Assortment & Range Optimization Lab
Challenges it Solves
Understanding Willingness-to-pay segments/groups
Customers have diverse preferences and willingness-to-pay levels. Our research helps businesses identify and understand distinct customer segments or groups based on their willingness-to-pay. This segmentation allows for targeted pricing strategies, ensuring that each customer group is offered products at prices aligned with their perceived value.
Test price anchoring effects
Establishing the right price anchor is essential for influencing customer perceptions of value. PriceBeam's research allows you to test different price anchoring strategies to understand how customers respond, to maximize perceived value and competitive positioning in the market.
Testing willingness-to-pay for brand extensions
Introducing new products or extending a brand can be a delicate process, especially when determining the appropriate premium customers are willing to pay for the brand association. This research enables you to test customers' willingness-to-pay for brand extensions, which is crucial for making informed decisions about pricing strategies.
Determining ideal assortment size
Choosing the right number of products in an assortment is a common challenge, too many options can overwhelm customers, while too few may limit choices. Our research helps you determine the ideal assortment size by gauging customer preferences and willingness-to-pay for different items, and optimize product portfolios.
Benefits of Assortment & Range Optimization Lab
This study type can help to test optimal assortment configurations (both existing and new products) and identify which variations resonate best with the customer and at what price.
Assortment Optimisation:
Determine the ideal number of products in an assortment by understanding customer preferences and willingness-to-pay. Build a balanced and attractive product portfolio, meeting customer expectations and driving sales.
Testing Pricing Tactics:
Test and refine price anchoring strategies to influence customer perceptions of value.
Informed Brand Extension Decisions:
Gain valuable insights into customers' willingness-to-pay for brand extensions, allowing for informed decisions on pricing strategies for new products under the established brand.
Effective Customer Segmentation:
Identify distinct customer segments based on their willingness-to-pay, ensures that products are priced appropriately for each segment, leading to increased customer satisfaction, loyalty, and overall business success.
How Does It Work
PriceBeam’s solution conducts extensive market research, and collects and analyzes data before delivering a detailed report. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
Define offering & target market
Conduct Market Research
Analyze
Report
Available in 127 countries
Run the analyses in 127 countries around the world without leaving your desk. PriceBeam takes care of finding respondents, asking the right questions in the local language, interpreting results, and delivering the final analysis to you.
-
You define the target market and describe the product.
-
PriceBeam finds the right respondents in each of the markets.
-
Run single-market assessments.
-
Run and compare results between countries, as part of international launches or price increases.
%20(1).png)
Ready to get started?
Book a call with one of our experts to see how we can help.
