Pricing Research is one of the more technical areas of market research. Having an effective pricing strategy drives purchase intent, purchase and re-purchase. The objective is not to find what customers like, but rather what they are willing to pay. An optimum price point is maximizes profit and can also increase your products share of wallet.
ECI begins each project by working with and listening to our clients to best understand their pricing research objectives and any related business issues. From there we will create a customized approach for your research using analytical techniques such as:
- Van Westendorp Model
- Regression and Correlation Analysis
- Discrete Choice Modeling
- Conjoint Analysis