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
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.
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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.
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
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.
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You define the target market and describe the product.
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PriceBeam finds the right respondents in each of the markets.
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Run single-market assessments.
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Run and compare results between countries, as part of international launches or price increases.
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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.
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Consumer insights
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Understand willingness-to-pay
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Overall market analysis
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Existing or new product
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Feature item 5
Advanced Package - Consumers
Expand research by analyzing Willingness-to-Pay overall as well as per segment.
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Consumer insights
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Understand willingness-to-pay
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Overall market analysis
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Drill-down by segments
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Existing or new products
Business-to-Business Package
Understand what willingness-to-pay among business customers.
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Business insights
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Understand willingness-to-pay
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Overall market analysis
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Drill-down by segment
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Existing or new product
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PriceBeam panel or own panel
Ready to get started?
Book a call with one of our experts and see how we can help.
