Choosing the right method for pricing research is crucial for delivering accurate and actionable results. In pricing, the chosen methodology directly affects the reliability and relevance of the insights gained.
Optimal Price Setting
The process of determining the best price for a product or service to maximize profitability while appealing to customers. It involves analyzing costs, market demand, competition, and consumer behavior. This practice is crucial as it helps businesses increase revenue, enhance customer satisfaction, and maintain a competitive edge.
Optimal methods:
- Comparative-Willingness-to-Pay
- Value Attributes
- Menu-Based Conjoint
- RGM, RGM Promotion, RGM Ultra
Price Increase Planning
Involves strategically planning and implementing price hikes for products or services. This process considers market conditions, cost increases, and customer impact to ensure profitability is maintained without significantly reducing demand.
Optimal methods:
- Comparative-Willingness-to-Pay
- Value Attributes
- Menu-Based Conjoint
- RGM, RGM Promotion, RGM Ultra
Feature Pricing
The process of setting different prices based on the features or versions of a product. It allows businesses to cater to varying customer needs and willingness to pay, maximizing revenue by offering basic to premium options.
Optimal methods:
- Comparative-Willingness-to-Pay
- Value Attributes
- RGM, RGM Promotion, RGM Ultra
- Concept Test
- Claims Test
- Product Variant Test
- Ranking Lab (MaxDiff)
Assortment Pricing
Involves setting prices for a range of products within a category. This strategy ensures a cohesive pricing structure that maximizes overall category sales and profits while considering customer preferences and competitive offerings.
Optimal methods:
- Value Attributes
- RGM, RGM Promotion, RGM Ultra
- Assortment Lab
- Menu-Based Conjoint
Price Promotion Planning
The process of designing and scheduling temporary price reductions or special offers. This strategy aims to boost short-term sales, attract new customers, and clear inventory while managing profitability.
Optimal methods:
- Promotion Lab
- Promotion Lab Enhanced
- RGM Promotion, RGM Ultra
New Product Pricing
Strategy of setting the initial price for a newly launched product. It involves analyzing market demand, competitor prices, production costs, and perceived value to establish a price that will attract early customers and drive market penetration.
Optimal methods:
- Comparative-Willingness-to-Pay
- Value Attributes
- RGM, RGM Promotion, RGM Ultra
- Menu-Based Conjoint