1:1 live demo: Determine price sensitivity quickly, easily and cost-effectively with market research and CX software from QuestionPro

What does price sensitivity mean?

Price sensitivity is the extent to which the price of a product influences consumer buying behaviour. In general, price sensitivity is about how demand changes when the price of a product changes. For example, some consumers are unwilling to continue purchasing an otherwise steadily purchased product in the face of even a small price increase, while for other consumers there is a range in which a moderate price increase is accepted. Still other consumers also accept more significant price increases, for example if there is a strong emotional attachment to the brand or if the product fulfils certain needs.

To find out whether consumers accept a price change at all or how high the price increase may be so that consumers continue to buy the product, companies use different market research methods. Two of these methods, namely the Gabor Granger method and the van Westendorp method, and how to apply these methods with the market research and CX software QuestionPro, are presented in a live online presentation.

What is the Gabor Granger Method?

The Gabor Granger method is a technique for determining a yield and demand curve for a particular product or service. In this method, potential customers are asked how likely they are to buy a product or service at different prices. Respondents are shown different prices and asked about their likelihood of buying at each of the prices shown. In this way, we can plot a sales and demand curve to determine the optimal price that will generate the maximum sales.

What is the van Westendorp method?

The Van Westendorp method, also called Van Westendorp's Price Sensitivity Meter, is a very popular and relatively simple method for measuring the price sensitivity of a target group, which is used in the early product development phase. The Van Westendorp method is about finding out when the price for a product or service is accepted or rejected by the customer, i.e. when it is perceived as too expensive, expensive, cheap and too cheap. In our one2one online presentation, we show you how to use the ready-made QuestionPro Van Westendorp question set to easily and quickly determine the price sensitivity of your customers and present the result in a graphically appealing way!

Who is the live demo aimed at?

With our personal XNUMX:XNUMX live demo, we primarily address responsible employees from the areas of marketing, sales and product management as well as internal market research departments and market research institutes. University members are also cordially invited.

Content:

1. Overview of the QuestionPro user interface
2. Van Westendorp Question Type
3. Gabor Granger Question Type
4. Evaluations and analysis

The offer is of course free of charge.

If you have any questions in advance about QuestionPro, please feel free to contact us. We look forward to speaking with you!

Make a personal appointment now!

Make an appointment for an individual live online demo and find out how you can quickly and easily determine your customers' price sensitivity using the different QuestionPro pricing question sets.

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