Updated: Oct 28
➡️ AI-based Price Optimization across countries💸
➡️ What-if scenarios for inflation and spending income🚀
➡️ Real customer case – new product launch🔥
Prepare to have your mind blown as we unveil the secret behind the game-changing pricing strategy🔥for Scent Camera by combining FutureUP cutting-edge Predictive AI technology with Neurensics groundbreaking Neuroscience!
All details of this study were presented in a free exclusive webinar of FutureUP, Neurensics, and Scent Camera on September 12th, 2023.
Download the webinar presentation:
Watch the video with the Optimum Price🔥simulation per country and year:
Watch the recording:
A product seeking its price
Scent Camera is a revolutionary device created by a team of scientists in Lithuania. The extraordinary device will forever change the way we experience the digital world. Scent Camera is a technological marvel that allows you to capture and experience smells based on a novel gadget. It’s now possible to witness the captivating aroma of freshly baked cookies or the invigorating scent of a tropical paradise right from the comfort of your own home. With Scent Camera, you can fully communicate a world of fragrances like never before.
The pricing challenge
Apart from the technological breakthrough needed for such an accomplishment, Scent Camera faced another challenge, i.e., how to price such a unique device, especially when this is a new market with no past sales, no competition, or any other point of reference to use. Even more, how to differentiate pricing per country, considering the relative strength and potential of local markets, and prioritize launch accordingly.
To discover the Ideal Go-To-Market Price, the visionary minds behind Scent Camera knew that traditional pricing research methods and analysis would not suffice. FutureUP and Neurensics jointly followed a two-step approach to help them address these challenges:
➡️ Neurensics, armed with their groundbreaking NeuroPricing™ approach, delved deep into the subconscious responses of consumers in Germany, the first go-to market. The technology is driven by assessing the subconscious mind where pricing decisions are made without us even realizing it.
➡️ FutureUP combined the results with its innovative Predictive AI technology to generate price suggestions for other countries for which no research data existed. Behind FutureUP’s technology lies a specialized econometric AI model, which considers various country or market conditions, like spending capacity, inflation, or other macro indicators, and predicts their impact on pricing and sales performance.
The result & benefit
By combining Predictive AI with Neuroscience, FutureUP and Neurensics jointly delivered:
👍 A set of Optimized Prices (maximizing revenue) for 40 countries
👍 Expected Revenue and penetration Levels (probability to win/buy) for the suggested optimum Prices
👍 A set of Safe Prices (ensuring more than 90% win probability) for 40 countries
👍 What-if scenarios by providing a Predictive AI model that automatically adjusts price suggestions and probability to win for inflation and spending income for each country
The accuracy of predictions regarding the probability to buy at each price level was extremely high, with less than 2.5% error for in & out-of-sample testing.
The result provided Scent Camera with a pricing and penetration roadmap for numerous countries around the world, thus facilitating its go-to market strategy for the new product!
You can also check out our official joint Press Release here
Learn more about FutureUP