{"id":3766,"date":"2010-12-06T12:02:56","date_gmt":"2010-12-06T12:02:56","guid":{"rendered":"http:\/\/www.questionpro.com\/?p=3766"},"modified":"2023-07-05T06:18:48","modified_gmt":"2023-07-05T06:18:48","slug":"how-to-set-the-right-price-is-still-a-research-question-that-requires-know-how","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/how-to-set-the-right-price-is-still-a-research-question-that-requires-know-how\/","title":{"rendered":"How to Set the Right Price is Still a Research Question That Requires Know-How"},"content":{"rendered":"

\"image\"DIY Marketeting research tools have dramatically reduced the cost of collecting data. \u00a0Instead of hiring a research firm for their specialized software – you can do it all yourself. \u00a0And that’s fine for those simple basic research projects that provide feedback and basic ratings. \u00a0But there is one very specific, very specialized and very important marketing component that requires research and the specialized expertise that only a qualified, experienced and\u00a0knowledgeable market research professional can really help — PRICING.<\/p>\n

Are You Leaving Money on the Table?<\/strong><\/p>\n

Most marketers and small business\u00a0tend to ignore pricing as a powerful strategy. \u00a0They either do a basic cost-plus model or they simply follow along with whatever everyone else is doing. \u00a0This is a major mistake.<\/p>\n

Pricing is, perhaps, the most powerful element of your marketing mix and done right, can add to your profitability with little more effort than the stroke of a pen. \u00a0OK- I lied. \u00a0Done right — it would require a bit more than the stroke of a pen. \u00a0But this is where professional market research advice comes in.<\/p>\n

1% Windfall is Every Market Researchers Pricing Bible<\/strong><\/p>\n

If you’re in the market research business and are looking for an awesome niche to differentiate yourself — grab a copy of Rafi Mohammend’s book, 1% Windfall.<\/a><\/em> Read it, processes it and develop a series of surveys around its chapters.<\/p>\n

LEARN ABOUT:<\/strong> Pricing Research<\/a><\/p>\n

First of all – this should be a piece of cake for you because the the book literally outlines a series of potential pricing strategies and then gives you choices or categories or attributes — whatever you’d like to call them, that define the attributes your customer would be after if you’d like to use this strategy. Let me show you what I mean – check out this section I pulled from my review of 1% Windfall.<\/a><\/p>\n

Not enough new customers?<\/strong> More price points can actually attract more customers.\u00a0 Try a \u201cdifferential\u201d pricing strategy.\u00a0 One of the KILLER features of\u00a0\u201c1% Windfall\u201d <\/em>are these \u201cvoice of the customer\u201d statements that Rafi has all through the book.\u00a0 What I love about these is that you can literally pull them right out of the book at put them into a survey that you give your customers to see what they would prefer.\u00a0 I pulled these from the \u201cPick a Plan\u201d Chapter.\u00a0 Do any of these statements sound like something your customers might say?<\/p>\n