Home Smart 100 2012 Crowdsourced Pricing Consulting (SMART 100)

Crowdsourced Pricing Consulting (SMART 100)

16

Show your support for this innovation. Tweet it. Like it on Facebook. Leave a comment.

The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

Pricing Prophets: Crowdsourced Pricing Consulting (VIC)

This innovation initially came to life when…

We were at a crowdsourcing discussion group when a small business owner asked what price should he charge for his product. It then hit us: why not use a crowdsourcing model to determine what price to charge and why. We have refined the model to use use “experts” rather than a crowd and created a unique website to facilitate the interaction between clients and experts.

WHAT & HOW

The purpose of this innovation is to…

Provide expert pricing advice to small and medium businesses at a fraction of the cost it might otherwise involve.

It does this by…

We’ve assembled a global panel of pricing experts and thought leaders who will determine not only what price to charge, but why. Clients upload their pricing challenge to our website then we send it to our most relevant experts. Within a week, clients receive a report detailing what the experts had to say about their pricing challenge.

PURPOSE & BENEFITS

This innovation improves on what came before because…

Engaging a pricing consultant is a very costly exercise and is out of the reach of many SMEs. In addition, using a single pricing consultant may not present the SME with various alternatives that they can act upon. Pricing Prophets is timely, accessible, affordable and egalitarian.

Its various benefits to the customer/end-user include…

Pricing is of critical importance to business and yet it is often forgotten. Pricing Prophets gives SMEs the opportunity to develop more appropriate pricing strategies that increase their margins at very little cost.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

The only way was to go to a generic pricing conference, hire a pricing analyst or engage a consultant. All of these options are extremely expensive and cannot deliver the breadth and depth of solution at anything like the cost that Pricing Prophets can.

Its predecessors/competitors include…

To our knowledge, there is no other solution that can offer the benefits to our clients that Pricing Prophets can. No one can provide the unique, tailored, quality advice within the same time period or the same price.

TARGET MARKET

It is made for…

The target market is small and medium businesses throughout the world.

DISTRIBUTION STRATEGY

It is available for sale through…

Our unique dedicated website.

Our marketing strategy is to…

Educate SMEs about how much difference a reasoned pricing strategy can make to their businesses and how simple it is to get that advice via our offering.

 

SHARE THE LOVE

You can show your support for this outstanding Australian innovation in three ways:

  1. Tweet it: Top left of each page
  2. Trigger a Reaction: Facebook ‘Like’, etc.
  3. Leave a Comment: Anonymous comments excluded.

More about the READERS’ CHOICE INDEX.

Get unlimited access to our FREE business tools…

Need to raise capital? Want to become a more persuasive presenter? Want to master social media? Is it time to overhaul your website? Unlock the library to get free access to free cheat sheets and business tools. Click here for free business tools.