You’ve got a product concept. It’s innovative. If you build it, what can you charge for it? Pricing decisions can make or break your business. Credo has years of experience with pricing research.
We use a multi-method approach to guide you through the many decisions that have to be made as you decide how to price your new offering. We call it multi-method because our approach involves both qualitative and quantitative research.
Credo will walk you, step by step, through the process of designing a research exercise that will deliver the pricing insights you need.
Initially, qualitative research help us identify and understand the dimensions of your product that matter to your customers. These dimensions are then integrated into quantitative discreet choice exercises that enable us to effectively deduce the actual level of importance your customers place on these dimensions. Why discreet choice exercises? Because asking people to try to tell you the level of importance they place on a dimension is notoriously poor approach to learning about the degree to which they base their ultimate decisions on that dimension. Rather, deducing the level of importance based on observations of the choices they make delivers far superior results.
Credo’s process will help you identify segments within your customer group that may behave very differently from one another. We can then help you decide whether or not a single pricing strategy or a multi-price approach might be most effective.
Your pricing strategy is likely complex. Credo can help.