Willingness-to-Pay Research
A Willingness-to-Pay (WTP) study offers valuable insights into customer preferences regarding pricing for your product or service and unlocks insights how to optimize Volume, Revenue and/or Profit. WtP study also reveals valuable information about price elasticity and identifies psychological price points, commonly known as price cliffs, for the product being examined.
PriceBeam Willingness-to-Pay is part of the PriceBeam RGM360 Solution
What is WTP?
WtP 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. Gain insight across the overall sample of a market-tested as well as the opportunity of creating key segments such as channels, retailers, specific demographic and more to unlock powerful insights to tailor pricing strategy.
Challenges it Solves
Price Increase
This study enables you to grasp potential price increases and unveil any price cliffs and psychological price points for a single product.
New Product Pricing
Test consumers Willingness-to-Pay (WTP) for a single product launch to set the right entry price.
New Concepts
Test new product concepts such as new formulas, new packaging, etc. to understand their impact on consumers Willingness-to-Pay.
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Who is a WTP Study for?
RGM Teams:
Revenue growth teams will benefit from using a WTP to help with pricing strategy, price pack architecture, price planning and execution.
Insights Team:
The insights team benefits from a WTP study as it makes it easier to run pricing insights and provides the organization with detailed robust reporting.
Innovation Teams:
A WTP 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 WTP:
FMCGs/CPG
Beverages
Apparel
Cosmetics
Home Care
Food
Pet Food
Consumer Electronics
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 WtP 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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