What To Expect From Price Optimization Research
Price Sweet Spots
Charge too little and people question your product quality. Charge too much and you alienate potential buyers. With pricing research, you see exactly where these swings occur to find your pricing sweet spot.
Price Elasticity
Everyone wants to pay less, but that doesn’t mean they won’t pay a premium. By understanding how sensitive people are to price, and where purchase intent actually drops off, you pinpoint how to charge people to maximize profit.
Price Trade-Offs
Price isn’t the only purchase decision factor. Most customers weigh price alongside other dimensions like features, benefits, and claims. Price optimization research “reads” these trade offs so you can assess exactly how to bundle your product to maximize interest.
When Is It Time To Perform Pricing Research
New Product Introductions
When introducing a new product in an existing category, it’s hard knowing what to charge relative to the competition.
Pricing studies let you see exactly what price point is necessary so people will buy from you.
Entering New Categories
In new, emerging categories, there aren’t established price points. Customers haven’t been anchored. Yet.
Pricing studies give you initial intel when no other pricing benchmarks exist.
Revenue Maximization
Is your goal to maximize revenue from every purchase?
If so, you’ll need to understand how much you can charge before purchase intent materially declines.
Assessing Pricing Tiers
You may want to charge different prices for access to different features.
By understanding key price-to-feature trade-offs, you can determine exactly how to structure your product and pricing tiers.
What Customers Say About Our Market Research Firm
PlanBeyond’s research enabled satisfaction benchmarking and gave our team actionable recommendations we applied to increase customer engagement and loyalty.
Kevin Nakao
Vice President Marketing, Remitly
PlanBeyond led a collaborative process, working as a team player in a project of utmost importance for our end client. Their high-quality and efficient work delivered a successful partnership.
Britt Stromberg
VP of Global Marketing, Sid Lee
Thanks to the broad range of market research work PlanBeyond executed, from customer segmentation to focus groups, we had data to build effective marketing campaigns and go-to-market plans.
Meghan Weinman
Product Manager, Puget Sound Energy
After securing a round of funding to jump start lead gen, we needed a roadmap to get the ball rolling. PlanBeyond developed and launched an action plan that was effective, measurable, and scalable.
John Lusk
VP & General Manager, Spire Global
Through hyper-detailed competitive landscape research, PlanBeyond helped us understand not just who our competition was but also how we could improve marketing elements to really stand out.
Chris Hammer
Principal, Scenic
Thanks to the work that we did with PlanBeyond, we were able to get substantial insights that we wouldn’t have been able to get without their support. They acted like our success was their success.
Elinor Chang
Chief of Staff, UXReactor
More About Our Pricing Study Approach
Data Driven Pricing Strategies
Pricing is one of the most critical decisions businesses make. Price too high and your customers may walk away. Price too low and you leave money on the table. How do you strike the perfect balance? With data-driven pricing strategies! These strategies allow businesses to align prices with customer expectations and market dynamics, resulting in [...]
Measure Price Elasticity Via The Gabor Granger Model
Pricing a product or service is really hard. For some, it's one of the hardest components of any go-to-market plan. Understandably so. Price a product too high and you risk customer alienation. Price a product too low and you leave money on the table. But, if you find the sweet spot, you maximize revenue and [...]
Choosing Between Conjoint vs MaxDiff Analysis
When doing product or pricing optimization work, a classic research challenges is choosing between conjoint vs maxdiff analysis. Both are excellent market research methods for letting you understand ideal feature sets or pricing to maximize purchase interest. However, they yield very different results. By looking at the difference in how each method is set up, [...]
