Our solutions: motivating
Data-driven pricing research can maximize various metrics - sales, market share, revenue. This makes price research a particularly effective tool in market research.
With us, an expert in price research has the entire project in view. This increases efficiency, creates added value in the creation of the questionnaire and guarantees a smooth project flow.
We are constantly reviewing and expanding our global pool of survey participants in 74 countries. We thus ensure particularly clean data delivery.
From the conception of the questionnaire to the analysis of your data, we think along with you. On request, we derive options for action and prepare meaningful charts.
Our approach: efficient
From conception to data collection and analysis, we always keep the common goal in mind.
We get to know your questions, define reasonable and feasible study objectives together and discuss the setup. This also includes the definition of a clear timing, the appropriate sample size and the survey form.
Based on your briefing, we design the questionnaire for your study, which you can enrich with individual content such as competitors or image attributes. This results in a survey method that is optimally suited to your question.
With our own panel (pool of participants), we always have the data in our own hands and are not dependent on third parties. In addition, after data collection, a series of intensive quality checks are carried out, which guarantee precise results.
At the end of an analytical market research project, we always provide an easy-to-understand report with clear recommendations for action. This means that valid decisions can be made directly after the project, which are based on the latest research findings and move your company forward.
Benefits of the van Westendorp method
Like any pricing research method, the van Westendorp method ultimately serves to show you how to best skim your customers' willingness to pay.
The method is based on four simple questions: At what price would the product... too expensive... expensive... cheap... too cheap. Through the supplementary explanation, it is clear to the participants: if the product is cheap, it is a bargain; if it is too cheap, it is - to put it colloquially - junk.
The large number of respondents allows you to analyse at which price more potential customers think your product is junk than a bargain. This is the lowest price that could make any sense at all. In combination with the combination expensive-too expensive, this results in the price range.
Within this range, the so-called indifferent and optimal price points can be determined. These stand for a balanced and sales-promoting pricing. In this way, highly relevant insights can be generated with simple means.
This method of price research does not require pre-defined price thresholds and is robust against individual outliers. However, the target group surveyed is very important. If people are interviewed who are not potential customers or do not have a feel for this product category, no meaningful price range will emerge. The same applies if the product is not adequately described, for example what size or container the query refers to. Furthermore, the query takes place without reference to competitive products.
Overall, the method is an excellent starting point for most price research projects. We will be happy to advise you on whether this method fits your goals.
Our services: Guarantee valid results
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