Pricing is a key component in your product strategy. It is just one component of a product or business plan. Price says a lot, so its imperative to get it right.
Here’s a simple 7 point process to get actionable and insightful pricing research.
Price positioning – what are your objectives?
- Pricing is a key component in your product strategy. Price says a lot, so its imperative to get it right.
- Its not all about revenue, but also about brand value and positioning. So step 1 is to work out your over-arching brand and product strategy.
- You also, at least for the purposes of research, need to define what it is you are testing. What features etc. Respondents can’t respond to a price about something a bit woolly!
- You can however test several versions of a product or service.
What precise product are you asking about?
- You also, at least for the purposes of research, need to define what it is you are testing. What features etc. Respondents can’t respond to a price about something a bit woolly!
- You can however test several versions of a product or service.
- As part of the pricing research it is really useful to be able to understand what aspect of your product or service is actually driving perceived value.
- There are many ways to do that, and product research is a whole separate research topic. But as part of pricing research it is possible to gain some insight as well.
Support your insight with qualitative as well
- As well as doing the quantitative research, do a small number of in-depth interviews as well.
- See the language that potential customers use.
- Understand what they immediately gravitate towards in your product or service.
- Understand any current pain points so you can tweak your offering.
- Build all your results back into your strategy. Make sure everything is consistent and coherent, make sure your revenue generation is in line with strategy as well.
- Lastly, review and track progress!
By Philip Todd, our Market Research Expert.
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