Why do pricing research?
- Getting the price of a product or service right is one of the most challenging issues faced by the B2B marketer – Set too low a price and you could miss out on huge potential revenues – Set it too high and you could risk alienating customers and losing market share to the competition
- Pricing research can significantly reduce the uncertainty and risk involved in pricing strategy
- Business Advantage offers a ‘toolbox’ of research techniques designed to address a variety of pricing issues faced by companies and help them make better decisions when – – – – Determining the optimum combination of product attributes and price Estimating potential sales and market share Striving for competitive advantage Managing risk in a fluctuating market environment
Considering Pricing Research?
What do you want to find out?
- How many pricing points? Business Advantage can help you answer these questions – How will you select the price points to test?
- What features/functions do you want to include? Who to interview?
- Consider your universe/sample – who do you want to talk to?
- Specific sub-groups you might want to investigate – What level of sub-analysis is required?
- Where will the sample come from – who will provide it?
- What sample size will I need? What pricing method should I use?
- What data collection method is best? – web/telephone (some methods are only suitable for web)
- What research budget do I have/need?
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How to research pricing decisions a presentation from business advantage.