Understand how to set the exact price point for your product or service, according to your target consumers.
Pricing research is one of the trickiest types of market research. That’s because you are asking customers to predict real-world decisions in a simulated environment. This template is designed to guide you through the process while avoiding potential pitfalls.
Your research needs to be comprehensive enough to achieve maximum profit, revenue, or market share. It should also help you determine how to increase revenues and profit margin by increasing or decreasing prices.
There are three kinds of pricing research that will help shape your journey:
- Conjoint analysis
- Van Westendorp’s Price Sensitivity Meter
- The Gabor-Granger technique
The questions in this template blend these three techniques into a single instrument. It will help you understand the level of familiarity consumers have with your product or service, identify the point where it’s viewed as either too cheap or too expensive, and learn how much of their total budget the respondents are willing to commit to the need your product serves.
- Evaluate your consumers’ reaction to the price of a product or service.
- Avoid some of the errors that can arise from using theoretical answers to predict real-world choices.
- Add context to their answers by controlling for product familiarity and appeal.
- A realistic, reliable prediction of what your typical consumer would be prepared to pay.
- Upper and lower limits for pricing, based on what consumers view as cheap or expensive.
- A framework for conducting ongoing research so you can always keep your prices optimal.
Three Easy Steps
- Sign up for a free account
- Select and customize the survey template
- Distribute your survey and begin analyzing results
What You Get
An expert-built survey template preloaded with the right questions to help you save time and get results faster.
- Ph.D. designed methodology
- Prebuilt logic and survey structure
- Automated workflow
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