Pricing assessments have become one of the most frequent requests I get in the competitive intelligence space, and for good reasons. These projects aren’t like the usual qualitative intel-gathering exercises. They’re deep, data-driven, and if done right, can directly influence revenue, profitability, and product strategy.

With strategic planning season in full swing, I wanted to share some hard-earned best practices for running pricing studies that actually move the needle.

1. Start with Legal’s POV—Seriously

Before starting a pricing study, I check in with legal. Why? Pricing data comes with baggage. Antitrust laws are no joke; even well-intentioned projects can raise red flags if not properly scoped.

Most legal teams get especially cautious when pricing is pulled directly from competitors. They tend to be more comfortable with data gathered from dealers, distributors, or publicly available sources.

Bottom line: knowing legal’s boundaries upfront saves you from stalled projects and follow-ups later.

2. Bring in an External Partner—It’s Worth It

While some competitive intelligence work can stay in-house, pricing research really benefits from external support. It requires time, manpower, and many nuances.

You need people to gather large volumes of data across geographies, products, and channels. And frankly, one or two quotes won’t cut it. You need enough points to create a story, not just a snapshot.

We’ve been called in more than once to clean up a pricing study that started too lean or lacked the depth needed to support a real decision.

3. Don’t Try to Boil the Ocean

I’ve seen plenty of projects start with, “Let’s get pricing on everything.” While that’s a noble approach, it’s rarely realistic.

Instead, I help clients narrow their focus to:

• Key profit drivers or SKUs under competitive pressure
• Products that drive broader sales (e.g., a gasket that gets you into a full engine sale)
• Items already in the market—new launches often don’t have enough pricing traction yet
• Standardized products that don’t vary wildly across regions

The more targeted you are, the more actionable your results will be.

4. It’s Not Just About the Numbers

Yes, pricing is the headline. But let’s not forget the story behind it.

Whenever possible, I include questions about:

• Lead times
• Sales process complexity
• Why customers choose one provider over another

More than half the time, it’s not just price driving the deal; it’s the service, experience, or value wrapped around it. If you don’t ask, you’ll miss what really matters.

5. Manage Expectations on Timelines

Pricing studies take time.

In the U.S. and Europe, we can often get responses quickly. However, in places like Indonesia or Africa, the process can stretch. Sales teams may need to vet requests or follow protocols that slow things down.

The more time you give your team (or partner), the better your results will be and the less friction you’ll experience when sources are asked for quotes.

6. Know Your Buying Process First

Before launching a pricing assessment, I always ask: “What would you need to do to get a quote on this product?”

If it’s a commodity, it may be quick. But is it a complex system with 10 components and a custom installation? Plan accordingly. Walk through your own sales process as if you were the buyer. That preview tells you everything you need to know about the complexity you’re about to take on.

7. Use Multiple Methods

There’s no one-size-fits-all approach here. Some of my go-to pricing intel methods include:

• Secret shopping
• Web scraping
• Expert panels
• Customer interviews

Each has its strengths depending on the product, market, and regulatory context. Blending methods to create a complete picture is key, not just relying on a single lens.

Final Thought

Pricing research has the power to shape not just decisions, but direction. When done right, it’s high-impact, high-value work. With proper preparation, a sharp focus, and some seasoned help, your next pricing assessment could be one of the most valuable pieces of intelligence you deliver this year.

If you’re thinking about one and aren’t sure where to start, feel free to contact me. I’m happy to discuss it.