SPRINT now also tests price elasticity! Curious to know what price will let your product generate the greatest revenue? Then apply for one of our pricing tests or attach your pricing question as a module to another test – such as your concept test.
We have added two different pricing tests to our portfolio:
- Van Westendorp pricing tool
- Gabor Granger
The two tests are deployed for different purposes. The basic aims are to test price elasticity and price optimisation.
Van Westendorp pricing tool
This test indicates the best price range for your product or service in the market. With four questions you find out what price consumers consider too cheap, cheap, expensive and too expensive.
Advantages: Even consumers who are not intending to buy your product/service themselves can decide via this test whether a certain price is (too) high or (too) low.
Disadvantages: Not suitable for determining your market potential as this test takes no account of competing products.
This test gives you rapid insight into the price at which you can maximise your market share and revenue.
The respondent is asked several times whether he/she would buy the product for price X. The answer determines the price that is suggested in the next question. If the respondent doesn’t want to buy the product, the price is lowered; if they do want to buy it, the price is increased.
Advantages: Can be used to estimate the optimum price to deliver maximum revenue.
Disadvantages: Is only put to respondents with a buying intention, so finding enough respondents is more difficult and expensive with niche products.
Want to know more about the SPRINT Pricing Test?
Price survey Grolsch 0.0 special beer
Character is the essence of the Grolsch beer brand. Choosing your own path and doing what you believe in, with attitude. Grolsch follows its own convictions, and is launching as first brewer a alcohol-free autumn beer to mark that fact. But it faced two key questions: what should the price be? And what name should it choose for its new beer? Grolsch called in SPRINT to carry out pricing research and set up a standard questionnaire to find an appealing name.