Product Variant Test
Product Variant Test is used to test different product variants and find out what each variant is worth, and how each variant makes the consumer feel along a set of variables. This approach involves the examination of diverse product variants, aiming to discern both their intrinsic value and the associated consumer sentiment across a predefined set of variables.
This methodology is a useful tool for product innovators as it provides a systematic investigation of consumer preferences.
Challenges it Solves
Product development
This methodology, provides a systematic evaluation of different variants, offering valuable insights to refine and guide the product development process with greater clarity and strategic direction.
Assessing value
For businesses struggling to assess the perceived value of different product features, the test provides a solution. It allows for a comprehensive evaluation of the intrinsic worth of each variant, aiding in the identification of key attributes that contribute significantly to consumer perception of value.
Value communication
This test directly addresses this challenge by examining how each variant influences consumer emotions across various variables. This emotional insight is crucial for creating products that resonate on a deeper level with the target audience.
Benefits of Product Variant Test
This Test allows you to examine diverse product versions to understand their respective values and the emotions they evoke in consumers across various factors. This testing process is ideal for product innovation, providing valuable insights into the worth and emotional impact of different variants.
Optimized Product Value:
The Product Variant Test helps businesses find out the worth of different product versions. By testing various variants, companies can optimize the value they provide to consumers, ensuring each product is priced appropriately.
Customer-Centric Product Development:
This study systematically explores diverse product variants, allowing businesses to understand what consumers like. By focusing on customer feelings and preferences, companies can tailor their product development to better meet customer expectations.
Informed Decision-Making:
The Product Variant Test involves a thorough examination of product variants. This detailed analysis equips businesses with valuable insights, enabling informed decision-making on factors like pricing and product features based on consumer sentiment.
Enhanced Product Innovation:
By testing different product variants, this study contributes to enhanced product innovation. It allows businesses to refine and develop products that not only hold intrinsic value but also resonate positively with consumers, fostering a successful and customer-centric innovation process.
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, Product Variant Test provides actionable insights, allowing businesses to make informed decisions.
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.
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
Ready to get started?
Book a call with one of our experts and see how we can help.
