Anyone who needs to determine the optimal price point for their product or service should conduct thorough and comprehensive pricing research rather than taking a blind leap of faith. Pricing research is one of the trickiest types of market research because you are asking customers to predict real-world decisions in a simulated environment. There are plenty of ways to tank your research, but this template is designed to guide you through those potential obstacles. Your research should be comprehensive enough to achieve maximum profit, revenue, or market share. Pricing research also determines how an organization can 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, and the Gabor-Granger technique. The questions outlined in the accompanying template blend these three techniques so you don't have to. It will help you understand the level of familiarity your survey respondents have with your product or service, at which point the product or service is viewed as either too cheap or too expensive, and how much of their total budget they are willing to commit to the need your product or service resolves.