OnDemand WTP Pricing Research

Pricing Research: The One Factor Everyone Forgets About | ConversionXL

Pricing strategy is something no business (that wants to make money) can avoid. Some use various consumer research methods. Some do seat of the pants kind of stuff.

But whatever strategy you use, there’s one thing that will always affect your pricing strategy.

And it’s something almost no one accounts for…

How Volition Affects Consumer Pricing Research
Any information you get from your customers is better than none, of course. In fact, so much formal research occurs in this arena that marketers have traditionally used four distinct techniques.

My premise here, though, is that given the multidimensional world in which we leave, the existing research is simply not enough.

Fact is, even though various pricing models and methodologies exist, and can be helpful, there is one boondoggle that can indirectly or directly impact all of the methods: volition.

Volition is the act of making a choice or decision. Be it buying an item at a certain price point or pulling the lever in the voting booth, volition always lies there lurking, like some deadly toxin in the weeds to complicate research that tries to predict behavior.

Read complete article here:

Pricing Research: The One Factor Everyone Forgets About.

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