Innovative Products have distinctive features that customers highly value. But what price are customers willing to pay for the added value of your product?
I can help you to put the right price tag on your Innovative Product by determining its reference prices and researching the economic value of its innovative features.
For each product (even new ones), users have a choice of alternatives. Your “next best alternative” and its reference price are the starting point for determining your optimal sales price.
I can help you to map your alternatives and identify your next best alternative based on value drivers.
By inviting your existing customers or representative consumer panels to participate in a survey, I can provide you insight into the amount they are willing to pay above your reference price.
The findings of this analysis can also be used to design bundles or product lines.
Everyone prefers a good deal. The extent to which customers are willing to pay your price largely depends on the way you present it because people don't act rational when they make purchase decisions.
With Price Framing, I can help you to increase your sales by optimizing your customers' perceptions.