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Wednesday, February 10, 2010

Tip: Surveys about pricing

Don’t give people a list of prices to choose from when trying to test what the market will bear. It’s only natural for consumers to choose the lowest price!
It’s their job to find the best products and services at the lowest cost.
Instead, you can research how much they currently pay for similar things.

Also consider ways to research the price “difference” between one product or service and another. Think of this example –you could ask if consumers would pay $5 for a latte that has antioxidants. But if the normal latte is $4.50 you could ask – would consumers pay an EXTRA 50cents to add antioxidants to the latte they were already planning on purchasing.

Pricing research is different than testing the reaction of a product or service that has the price disclosed. Many companies say they want to conduct pricing research when they really just want to know if consumers will actually BUY their product or service at a price that still leaves a little room for overhead and profit. If you don’t expect your product or service to be priced differently than similar offerings you might want to focus more on testing features and key messages than on asking consumers what they would be willing to pay. Asking about price before you understand consumers level of interest can be misleading. A consumer who has little or no need for something will torpedo even your lowest price survey option, not because of the price but because they aren’t the ideal target consumer for your offer. Understanding consumers reactions to unique features or functions will help you develop messages that appeal to the kind of customers who will be willing to pay a reasonable price for your product or service.

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