{"id":159281,"date":"2024-01-18T23:29:13","date_gmt":"2024-01-18T23:29:13","guid":{"rendered":"https:\/\/userpilot.com\/blog\/pricing-survey\/"},"modified":"2024-09-17T20:20:43","modified_gmt":"2024-09-17T20:20:43","slug":"pricing-survey","status":"publish","type":"post","link":"https:\/\/userpilot.com\/blog\/pricing-survey\/","title":{"rendered":"Pricing Survey: Types, Best Practices, and Examples"},"content":{"rendered":"

A pricing survey is the most surefire way to figure out an acceptable price range that maximizes profit without being prohibitively expensive \u2014 made possible through the power of user feedback<\/a>. This guide will help you get to that optimal price point by conducting pricing surveys!<\/p>\n

What is a pricing survey?<\/h2>\n

A pricing survey is a method of research used to identify the right price for products or services. A price survey will ask your target market segments questions about exactly how much value they get out of each feature, the overall value of the product, and their willingness to pay for it.<\/p>\n

Types of pricing surveys<\/h2>\n

While most pricing surveys share the same goal of informing pricing decisions, preserving customer satisfaction, and achieving the maximum price without suffering drawbacks, there are multiple ways<\/em> to figure out what the best price for your product is.<\/p>\n

Here are four different pricing surveys you can use to figure out what the highest price point should be:<\/p>\n

Price rating scales<\/h3>\n
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Get your free Userpilot demo today!<\/a><\/figcaption><\/figure>\n

Similar to NPS or CSAT surveys<\/a>, numeric rating scales give customers a chance to express their definition of appropriate pricing in a scalar fashion. This ensures you get quantitative pricing data that you can then apply to your pricing models.<\/p>\n

When to use price rating scales?<\/h4>\n

Scalar types of survey questions<\/a> are best used for measuring satisfaction rather than asking for actual dollar figures. You can use numbers, emojis, or stars to ask customers how satisfied they are with the current product pricing on a scale of 1-5.<\/p>\n

Tip:<\/strong> You can also run the same survey across multiple segments to see how much customers are willing to pay across various price points and subscription tiers.<\/p>\n

Van Westendorp pricing survey<\/h3>\n

The Van Westendorp pricing model for surveys can be used to gauge multiple price ranges \u2014 rather than a single target price \u2014 to see how different market segments and customers respond to each range.<\/p>\n

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Get your free Userpilot demo today!<\/a><\/figcaption><\/figure>\n

When to use the Van Westendorp pricing survey?<\/h4>\n

The Van Westerndorp pricing survey is best used for products with high price elasticity since your customers’ purchase decisions won’t be as clear when they’re voting on ranges rather than a specific price point. This makes maintaining data quality and clarity more difficult with Van Westendorp surveys.<\/p>\n

Gabor-Granger price sensitivity<\/h3>\n

The Gabor-Granger pricing method asks respondents to choose from pre-set prices based on which price they would consider reasonable for a monthly subscription. This allows survey respondents to offer specific feedback based on how customers perceive the value provided.<\/p>\n

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Get your free Userpilot demo today!<\/a><\/figcaption><\/figure>\n

When to use the Gabor-Granger price sensitivity?<\/h4>\n

If you have existing market share but are concerned that you’ve mispositioned yourself on the demand curve, then asking survey participants to pick from a range of exact prices can help you achieve the maximum revenue potential of your product (at least if multiple factors remain equal).<\/p>\n

Conjoint analysis<\/h3>\n

Conjoint analysis surveys take a different approach than other pricing models and surveys since they ask respondents how much more\/less they would be willing to pay for the product\/service if it included a specific feature.<\/p>\n

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Get your free Userpilot demo today!<\/a><\/figcaption><\/figure>\n

When to use conjoint analysis?<\/h4>\n

Because conjoint analysis provides qualitative feedback rather than quantitative data, interpreting responses will be a more complex process. As such, this is best applied to early-stage SaaS companies that can rapidly implement new features upon extracting actionable data from the responses.<\/p>\n

Examples of survey questions for pricing research<\/h2>\n

While maximizing revenue with informed pricing decisions is always the goal, it’s important to realize that some in-app survey questions<\/a> may lead you to a lower<\/em> price point \u2014 with the outcome of lowering the barrier to entry and getting more customers in the long run.<\/p>\n

Here are examples of questions you can use in your price rating scale, Van Westendorp, Gabor-Granger, and conjoint analysis surveys:<\/p>\n

Price rating scale survey questions<\/h3>\n