What is it?
A Pricing Analysis is a quantitative research method used to assess consumer preferences and willingness to pay for a product at different price points. The test involves presenting a product to participants and asking them to evaluate their likelihood to purchase the product at various price points (Gabor Granger) or asking them when consumer think its (too) expensive and (too) cheap for them to consider buying this product.
Based on the results of the test, informed decisions about the optimal price point for the product can be made, as well as pricing strategies that will maximize revenue while meeting customer needs.
Why is it important?
The test helps determine the price point at which consumers are most willing to purchase the product, which can help increase sales and revenue.
When should you use it ?
A quantitative consumer pricing test is typically used in the early stages of product development to guide pricing decisions. The test can also be used to evaluate pricing strategies for existing products or to assess the potential of new pricing strategies in the market.
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