Due to inflation, many products have become more expensive. This has an impact on consumer behavior. All the more reason to reconsider your pricing strategy. A price research is a good starting point for this.
Price research
Find the optimal price for your concept
What is price research?
The goal of price research is to understand how consumers respond to different prices and determine the optimal price point. The research focuses on various aspects such as the target audience and competition of your product.
The benefits of price research
Price research provides insights not only into the optimal price but also into other aspects such as:
Understanding consumer behavior: Price research provides insights into consumer behavior, such as their preference for a specific price level, their willingness to purchase, and their sensitivity to price changes.
Competitive advantage: Price research allows you to gain insights to achieve a competitive advantage. A price change can make consumers choose your product over the competition.
Exploring new markets: Price research also offers the opportunity to explore new markets for your product and identify new target audiences. This helps determine whether you can develop or adapt your products for a new target group.
Increasing market share: Price research allows you to validate a new pricing strategy, which can contribute to increasing your market share
Our price research methods
Price Discovery Assessment
Through in-store interviews with consumers, we determine their willingness to pay for a specific product, including in comparison to competing items. This research is conducted using a digital research tool.
Some advantages of this price research:
Price Validation Assessment
In a Price Validation Assessment, we place your product with price adjustments on the desired store shelves at a certain number of retailers. This research typically lasts for 7 weeks. Our market researchers visit the test stores on a weekly basis to collect sales figures, including those of competing products. After 7 weeks, we validate the hypotheses and provide additional advice.
A great practical example of this is the research conducted for Van Delft Chocolates & Bakery. We had the opportunity to test different price points for 4 concepts. Read here about the experience of Mark de Vos (International Sales Manager at Van Delft).
Testimonials
Vincent van Meurs
Cloetta | The Netherlands
''It all comes down to perfect execution when you conduct such an in-store Validation Assessment in 20 stores. We are very positive about how Bamboo Brands has managed this.''
Mark de Vos
Van Delft Chocolates & Bakery | The Netherlands
We got useful insights into the pricing and base rotation of our innovations.
What makes it even more valuable, is that we also got insight into our performance versus the competitors’ performance.
Best of all, one of our innovations will soon appear on the shelf!
Audrey Jackson-Pownall
FrieslandCampina | The Netherlands
''Bamboo Brands has done an excellent job in managing a Validation Assessment. The team adapted well to the numerous changes and challenges that came our way.''
More about price research
Curious about the possibilities regarding price research? Or would you like to learn more about our research methods? Contact Chantal Risseeuw-Boer (Client Development Consultant) at chantal@bamboobrands.com.