Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices
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Transcript of Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Menu-Based Conjoint: A new approach for designing
and pricing medical devices
Jemma Lampkin
Senior Research Consultant
RSS
Marieke Op het Veld
Today’s webinar host
#SKIMwebinar
Share your thoughts online:
Paolo Cordella
Research Consultant
RSS
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Focus of the webinar
Choice modeling
Medical devices
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
• Introductions
• Medical Device Market Dynamics
• Introduction to Menu-Based Conjoint (MBC)
• Wrap up
• Questions?
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
The Market
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Medical devices
Three key areas:
• Marketing & communication
• Feature prioritization &
product development
• Pricing & portfolio optimization
Small devices:
Medium devices:
Large devices (capital equipment):
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Market changes
Fierce competition
Increased pressure to innovate and offer “new” and
“exciting” solutions
Pressure to prove the value or benefit of products to end-users and buyers
Providing more value at lower price
points Inc
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ha
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es
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Where do you stand in the industry?
Pricing strategy
Positioning strategy
Proving product and feature value
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
A shift towards customization
Fully configured devices
Customer-configured devices
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
More involvement from the customer
The customer can
customize their medical
device at the purchase –
selecting which features
they need in order to end
up with the desired
package
Example 1
The customer can “add
on” extra solutions or
features to a basic
solution – e.g., an
additional warranty or
service package
Example 2
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Knowing the value of your features
Feature = $
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
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
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
The Methodology
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Testing an automatic external defibrillator
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What if we offered additional
solutions to the customer?
• Video display
• Ergonomic pads
• 24/7 customer support
• Extended warranty
• CPR coaching
• Etc.
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
The Evolution of Conjoint
CBC Choice Based
Conjoint
ACBC Adaptive Choice Based Conjoint
MBC Menu Based
Conjoint
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
The Evolution of Conjoint
CBC Choice Based
Conjoint
ACBC Adaptive Choice Based Conjoint
MBC Menu Based
Conjoint
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Video display
Ergonomic pads
Extended warranty
24/7 support
Total Price
Base Product Product 1 Product 2 Product 3
$350 $425 $280
CBC: A Discrete Choice
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Total Price
Base Product Product 1 Product 2 Product 3
$350 $425 $280
CBC: A Discrete Choice
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Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 18
Total Price
Base Product Product 1 Product 2 Product 3
$490 $355 $280
CBC: A Discrete Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 19
Total Price
Base Product Product 1 Product 2 Product 3
$490 $355 $280
CBC: A Discrete Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 20: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/20.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 20
Total Price
Base Product Product 1 Product 2 Product 3
$490 $355 $280
CBC: A Discrete Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 21: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/21.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 21
Total Price
$490 $355 $280
We observe preferences for the
overall product and its total price
CBC: A Discrete Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
CBC: A Discrete Choice
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Total Price
$490 $355 $280
What if a respondent does
not like a feature?
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
The Evolution of Conjoint
CBC Choice Based
Conjoint
ACBC Adaptive Choice Based Conjoint
MBC Menu Based
Conjoint
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 24
Base Product
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 25
Base Product
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 26
Base Product
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 27
Total Price
Base Product Product 1 Product 2 Product 3
$490 $355 $280
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 28: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/28.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 28
Total Price
Base Product Product 1 Product 2 Product 3
$490 $355 $280
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 29: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/29.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 29
Total Price
Base Product Product 1 Product 2 Product 3
$290 $435 $350
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 30: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/30.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 30
Total Price
Base Product Product 1 Product 2 Product 3
$290 $435 $350
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 31: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/31.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 31
Total Price
Base Product
$290 $435 $350
More granularity at the
feature level
ACBC: An Adaptive Choice
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 32
Total Price
ACBC: An Adaptive Choice
Base Product
$290 $435 $350
But we still observe preferences for the
overall product and its total price
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
The Evolution of Conjoint
CBC Choice Based
Conjoint
ACBC Adaptive Choice Based Conjoint
MBC Menu Based
Conjoint
33
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 34
MBC: Your Choice
Base Product
Total Price
$ 0
$ 65
$ 30
$ 65
$ 25
$ 420
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 35
MBC: Your Choice
Base Product
Total Price
$ 0
$ 65
$ 30
$ 65
$ 25
$ 420
While CBC addresses
"or" questions, MBC
addresses "and"
questions.
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 36
MBC: Your Choice
Base Product
Total Price
$ 0
$ 65
$ 30
$ 65
$ 25
$ 420
Build-Your-Own
product in a given
price scenario
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 37
MBC: Your Choice
Base Product
$ 65
$ 30
$ 65
$ 25
Total Price
$ 420
$ 540
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 38
MBC: Your Choice
Base Product
Total Price
$ 0
$ 65
$ 30
$ 65
$ 25
$ 420
Test different price
scenarios, as well as
product offering
scenarios
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 39
MBC: Your Choice
Base Product
Total Price
$ 0
$ 50
$ 45
$ 55
$ 420
Test different price
scenarios, as well as
product offering
scenarios
Video display
Ergonomic pads
Extended warranty
![Page 40: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/40.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 40
Base Product
Total Price
Observe preferences
for each feature and
its price
MBC Output
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 41
Base Product
$ 50
$ 45
$ 55
$ 7
$ 420
Predict the take up
rates for each
feature given a
specified price
25%
26%
12%
9%
MBC Output
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 42
Base Product
$ 50
$ 45
$ 55
$ 7
$ 420
20%
26%
12%
9% Identify cross-
effects between
the features
MBC Output
$ 40
$ 45
$ 55
$ 7
28%
19%
12%
9%
+8%
-7%
$ 420
$ Feature A
Feature B
Feature D
Feature C
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 43
Base Product
$ 50
$ 45
$ 55
$ 7
$ 420
25%
26%
12%
9%
Simulate what
happens if you
launch a new
feature in the market
CPR Coaching $ 56 10%
MBC Output
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 44
Base Product
$ 50
$ 45
$ 55
$ 420
Identify killer
features
25%
26%
12%
MBC Output
Video display
Ergonomic pads
Extended warranty
24/7 support
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 45
Base Product
$ 50
$ 45
$ 55
$ 7
$ 420
25%
26%
12%
9% Optimize your
product offering
CPR Coaching $ 56 10%
MBC Output
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 46: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/46.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 46
Base Product
$ 50
$ 45
$ 55
$ 7
$ 420
25%
26%
12%
9% Optimize your
product pricing
CPR Coaching $ 56 10%
MBC Output
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 47: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/47.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 47
MBC Output
Base Product
$ 50
$ 45
$ 55
$ 7
$ 420
25%
26%
12%
9%
Revenue
Optimization
$ 56 10%
Revenue Index
125
Profit Index
115
CPR Coaching
Video display
Ergonomic pads
Extended warranty
24/7 support
![Page 48: Webinar: Menu-Based Conjoint: A new approach for designing and pricing medical devices](https://reader035.fdocuments.in/reader035/viewer/2022081413/546c5029b4af9f6b2c8b4fba/html5/thumbnails/48.jpg)
SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
MBC Takeaways
48
Segmentation
Price Elasticity and Revenue Optimization
Product Optimization and Bundling
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Wrap Up
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
So what?
An evolving market
Pressure for innovative features
More customization
from the customer
Need to understand
the price premium at the feature
level
• 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
With MBC, we can:
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices” 51
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SKIM Webinar “Menu Based Conjoint: A new approach for designing and pricing medical devices”
Go to www.skimgroup.com/webinars
for today’s presentation slides and more!
Paolo Cordella
+31 10 282 3568
Jemma Lampkin
+31 10 282 3558
@jemmalampkin
Marieke Op het Veld
+31 10 282 3521
@SKIMgroup
#SKIMwebinar
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