Pricing Innovation and New Product Development with Kyle Westra

Innovation management requires smart pricing strategies that cater to the customers' value proposition, profitability, and pricing model to ensure maximum success rate. In a podcast titled "The Innovation Room," Kyle Westra of Wiglaf Pricing, shares his expertise on pricing as a crucial tool for innovation. He emphasizes the importance of starting with internal value estimation before moving to clarification and following various quantitative methodologies like the Economic Value to Customer (EVC) and the Conjoint Analysis for further understanding. Kyle recommends avoiding common mistakes such as undervaluing the product, copying competitors' pricing strategy, and overlooking the pricing model and metrics when innovating.