What's the Right Price?
How do you decide the right price for your product? The wrong decision can cost millions and give the wrong impression to consumers. You want to know “how much is my product worth in the minds of my customers?” Is it worth more or less than my competitors’ products? How will that change over time as my product matures?
Our Breakthrough Neuroscientific Quantitative Research Solution
NeuroFocus has developed an objective, reliable method of evaluating a consumer’s reaction to different prices. On a pre-verbal, pre-cognitive level, a consumer will respond to your product differently based on its price. Our measurement of various emotional and perceptive reactions will indicate which price is best for your product. Traditional focus groups involve discussions of the issue, which often confuse and obscure the consumers true, “gut-level” reaction, which takes place in the brain long before it is conscious or verbal.
Business Value of Neurological Pricing Analysis
Pricing is one of the most difficult decisions a company has to make, especially with new products. Pricing decisions are often driven by complex profitability calculations, but the ultimate variable, the one that is hardest to estimate, is the psychological impact your price is going to make on your customers.
The NeuroFocus pricing analysis methodology is the first comprehensive approach that unlocks what your customer really think about different price points. This information can play a critical role in bringing a product to market at the right price point to help you gain your financial objectives. The business value of such information speaks for itself.
Who Benefits from Neuromarketing
- Advertising agencies
- PR firms
- Market research agencies
- Corporate marketing departments
- Product design and development departments
- Public relations departments
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