Comparative Willingness-to-Pay
A Comparative Willingness-to-Pay (CWtP) study provides insight into what customers are willing to pay for a product or service, as well as direct competitors. It is quick to set up and provides a virtual demand curve that shows an optimal price based on units sold, revenue, and margin.
PriceBeam Comparative Willingness-to-Pay is part of the PriceBeam RGM360 Solution
What is a CWtP study?
A comparative Willingness-to-Pay study helps understand consumers' WtP for up to 12 products (including competitors) and unlocks insights into how to optimize Volume, Revenue, and/or Profit. CWtP methodology combines popular scientific methodologies Van Westendorp, Gabor Granger, and Newton-Miller-Smith and Machine Learning providing a more robust and complete survey and actionable insight. Customers will gain insight across the overall sample of a market-tested as well as the opportunity to create key segments such as channels, retailers, specific demographics, and more to unlock powerful insight to tailor their pricing strategy accordingly.
Unlock new potential
A Comparative Willingness-to-Pay study offers key insights to help set competitive prices, maximize profits, and align with consumer expectations. It reveals important pricing factors such as pricing thresholds, psychological price points, price cliffs, and brand premium perception.
Challenges it Solves
New Product Pricing
Do you need to price a new product or service? What features make customers willing to pay more? What is the optimal price?
New Concepts
Are you charging the right price for a product or service? Could you charge more? Without losing overall revenue?
Price Increases
How do you implement a successful price increase? How big an increase can your brand justify? What are customers willing to pay?
PPA Analysis
What should the price be vs competition? Do customers agree with that position/premium/discount versus the competitive alternatives?
Who a CWtP study is for:
RGM Teams:
Revenue growth teams will benefit from using a CWtP to help with pricing strategy, price pack architecture, price planning and execution.
Insight Teams:
The insights team benefits from a CWtP study as it makes it easier to run pricing insights and provides the organization with detailed robust reporting.
Innovation Teams:
A CWtP study will help innovation teams with the development of products and understand how consumers will react to any new product development or concept.
Industries that benefit from CWtP:
FMCGs/CPG
Beverages
Apparel
Cosmetics
Home Care
Food
Pet Food
Consumer Electronics
Veterinary Products
Achieve your RGM goals
Holistic Approach to RGM
PriceBeam uses a holistic approach to achieve your revenue goals by integrating pricing, product, promotion, and various strategies across the organization to optimize all the factors that drive revenue growth. This approach provides users with a complete 360-degree view of revenue.
Advanced Insights
Leverage the power of data. Simplify data management with automated systems that load your data into a data repository, reducing manual input errors and increasing efficiency. Use world-class reports provided by PriceBeam experts to identify price opportunities or revenue issues.
Speedy Global Delivery
Results are available in as little as a day and never more than a few weeks, regardless of complexity. PriceBeam's cloud platform also delivers results 24/7 Globally in 127 markets.
Frequently Asked Questions
How can you measure what customers are willing to pay for my product or service?
There are well established methods to do so that have been used for decades, and helped tens of thousands, if not millions of products and services to be priced right. PriceBeam have enhanced some of these methods to become more accurate and more practical to use.
How do you deliver the results?
You will have online access to detailed analyses that include both our specific pricing advice and the answer to the other questions the research included. If you have elected to purchase the Advanced plan, this also include human interpretation of the data. Results can also be exported to PDF.
If I have a number of product or service to test, do you offer volume discount?
Yes, please contact us to discuss.
What are the costs?
Please contact us to get a proposal tailored to your needs.
In what countries can I get research?
Albania
Algeria
Angola
Argentina
Australia
Austria
Azerbaijan
Bahrain
Bangladesh
Belarus (currently not accepting projects for this country)
Belgium
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
Brunei
Bulgaria
Cambodia
Cameroon
Canada
Chile
China
Colombia
Congo D.R.
Costa Rica
Côte d'Ivoire
Croatia
Czech Republic
Cyprus
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Finland
France
Gabon
Gambia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Japan
Jordan
Kazakhstan
Kenya
Kosovo
Kuwait
Laos
Latvia
Lebanon
Lesotho
Liberia
Lithuania
Luxembourg
Macau
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Paraguay
Peru
Philippines
Poland
Portugal
Puerto Rico
Qatar
Romania
Russia (currently not accepting projects for this country)
Rwanda
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
South Korea
Spain
Sri Lanka
Sudan
Swaziland
Sweden
Switzerland
Taiwan
Tanzania
Thailand
Tunisia
Turkey
Uganda
Ukraine (currently not accepting projects for this country)
United Arab Emirates
United Kingdom
Uruguay
USA
Venezuela
Vietnam
Zambia
Zimbabwe
Can I include competitor brands in my analysis?
Yes, you are able in include competitors’ products within the CWtP study.
Is there an ideal number of products to test?
PriceBeam’s CWtP study can accommodate anywhere between 2 and 96 products. Whilst there is no “ideal” number, you should be wary of respondent fatigue.
What methodologies do you use?
Based on the best parts from PSM, Gabor-Granger, Newton-Miller-Smith with elements from choice-based
conjoint analysis.
Resources
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