Originally published April 2021
Organizations spend countless hours developing and refining innovative new products and services to bring to market, but many overlook a critical factor in whether their new offering will be a success: how much is the right customer willing to pay for it? Too expensive and you risk scaring off interested customers; too inexpensive and you risk not recouping your investment in development. So how do we figure out the “right” price?
Pricing research helps organizations estimate the optimal price for their products and services, and to predict how increases or decreases in price might affect purchase intent (sometimes referred to as price elasticity). Through the use of research techniques such as Van Westendorp, Gabor Granger, conjoint analysis, and others, we can help your organization to optimize the potential of products and services for your target markets!
If you need answers to critical questions around pricing from potential customers, Advantage Research can recommend an approach that is right for you. Contact us today to start the conversation!