In a highly competitive marketplace and a tight economy, pricing is critical to much more than your margin on sales. The price you charge for products or services impacts brand, market share, adoption of new products, customer satisfaction and more. The goal is to determine the most effective price for your company, your product’s value and your customer. You don’t want to set your price too high for the market but you also don’t want to leave profit on the table.
Vernon Research has the expertise and advanced analysis tools to help you find the sweet spot for pricing. You can see how pricing changes will affect market preferences, learn what bundle of features customers expect at various price levels and determine how seasonal or other buying cycles impact customers’ price expectations.
Price is often the first consideration when new customers are deciding whether they will give your product or service a try. If the price is too high, the consumer may be unwilling to see the product’s value, but if the price is too low, the product may be perceived as having poor quality or value.
Pricing Studies Can Help You:
- Determine a price point for your product that your customer is willing to pay, while maintaining an acceptable profit margin for your company
- Define a price point that will help you compete with existing competitive products similar to yours
- Determine which product features are most and least valuable to your customers
- Determine feature bundles that will create value over your competitors
- Determine how changes in pricing will affect market share
At Vernon Research, we conduct market research to determine optimum pricing for new and existing products. We will assist with both price optimization and first-time pricing strategies. After determining your optimal price point, you will have the ability to more accurately forecast sales and predict how profitable your product can be.
