How to Price Products Using Pricing Research
Decisions about how to price products and services are crucial to a company's success, but are so often based upon gut-feel, and without any input from potential buyers.
TRC can help you implement better-informed, data-driven pricing strategies with solutions to help you develop business cases and to finalize go-to-market offers.
Price and product optimization.
Have a complex pricing challenge? Want to know how different consumers trade-off product functionality against pricing realities? Looking to optimize your pricing strategy with an eye towards greater profits or market share?
TRC has considerable expertise and extensive experience conducting Discrete-Choice and related forms of conjoint analysis projects to help you fully understand what drives purchase and how much you can charge across a wide range of potential product scenarios.
For highly complex or modular situations we've developed TeXo™, a proprietary technique that yields insights into how to price your products and services.
Unsure of what the market might pay? Curious to know how much, if anything, buyers think your particular idea is worth?
Concept testing will identify the strengths and weaknesses of your potential product, and determine consumers' willingness to pay. Exploratory techniques such as the Van Westendorp Price Sensitivity Meter (VW-PSM), a type of direct pricing research, can provide you with a good starting point for understanding overall price tolerances among your target audience. Armed with this information you can build stronger business cases, and make smarter decisions about whether or not to proceed with new ideas.
Know the approximate price neighborhood for your product or service, but need to know how demand might shift within this range?
Monadic price testing techniques will allow you to investigate willingness to buy across a series of rising price points and to map demand curves with an eye towards knowing when drops in buyer demand will outweigh increases in potential revenue.
Ask us how TRC can help you create smarter pricing strategies!
Call our president, Rich Raquet, at 215-641-2220.
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