Willingness-to-Pay Research
Do you know how much customers are willing to pay for your product? Are some customer segments willing to pay more than others? What should the price be for a product you are about to launch? With PriceBeam's Willingness-to-pay research, you can quickly research what your customers are willing to pay for a product or service in a given market.
PriceBeam Willingness-to-Pay is part of the PriceBeam RGM360 Solution
Challenges it Solves
Setting the right price
88% of pricing is done on guesswork or gut feeling. Implementing a data-backed pricing strategy can not only increase profits but also revenue, enabling your business to make more informed pricing decisions.
Implementing price increases more effectively
WTP research assists in implementing price increases by finding the balance between pricing and demand. It helps in avoiding underpricing, leaving potential profits on the table, or overpricing, which may reduce sales volume.
Optimizing prices across customer segments
WTP research assists in implementing price increases by finding the balance between pricing and demand. It helps in avoiding underpricing, leaving potential profits on the table, or overpricing, which may reduce sales volume.
Setting prices for new products
Before launching a new product or entering a new market, understanding the willingness-to-pay helps in assessing potential profitability and market acceptance. It reduces the risk of entering markets where the pricing might not align with consumer expectations.
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Benefits to Willingness-to-Pay
Do you know how much your customers are willing to pay? This Test allows you to examine how much your customers/consumers are willing to pay for a product/service.
Optimized Pricing Strategies:
By testing real consumers, we look forward, rather than looking in the rear-view mirror of mining historical performance data: essential for new market entry and concept testing in particular
Improved Product Development:
Understanding the value customers attribute to different features or aspects of a product, enables more informed decisions about which features to prioritize or enhance. It guides product development efforts toward creating offerings that align with customer expectations.
Improved Customer Segment:
Segmentation helps in tailoring marketing strategies, services, or product bundles to specific customer segments, using a unique mix of price modeling and AI-based simulation of shoppers, offering cost efficiency vs costly in-market tests.
Increase Profitability:
By pricing products or services according to what customers are willing to pay, businesses can maximize profits. Avoiding underpricing ensures that potential revenue is not lost while avoiding overpricing maintains customer interest and sales volume.
How Does It Work
PriceBeam’s solution conducts extensive market research, and collects and analyzes data before delivering a detailed report on your customer’s willingness to pay. This data will enable you to stick out from the competition, maximize profit, and set prices that aid your long-run brand positioning.
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 demo with one of our experts and see how we can help.
