Maximise revenue and Profits through our range of Pricing Research methods
Perfect Your Pricing!
Don’t make the mistake of pricing yourself out of the market before you even start, use research to generate your perfect price. Talk to the experts today.
Picture this. You have spent months, maybe even years, developing a product or service. How do you then ensure your investment has paid off? That is where we come in. Pricing Research focuses on the costs of your product and ensures all factors, such as fixed costs, market share and more.
Its aim is to understand what customers want and are willing to pay for what you are offering. Allowing your brand to maximise profit, market share or revenue. The goal is to find a price point that is low enough that customers feel comfortable paying whilst not high enough that they feel overcharged. Bear in mind that you have to ensure that your profit zone costs are aligned with what consumers feel is acceptable. Otherwise, your product will not work, and additional work will be needed.
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Our Pricing Methods
The Price Sensitivity Meter (PSM) was designed by Peter Van Westendop, constructed of a range of acceptable prices given for a particular product. The prices are found by asking four simple questions, which are:
What would the price you begin to think a product is too expensive to purchase? What would be the price that you believe the product is so inexpensive you would question its quality and not consider it? At what price is the product getting expensive in your eyes, but would you still consider purchasing? At what price would you consider this product to be a bargain and great value for money?
Gabor-Granger Technique directly asks the participants whether a specified price would tempt them to purchase or not. Moderators will continue to keep asking the same question until their answer changes, whether it goes up or down. For example, would you buy this product for £5? Would you buy this product for £10? Until they believe it’s too far.
The direct technique helps determine the demand at each price point to find the optimal price point.
Considered at times the most reliable way to determine the price of a product, we are able to determine the influence of both the price and the features of the product to produce their willingness to purchase.
Choice based Conjoint (CBC) is a technique where respondents are shown a set of concepts (with varying specifications) and asked for their preferences allowing us to understand the impact of each of the features and attributes.
Brand Price Trade-Off (BPTO) is a simpler version of conjoint, where a set of brand and price combinations are shown. After each scenario, the price of the selected brand is increased and the consumer is again asked to choose among the new set of brand/price combinations. This approach tells the price points where people switch into or away from a brand.
Split your participants into different groups, test the same item across all studies, but change the price they are expected to pay. The data is then analysed to work out what price is seen to be most accepted.
This form of study produces an unbiased result, showing only one price and product variation means no influence or bias from other possibilities arises.
PERFECT YOUR PRICING
Why not speak to one of our expert team members with over 20 years of experience in product and pricing research. If urgent, please call 0203 693 3150.