PROMOTED CONTENT1 February 2022

Automated Pricing Research to Rapidly Enhance Your Brand Pricing Strategy

Behavioural economics Technology Trends

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. 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 their profits. 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. 

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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 pricing studies using advanced research methods in a fraction of the time that it takes to conduct research via traditional research studies. 

With the importance of speed and substance, what exactly does this kind of research entail?

There are quite a few different research methods available, but the questions remain the same, for example: What are consumers’ pricing expectations? Where is the optimal price point? What are competitor pricing comparisons? Where does pricing sit in order of importance among other product features?

Amidst the many pricing research options out there, quantilope has automated two of the most commonly leveraged: 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.

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 visualisation 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.

Brands who are proactive in their use of pricing studies will be the brands that stay the most relevant and competitive. To learn more about how you  can leverage these methods to support pricing strategy decisions for your brand, download The Ultimate Guide to Automated Pricing Research White Paper below which includes two short demo videos on each of quantilope’s automated pricing methods.

@RESEARCH LIVE

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