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Testing Product Concepts with Price Research

Posted by PriceBeam on November 30, 2017

Product Concept Testing with Pricing Research

 

About to launch a new product? Or updating the positioning of your existing service? Using pricing research can help determining the value that customers perceive, before the actual launch. 

Price research asks existing or potential customers about their willingness-to-pay. This is in itself powerful and will help marketers understand how customers respond to their value proposition. But repeating the willingness-to-pay research across multiple concepts or with competitive propositions, it is also possible to test different concepts against each other.

PriceBeam has recently launched a Comparative Willingness-to-Pay study type, that does exactly that:

  • You define the target market, such as country, demographics and other restrictions
  • You describe a set of product/service concepts.This can be different iterations of your offering, but also include several competitive offerings.
  • PriceBeam does all the hard work and conducts the market research. We ask them a series of pricing questions for each product concept and thus collect comparative data.
  • You can analyze willingness-to-pay of the individual offerings, but also compare the different WtP data sets. This allows you to see what market segments respond favourably to different value propositions or product configurations.

The new PriceBeam Comparative Willingness-to-Pay study type has been tested by some of the largest companies in e.g. FMCG/CPG and hospitality, and is now being used to determine pricing for various product launches in 2018.

Let us organize a quick online demo and show you we can help you.

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Topics: Pricing, price research

Written by PriceBeam

PriceBeam
PriceBeam posts regular guides, articles and news related to pricing and strategy. Go have a look!