Product & Price Research

Product and Price Research Services

Product development and price research cover related research areas aimed at ultimately finding the right product ideas at an optimal price that would allow your business to acquire new customers and retain the ones you have. In the end, this type of research will ultimately help your business increase its revenue and profits.

Although product development research can be conducted without price research and vice versa, they are often linked. Customers may or may not be willing to pay for products with or without certain features.

A product idea without price information may perform very well in tests and then fail when the price is presented. Adding price to product research is more likely to represent how buyers make purchase decisions.

Our Research Capabilities

Product Concept Testing

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Product Portfolio Optimization

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Price Research

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Why You Should Do Product/Service Development Research

Product development and optimization research can:

  • Provide evidence of product/service viability by taking into account competing and substitute alternatives as well as target customers’ acceptance of new products/services.
  • Evaluate competitive advantages and likely threats from competing products/services
  • Single out which product ideas have the highest revenue potential.
  • Identify what improvements need to be made before product/service launch or re-launch.
  • Reduce cost in product formulation and operation processes.
  • Pinpoint the benefits and attributes that are most important to target customers.
  • Generate communication messages designed to change perceptions about your products/services among current and prospective customers.

Why You Should Do Price Research

Price research can help your company to:

  • Guide decisions on whether to increase or decrease prices.
  • Show the impact of changes in pricing strategy on your company structure cost and revenue model.
  • Provide optimal price points for new products and services.
  • Identify price points that maximize market share, revenues, and profit margins for your products and services.
  • Understand how your competitors may react to price changes your company implements.
  • Pinpoint sources of market share gains due to price reductions.
  • Identify which competitors you may lose share to if a price reduction is initiated.