Often real-world sales data cannot tell us enough about how to set prices. Frequently, surveys are the best way to learn about price expectations, thresholds, and to gauge the market’s price sensitivity. This is especially the case for new-to-the-world products or for product improvements. But, asking respondents about price is one of the biggest challenges we face!
In this session, we discuss (in a non-technical way) four of the most commonly used survey-based methods for pricing research: monadic price experiments, Gabor-Granger, Van Westendorp PSM, and conjoint analysis (CBC). We compare the approaches and highlight the pros and cons of each. Our discussion is general and applicable to whichever survey software tool you use. In the webinar, we highlight the advantages of using Sawtooth Software’s tools for conducting general surveys and conjoint analysis.