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Concept Test 

PriceBeam's Concept Test study enables users to test different marketing concepts for preference and value as well as validate conceptual product ideas with real consumers and understand which features and pricing levels resonate best with them. In a Concept Test study, companies can focus on four key elements: Optimal Price Settings, Feature Pricing, Assortment Pricing and New Product Pricing.

PriceBeam Concept Test is part of the PriceBeam RGM360 Solution

Concept Test

Challenges it solves

Value perception

Do you struggle to understand which concepts get the best reaction from your customers? PriceBeam's study enables you to gain insight into the perceived value of your product or service without needing any historical data. 

Segmentation
New product pricing

New product pricing

There are many considerations for the launch of a new product, and the importance of pricing cannot be underestimated. Setting the price right will not only make sure that the new product generates as much profit as possible, but it will also be of paramount importance to maintaining brand health and positioning the product, both for the new product and other products in the portfolio. ​

New product development

You have launched a new product, how do customers react? Do they react favorably to these new concepts; is there anything that stands out to them? All these questions can be answered through conducting our concept test study, where you can gain insight into what your customers think of the product and how you can better develop it to meet the needs of your target market. 

New product development

Benefits of Concept Test 

Concept Test study has many great benefits in enabling users to test different marketing concepts for preference and value as well as validate conceptual product ideas with real consumers and understand which features and pricing levels resonate best with them.

Smart Pricing Decisions:

PriceBeam's Concept Test study empowers users to make smart decisions about pricing by testing various marketing concepts. This helps companies find the right price settings that customers prefer, ensuring that products are competitively priced.

Tailored Feature Pricing:

With this study, companies can understand how customers value different product features. This insight allows businesses to tailor their pricing strategies based on the perceived value of specific product attributes, optimizing the overall appeal to consumers.

Strategic Assortment Pricing:

The Concept Test study aids companies in strategically pricing assortments of products. By understanding customer preferences, businesses can ensure that the pricing structure of product bundles or assortments aligns with what resonates best with consumers.

Successful New Product Launches:

Companies can validate conceptual product ideas with real consumers through this study, ensuring that new products are well-received in the market. This approach helps businesses identify the most appealing features and establish optimal pricing levels for successful new product launches.

How Does It Work

PriceBeam’s solution conducts extensive market research. It works by strategically optimizing pricing, promotions, and product assortment to maximize a business's overall revenue and profitability. Through a comprehensive study that analyzes market dynamics, customer behavior, and competitive landscapes, RGM provides actionable insights, allowing businesses to make informed decisions for sustained revenue growth.

  

Define offering & target market

 
You describe your product/service on our cloud-based platform. You also define the target market to research.
  

Conduct Market Research

 
Respondents are guided through the survey, giving answers to PriceBeam’s mix of pricing questions.
 
 
  

Analyze

 
 PriceBeam’s in-house team of pricing experts carries out quality control and analyzes the data. Prepare various outputs as designed by the project scope.
  
 
 

Report

 
Results are detailed in a written report and presented by PriceBeam to the Project team.
 

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.
Available in 127 countries

Packages

PriceBeam solutions can solve different types of pricing challenges.

Essential Package - Consumers

Quickly research what your customers in a given market are willing to pay for a product or service. 

 
  • Consumer insights
  • Understand willingness-to-pay
  • Overall market analysis
  • Existing or new product
  • Feature item 5

Advanced Package - Consumers

Expand research by analyzing Willingness-to-Pay overall as well as per segment. 

 
  • Consumer insights
  • Understand willingness-to-pay
  • Overall market analysis
  • Drill-down by segments
  • Existing or new products

Business-to-Business Package

Understand what willingness-to-pay among business customers.

 
  • Business insights
  • Understand willingness-to-pay
  • Overall market analysis
  • Drill-down by segment
  • Existing or new product
  • PriceBeam panel or own panel
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