Selecting a pricing consultant: Your guide to making the right choice for your organisation

Choosing the right pricing consultant is a critical decision for businesses looking to optimize their pricing strategies and drive sustainable growth. No consultant can offer a one-size-fits-all. Each business has unique needs, challenges, and objectives, which is why finding the right pricing consultant can make all the difference in achieving your business objectives.

In this guide, we’ll explore the 5 key questions to consider when evaluating pricing consultants and provide tips to help you make the best choice for your organisation.

Does the pricing consultant have a proven track record of success?

A pricing consultant or consulting team with a proven track record of success can instill confidence and reassurance as your team gets started. Look for evidence of expertise, reliability, and effectiveness in optimising pricing strategies. This track record serves as a testament to a consultant’s ability to navigate complex pricing challenges, identify opportunities for improvement, and drive measurable impact on revenue, profitability, and market competitiveness.

Choosing a pricing consultant with a history of success gives you peace of mind knowing that you’re partnering with a trusted advisor who can help you achieve your pricing objectives with confidence and conviction.

It’s okay to ask your pricing consultant for:

  • Case studies: As pricing strategy is core to a business, keep in mind that some case studies may be only available under an NDA. At Untapped, we often share anonymous testimonials and case studies and are happy to share complete, industry-specific case studies–including video testimonials–on a one-to-one basis.
  • Project references: You can also ask a prospective pricing consultant to introduce you to past clients with similar challenges. Talking to past clients is a great way to learn about the consultant’s approach and the outcomes you can expect from the project.

 

Does the pricing consultant have the right expertise and specialisation?

When selecting a pricing consultant, you’ll want to assess their expertise and specialisation to ensure that their skills align with your specific pricing challenges and objectives, ultimately maximising the effectiveness of their guidance and recommendations.

Most pricing consultants and agencies will draw upon their past experiences to tailor their approach to your specific needs, ensuring that their recommendations are relevant and actionable. Working with a consultant from your exact industry or sector is less important than ensuring they have worked with challenges similar to yours.

For example, if you are interested in moving your pricing to a subscription model, a consultant with experience in subscription pricing will be best equipped to anticipate potential pitfalls and develop compelling strategies that have been proven to be successful.

In fact, a pricing consultant with experience working in a range of industries can bring a fresh perspective to your business challenges. They can offer innovative solutions and insights that may not be apparent to someone deeply entrenched in your sector.

When considering a consultant experienced in pricing across a range of industries, look for signals that they are able to learn your business quickly. For example, at Untapped, we have developed a Discovery Process that allows us to learn a client’s business quickly to start making progress early.

“We were super, super impressed by how fast you got into our data and our structures, it was amazing. I was afraid that we would do a lot of back and forth, but it really helped how you visualized everything, how you went deep into the data and showed us the data and we could take an easy decision based on what you showed us.”

– Head of Product Marketing, Personalised Gift Company

Does the pricing consultant have a proven toolkit?

A proven toolkit is a great consultant’s trusted sidekick. By leveraging a proven toolkit, an experienced pricing consultant can streamline the pricing strategy development process, accelerate decision-making, and ensure that their recommendations are grounded in data-driven insights and industry best practices.

At Untapped, we have pioneered a design-led approach to pricing—guided by the principles of design thinking and the dynamic interplay between value, psychology, and customer behaviour. It’s a methodology we’ve used to transform the growth strategy for hundreds of businesses. Having this broad toolkit allows us to work with clients to tackle an equally broad range of challenges—from changing market conditions to evolving customer preferences.

“Untapped has a very good methodology. A methodology that gets to results, as opposed to a methodology that gets to what you already know. The approach, the engagement, the collaboration and the tooling were all very, very, very key to the results that we got.

We’ve had other pricing exercises, as you know, and we’ve not really been happy with the outcome because it almost felt like it was a standard Pricing 101 as opposed to making us think about the market and think about our customers and then reflecting back on that.”

– Chief Financial Officer, Industrial Labelling Company

Visit our Pricing Resources to get a taste of the Untapped Pricing Toolkit!

Will they work well with our team?

You know your business best. Choosing a pricing consultant or agency who values close collaboration means more fully leveraging your internal expertise to gain invaluable insights into your business’s operations, market dynamics, and customer preferences. The result is a pricing strategy that is better aligned with your overall business vision, mission and goals.

At Untapped, we believe that pricing is a team sport. We often bring together a core team of 5-7 senior leaders who are empowered to make decisions swiftly, facilitating rapid progress and avoiding bottlenecks. By actively involving a core team in designing a pricing strategy, we get richer insights, more balanced decisions, and easier buy-in.

“Sometimes we think these bigger groups can be a bit unwieldy and hard to marshal. But having done that and [getting] good findings that 8-10 of the partners are really standing behind is much better than if a smaller group of us had done the same thing.”

– Chief Operating Officer, Architecture Firm

Consultants from the pricing firm you are working with often become an extension of your team for the duration of the project. Find out if the team that is involved in the sales process will also be delivering the project. If not, ask to meet the team you will be working with to assess the fit with your own team. Use interactions during the sales process to evaluate the firm’s openness to different viewpoints and ability to align the team around a common vision.

At Untapped, this step in the process is so important to use that we offer teams a complimentary, 90-minute Pricing Springboard session. We bring a team together to uncover roadblocks and identify opportunities to drive growth with pricing. But most importantly, you’ll meet the team you’ll be working with and we all get the opportunity to explore how we work together.

Can they help build internal pricing capabilities?

Selecting a pricing consultant who goes beyond short-term solutions and focuses on long-term growth is essential. Consider the age-old wisdom: Give a person a fish, and they’ll eat for a day; teach them to fish, and they’ll eat for a lifetime. A skilled consultant not only addresses immediate pricing challenges but also empowers your organization to manage and optimize pricing strategies independently in the future.

At Untapped Pricing, we prioritise building internal pricing capabilities within teams, ensuring that the value extends well beyond the conclusion of our engagement. Instead of leaving behind a PowerPoint presentation that may soon be forgotten, we equip teams with a comprehensive pricing toolkit to continually measure and refine pricing strategies. The goal is not just to support your current pricing needs but to instill a lasting confidence and competency in your team that drives growth and adaptation through dynamic market conditions.

Select the right pricing partner for you

Selecting the right pricing consultant is a strategic decision that can have a significant impact on your business’s success. By considering factors such as expertise, industry knowledge, collaboration, results, and value, you can make an informed choice that positions your organization for pricing excellence and competitive advantage. With the right pricing consultant by your side, you can unlock new revenue opportunities, drive sustainable growth, and achieve your business goals with confidence.

Need help with your pricing strategy? Let’s work together!

If you’re looking for a pricing consultant, make sure to get in touch with us! Take a look at our services or send an email to: hello@untappedpricing.co.uk. We can’t wait to hear more about your business and help you unlock new growth.