The Van Westendorp Price Sensitivity Meter is used to determine the psychologically acceptable range of prices for a single product or service. Learn more about the method and its output with our free Excel template.
The Price Sensitivity Meter helps determine psychologically acceptable range of prices for a single product and approximately estimate price elasticity.
Overview of the Van Westendorp PSM Excel template
The Van Westendorp Price Sensitivity Meter (PSM) is one of the most commonly used pricing techniques to reveal consumer attitudes toward price points and discover the psychologically acceptable range of prices for products and services. To help you understand the Van Westendorp output, Conjointly has set up a free Excel template with an example study for a multivitamin brand.
Conjointly Van Westendorp PSM Excel template
Sign up on Conjointly for free to download the template.
Using Van Westendorp PSM Excel template
On the Respondents tab , the columns
AD are the output for the Van Westendorp, where:
AA= the “too cheap” price.
AB= the “cheap” price.
AC= the “expensive” price.
AD= the “too expensive” price.
Download the full report of the example experiment
The example study mirrors
question four of the Example experiment 3: Gabor-granger and Van Westendorp, which its full report is available for free along with other example experiments when you sign up to the Conjointly platform.
Also, remember to check out the detailed discussion on interpreting the PSM chart.
Feel free to get in touch with us if you would like to adjust your pricing to maximise profits. Or, if you need custom research or help with the automated tools, Conjointly’s team of research experts are here to help.