Advisor to Implement Dynamic or Value-based Pricing into a Marketplace-like Service

Project Description

Seeking to introduce dynamic or value-based pricing into a marketplace-like service. Initially looking for advice, but over time could evolve into a larger project.

We require a pragmatic business and data strategist to inform our analysis of our financial opportunity, to help us design a multi-year evolution of our pricing strategy, and to recommend changes to our underlying data operations.

About us:

We are a multi-hundred million dollar provider of legal services spanning thousands of employees across the US, Europe, and Asia. Our largest business employs experienced lawyers on a flexible basis and matches them to Global 2000 companies in engagements that can span days, months, or years. In this way, it operates like a marketplace.

The problem: Our pricing model has historically used a cost-plus approach dictated by local sales leadership and talent managers. From a business perspective, our long-term vision is to build a pricing capability that responds to market dynamics and better reflects client value. In the short term, we want to increase our competitiveness by adopting a portfolio approach to managing pricing across our global business. From an operational perspective, we need to understand necessary changes to our internal process, technology stack, and sales/transactional data model will enable this evolution, and over what time period.

Data sources:

• Transactional data: We can provide financial and related customer data for engagements with clients dating back several years.
• Customer segmentation: We have multiple customer segments with analysis to prioritize the opportunity to support them.
• Talent data: We have unstructured data about all of our talent.
• Market data: We have compiled some third-party research to benchmark compensation for our talent versus our clients’ alternatives.

Deliverable: For now, the deliverable is largely an advisory service. That may evolve depending on the strategy our executive team elects to pursue, in ways ranging from simple financial analysis up to and including a full consulting engagement producing a customized pricing application and learning algorithm.

Location Preference: Strongly prefer New York