ThriveCo: Strategic Pricing Analysis for Local Market Optimization

ThriveCo is a personalized coworking space with locations in Clayton and Chesterfield, Missouri.

We provide small businesses with access to the space, customized furnishings, events, concierge services and community needed to have a thriving business.

The Brief

ThriveCo engaged our services to evaluate its current business model with the objective of enhancing revenue generation. The goal was to analyze their pricing in comparison to local competitors and determine a strategic pricing approach that leveraged their competitive advantages.

The Process

1. Market Analysis: We conducted a detailed examination of the local market, focusing on competitors within close proximity to ThriveCo. This included summarizing the main services offered by these competitors, their unique selling points, and their pricing structures.

2. Internal Review: We delved into ThriveCo’s offerings, identifying their distinct competitive advantages and areas where improvements could be made. This phase also involved analyzing feedback from current members to gauge satisfaction and perceptions of value.

3. Pricing Strategy Development: After identifying that ThriveCo’s pricing was lower than market rates despite offering more value, we devised a relaunch strategy. The new pricing model included a promotional offer: sign up for a year and get one month free, aimed at increasing long-term commitments from members.

The Results

The strategic realignment of ThriveCo’s pricing model and market positioning led to a substantial enhancement in their revenue potential. The reevaluation of their competitive stance combined with a tailored promotional offer resulted in improved membership retention and attraction of new members keen on the extended value. Our approach not only aligned ThriveCo’s pricing with market standards but also capitalized on their unique offerings, setting a strong foundation for sustained business growth.