Radically new innovations are especially well-suited for emphasizing value to the customer when setting the price. Because there is no reference product or service tightly constraining the prospect’s expectation for the selling price, you have more freedom from the “gravitational pull” of past and present prices. You can look at how your solution can create value in the prospect’s business. To cite a few possibilities:
- Will it enable the prospect's organization to grow revenue and margin?
- Reduce costs?
- Reduce assets required in the business?
- Lower their business risk?
You can then quantify each form of economic value based on research in the segment, or info gathered in prospect-by-prospect dialogue.
For example, nanomaterial technologies can remove significant limitations of conventional blood diagnostics. New assays (now in the development pipeline) have demonstrable, strong economic value for medical professional and hospitals through potentially creating revenue growth, along with reducing costs by avoiding unneeded treatments.
Of course, in these new diagnostic tools there are also qualitative aspects of worth that the medical community will care about, such as increasing lifespans and quality of life in the communities they serve. The qualitative reasons to buy may be most powerful in getting the buying process moving, with the economic value estimation providing the rationale that builds consensus for the buying decision.