Make confident pricing decisions with fast project turnaround​


Posted on 20 October 2020 Conjoint.ly


Using market research to test pricing for new and existing products eliminates the cost and uncertainty, allowing you to predict your audience’s reaction and find an optimal price without disturbing the market.

Pricing is a key driver of profitability for all businesses. Price your product too high and you will lose consumers to competition, price too low and you will be missing out on potential revenue. Testing new pricing on the actual market to assess consumers’ acceptance is a high-risk and costly procedure.

Conjoint.ly offers a range of specialised pricing tools to help you implement effective pricing strategy and make confident pricing decisions.

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Establish a psychologically acceptable range of prices

What are consumers willing to pay for your product? To find out, you need to know how they perceive each different price point, and how this demand changes across a range of price points. Use this data to choose the most profitable price for your product.

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Van Westendorp price sensitivity meter

Discover the effects of pricing on sales, revenue, and market share

You must understand how increasing or decreasing pricing will affect demand for your product to determine its profitability. Test if discounts or promotional efforts will encourage consumers to buy your product. Learn how tiered pricing offerings will affect your product or service’s profitability.

View Gabor-Granger

Revenue projections with Conjoint.ly online research

Test pricing of new and existing products in a competitive context

Assess the relative value of the brand through outputted elasticity charts, revenue, and profitability projections. The result is a ranking of preference relating brand to price that individuals are willing to pay. Build models across a market as a whole showing likely take up of different brands at different prices, together with estimates of revenue and profitability.

View Brand-Price Trade-Off

Competitive pricing model

Determine pricing across various brands, SKUs, or price tiers

How can you optimise pricing across a range of your products? Use market simulation to identify the optimal price to charge consumers under various scenarios. Identify the price that maximises market share, profit, and revenue through market simulations.

Focus on market dynamics rather than understanding the feature and price trade-offs. The market simulator can identify the price that can maximise share and also reveal the price at which revenue and even profit can be maximised. This is one of the greatest advantages of using conjoint analysis in pricing research.

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Revenue and profit projections for product ranges

Conjoint.ly helped books-on-demand provider determine optimal price for subscriptions

Book Co is a major books-on-demand provider in Egypt. Given intense competition in this market, Book Co would like to measure the value customers place on book streaming over the Internet.

Goals

As part of the strategy review, the insights team would like to test for non-paying users, competitors’ users, and Book Co’s paying users:

  • What is customers’ willingness to pay?
  • What is the optimal price of subscription to maximise its revenue?

Outcomes

  • Book Co. tested eight price points for its paid subscription using Conjoint.ly’s platform.
  • Gabor-Granger confirmed the Price elasticity of demand and Predicted revenue vs. price level of Book Co.’s paying subscription for different segments.
  • The study provided agile and actionable insights to help Book Co. understand customers’ demand. For example, results suggest that the optimal subscription price for its users is $17.99/month.
  • Findings were immediately available upon completion of the project.

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Fast and reliable results for pricing projects

Willingness to pay

This disguised case study discusses the leading manufacturer’s methodology used to understand willingness to pay for benefits of ingredients.

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Pricing case study

This disguised conjoint analysis report from a major university explores how they found optimal pricing for their new course using Conjoint.ly.

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Conjoint.ly platform makes pricing research easy

You get agency-quality results at a fraction of the cost and time investment. One powerful end-to-end platform for insights teams for fast and reliable market research.

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Support for insights teams

Get answers to questions about pricing strategy and running pricing experiments. Our team will help your insights team understand consumers and make confident pricing decisions.

Book a quick call today to talk with the team who specialise in pricing research methods.

Understand pricing research in detail

Pricing Goals

Clear pricing objectives determine how businesses price their products and to what effect. This article explores 7 common pricing goals and when to use them.

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Pricing Strategies

Identifying which strategy works best with the nature of your product will serve as the pathway to higher revenue and higher profit margins for your business.

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Pricing Psychology

Find out how pricing psychology offers a simple way to increase your product sales. Learn more about the 12 most common pricing psychology strategies.

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