Price plays a major role in determining shopping/purchase behavior of a consumer and in the product development process. Executing value based pricing research at the correct time will increase opportunities for the new product’s success rate. Conducting pricing research at the correct stage for your product development process will bring you significant benefits such as evaluating the economic viability for your new offerings to avoid unnecessary amounts of money on investment in the product development process.
Concept Testing
What do we do ?
Concept testing research focuses on the early stage of the product development process where it captures real-time feedback on your product concept early in your development and evaluates the strengths and weaknesses of potential ideas.
What can be answered
Overall likeability for the concept
Reason for likeability
Key likes & dislikes
Feedback on uniqueness, acceptability, understandability and attractiveness
Willingness to buy / try
Suggestion for improvement
Product Testing
Product testing is a research methodology allowing businesses to collect qualitative and quantitative information about consumer’s potential consumption/usage behavior, preferences, and reactions on a product. Your product may be a software product or a consumer non-durable; it does not matter. You make your audience use or consume your products, and collect their reactions on product usage, the taste or smell, etc.
What do we do ?
Identify achieved / unachieved product goals
Positive or negative customer feedbacks of the products
New product development ideas and suggestions
Identify new features for product development
What can be answered
Overall likeability for the concept
Reason for likeability
Key likes & dislikes
Feedback on sensorial parameters such as taste, mouth feel, sweetness , saltiness and thickness
Willingness to buy / try
Suggestion for improvement
Force preference
Price Sensitivity
What do we do ?
Price sensitivity is the degree to which demand changes when the cost of a product or service changes. Price sensitivity is commonly measured using the price elasticity of demand, which states that some consumers won't pay more if a lower-priced option is available. Price sensitivity determines the amount of value you’re creating in your product by revealing your customer’s willingness to pay. This focuses on the best way to position your product in terms of price and quality. Price sensitivity gives an understanding of how well your product development efforts have gained trust and willingness to re-purchase among consumers.
What can be answered
Feedback current pricing
Ideal price points /range
Value for money
Willingness to pay
Usability Testing
What do we do ?
Usability testing is a technique used in user-centered interaction design to evaluate a product by testing it on users. This can be seen as an irreplaceable usability practice, since it gives direct input on how real users use the system.