Pricing & Positioning
What will a customer be willing to pay for an existing or new product or service – and for the 'added value' of the benefits they perceive they will gain from it? How can the potential impact of each of a range of different pricing options be quantified and compared?
We can put some of the foremost pricing and positioning research specialists to work with you. With their expert knowledge of your target markets plus well-tested research methodologies, you can determine 'price acceptability'. You can also gain a better understanding of how customers’ brand loyalty can change as prices do and gauge the monetary value that customers place on product feature options.
The result? You can take more informed and more confident pricing decisions, as well as ensuring that the specifications for your future product developments are both market-relevant and capable of generating your required ROI.
One of the UK’s leading high street banks had identified a potential niche in the ISA savings market and was determined to maximise the opportunity. Following an initial phase of qualitative NPD research, we worked with them to identify the optimum interest rates or price points at which to set the two component elements of their new ISA product.
We conducted quantitative online research with a sample of existing ISA holders with a view to encouraging funds switching, and also a separate sample of those about to enter the savings market. With the help of our price sensitivity model and informed recommendations, our client set their rates with confidence and launched their revolutionary ISA to market acclaim. It is now both well-established and highly regarded.
