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
Tamara Vieveen
Unilever
"The goal of the research was to get a clear picture of consumer response to the concept, and that succeeded! Moreover, the results are practically applicable. We have already taken internal steps to further optimize the concept based on these insights."
Anna Larsson
Tetra Pak
"In-store research is a complex domain, and there aren't many research agencies offering this service. What appeals to me about Bamboo Brands' method is that they can provide insights into both the supermarket orientation phase (first moment of truth) and home use (second moment of truth) in a single study."
Thari Hesselink
Bar-le-Duc
"I knew that you conducted research in a different way than usual. That's also one of the reasons I started a conversation with you. In the beginning, I had doubts about whether enough qualitative insights were collected during the fieldwork, but fortunately, you managed to dispel these doubts and ultimately provided me with sufficient qualitative insights."