While supply and demand drive pricing for any product or service, a key challenge for companies is identifying the optimal price the market will bear, how this should be adjusted over time and how the product or service will react within a particular competitive set. At Catalyst, our pricing experience will help you identify these factors to optimise your pricing and build a pricing strategy for optimum growth.
Four key research methods used to determine pricing optimisation are:
- Monadic price testing
- Price laddering testing
- The Van Westendorp price sensitivity model
- Choice-based conjoint (CBC)