify crosseffects between the features SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 43. MBC Output Base Product Video display $ 50 25% Ergonomic pads $ 45 26% 24/7 support $7 9% Extended warranty $ 55 12% CPR Coaching 43 $ 420 $ 56 10% Simulate what happens if you launch a new feature in the market SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 44. MBC Output Base Product $ 420 Video display $ 50 25% Ergonomic pads $ 45 26% $ 55 12% 24/7 support Extended warranty 44 Identify killer features SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 45. MBC Output Base Product $ 420 Video display $ 50 25% Ergonomic pads $ 45 26% 24/7 support 9% Extended warranty $ 55 12% CPR Coaching 45 $7 $ 56 Optimize your product offering 10% SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 46. MBC Output Base Product $ 420 Video display $ 50 25% Ergonomic pads $ 45 26% 24/7 support 9% Extended warranty $ 55 12% CPR Coaching 46 $7 $ 56 Optimize your product pricing 10% SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 47. MBC Output Base Product Video display $ 50 25% Ergonomic pads $ 45 26% 24/7 support $7 9% Extended warranty $ 55 12% CPR Coaching 47 $ 420 $ 56 10% Revenue Index 125 Profit Index 115 Revenue Optimization SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 48. MBC Takeaways Price Elasticity and Revenue Optimization Product Optimization and Bundling Segmentation 48 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 49. Wrap Up SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 50. So what? With MBC, we can: Pressure for innovative features An evolving market Need to understand the price premium at the feature level 50 More customization from the customer • Determine whether innovative features have enough value to customers to demand a premium • Obtain a realistic measure of the purchase intent for specific features, even if they are optional • Understand how that purchase intent will change if we change prices • Identify the optimal price points by optimizing revenue and profit SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 51. 51 SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
- 52. Share your thoughts online: #SKIMwebinar Go to www.skimgroup.com/webinars for today’s presentation slides and more! Paolo Cordella p.cordella@skimgroup.com +31 10 282 3568 Jemma Lampkin Marieke Op het Veld j.lampkin@skimgroup.com M.ophetVeld@skimgroup.com +31 10 282 3558 @jemmalampkin +31 10 282 3521 @SKIMgroup SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”