Price Sensitivity Research
The marketplace is constantly evolving, and there are times in every industry when it is necessary to assess your pricing strategy.
Price Sensitivity Research is valuable in gaining perspective into the optimal price-value balance. W5 typically uses the Van Westendorp pricing model to efficiently evaluate client pricing.
The Van Westendorp technique applies four simple questions regarding a product or service, requiring survey respondents to rate each price in context with product/service offerings and perceived benefits. This method yields clear, intuitive data that identifies the range of acceptable price points, providing a solid basis to assess pricing strategy.
“Research means that you don’t know but are willing to find out.”
—Charles F. Kettering
Understanding consumers’ Price Sensitivity can help you:
Identify the optimal price point for a product or service
Model the range of acceptable prices driven by consumer purchase intent and in the context of brand equity, offerings, and benefits
Assess consumer demand above and below the pricing range to understand market implications
Connect with us to learn more about W5’s Price Sensitivity Research capabilities and how we can support your team.
Explore
A national chain of wheelchair-accessible van providers partnered with W5 to test three unique van product concepts and assess market sensitivity to proposed price ranges.
See the case study here.
At W5, we ensure our surveys work hard for clients, capturing data that will address multiple research objectives while maintaining an efficient, engaging, respondent-friendly experience.