I was in a meeting last week about pricing research and we talked about how far it's come from the days of simply asking people what they'd pay for something. From laddering to Van Westendorp's Price Sensitivity Meter to Discrete Choice modeling, the research industry has grown in sophistication in addressing this very crucial aspect of product development and marketing.
I started thinking back over some of the pricing research I've been involved with over the years, and I realized that at times our clients come to us without the information they'll need to make the project a success. That's not to say they're not doing their job -- but pricing research does have a few requisites. Here are 3 keys to effective pricing research:
This list is by no means exhaustive -- I welcome your additions!
VP / Research Management
Michele likes to hijack TRC's online consumer panel to get relevant answers to her burning research questions. She loves asking questions relating to her favorite hobbies - TV and movies, golf, casino gambling and travel - and more often than not the answers can be generalized across industries.