With raw materials costs and inflation on the rise, pricing research is becoming more essential for brands. Through a research-backed understanding of consumers’ price perceptions, brands can safeguard their market share by optimizing their prices to keep consumers happy while maximizing profits.
Do you know at any time how much your consumers are genuinely willing to pay for your product or service? Accurately understanding how much consumers are willing to pay is key to a brand’s success. The end result is a win-win: consumers feel their voices are heard and brands maintain (or grow) their profits amidst shrinking budgets to offset the rise in material costs. Brands who proactively invest in pricing research will be the brands that stay the most relevant and competitive as the cost of goods continues to rise.
In the recent weeks and months we have seen lots of market changes driven by the hike of energy and resource costs, disruptions of supply chains, and the increase of inflation. It’s no surprise that this causes a lot of headaches for brand managers. That’s why quantilope, the leading Insights Automation Platform, introduced a fast-to-execute, scientifically robust insights workspace. This platform allows brand managers to quickly build and run professional studies e.g. pricing studies using advanced research methods in a fraction of the time that it takes to conduct research via traditional research studies.
How to quickly gain elevated insights into consumers’ pricing perceptions
Professional pricing research is any form of research that provides a brand with information telling them what consumers are willing and able to spend on their products and/or services. quantilope has automated two of the most commonly leveraged pricing methodologies: Choice-Based Conjoint Analysis and Price Sensitivity Meter (also known as the Van Westendorp method). These two automated methods allow brands to obtain pricing insights quicker than with other vendors, with more flexibility, and with the support of a team of certified research experts and partners.
Research users can not only put together a survey in minutes with just a simple drag and drop of the method into their survey from quantilope’s pre-programmed method library, but they also benefit from insightful visualization using the pre-set dashboard that comes with the templates. For example, the Price Sensitivity Meter, like all methods in the library, is fully customizable, so users can adjust the specific price points within the analyze function and immediately see how those price fluctuations shift the brand’s overall share of preference. As a result, insights managers are experiencing more influence and impact on the direction of their company and are solving more unique, challenging business questions – such as pricing for products and services.
Keen to learn more?
Download quantilope’s Ultimate Guide to Automated Pricing Research to find out how you can quickly explore price sensitivity, price perceptions and willingness to pay within just a few days, and watch two short demo videos on each of quantilope’s automated pricing methods.
Event tip
Webinar | How to Rapidly Enhance Your Brand Pricing Strategy
– with special guest Stan Sthanunathan!
Join quantilope’s insights experts as they talk to insights industry leader Stan Sthanunathan about the importance of pricing and how it influences consumers’ behaviour. Stan has significantly transformed the insights function of leading international brands such as Unilever and The Coca Cola Company. Also experience a live demo of the advanced pricing research in action within quantilope’s Insights Automation Platform, and see how it was used to uncover consumer pricing insights for a FMCG category.
2022, March 3 at 4:00 – 4:40 PM CET (Amsterdam)
About Peter van Keulen
Peter is the Director of Client Development at quantilope. Prior to quantilope, he joined award-winning knowledge management tech start-up Stravito early on, as Global Account Director. Before that he worked as Managing Director for international market research as well as shopper marketing agencies. Peter started his career working for global consumer brand companies, such as Mondelez, Heineken, and Pepsico. He is an expert in the field of shopper research and marketing.
quantilope | Peter van Keulen