Price Point Testing
How It Works
Price point testing can come in a number of forms. It’s possible to simply test your own product based on a fixed range, or it’s possible query respondents on how much they would pay and why based on no prompt. You can also then test against your competition and their prices.
Fixed range testing quite simply involves providing the respondent with a number of ranges or precise price points and asking them to select which price they would pay.
Unprompted verbatim price point testing is the process of asking respondents how much they would pay for your product and why, sometimes asking them to elaborate perhaps on how much they have paid for similar products in the past.
When you’re testing against the competition there’s a few ways to do that. The simplest is to provide a fixed range of 5 to 10 points and then giving respondents a list of the top 10 competitors and asking them how much they’d pay for each, based on the rating scale provided.
Each of these methods can be used either together or in isolation, the structure is based on your competitive landscape and how much you intend to do with the data.
Examples of the survey questions are available.
Click the button below to see a series of question examples to include in a price point testing survey.
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