Product Development Test Template
Pricing Strategy
Why should you use this template?
You have many business reasons to decide on your prices – knowing just how the customers react to them is priceless. Visitors to the site have shown their interest in the products, so it’s vitally important to know when price gets in their way.
Pricing considerations are commonly neglected as many business owners do not highly prioritize spending time to compare and create a pricing strategy. Knowing your customers’ preferences and comfort level with your prices is only half the battle.
Leverage the knowledge you will gain from this survey about your competitors’ prices as well as the emotions your customers feel about yours – then strategize your pricing with confidence!
Testing Outcomes
- Frequency of individual shoppers to the site and why they are coming
- Percentages of brands customers preferred most, possibly including ones not offered on your store
- Price points of highest and lowest prices customers want to pay
Organization Benefits
- A clear understanding of how your customers feel about your price structure.
- Ability to decide how and why pricing strategies are needed and where
- Knowledge about the competition and where your brand fits into a wider picture of services/products
Test Questions
- How often do you buy clothes online?
Likert Scale
First get participants to think about their experiences. Using a follow-up question can help you get written feedback on what brand price point your audience usually lands in. - How much would you expect to pay for this item?
Multiple Choice
Gathering audience expectations will ensure that your product pricing is not outside the realm of possibility for participants. - At what price would this item be a good bargain?
Free Response
The next two questions work hand-in-hand to establish an overall ideal range for your product pricing - At what price would this item be too expensive to consider?
Free Response
Asking more of these types of free response questions can help you hone in on an even more specific price range, especially if you’re trying to determine the cost of several products. - How likely would you be to purchase this item based on the price?
Numerical Scale
After gauging participant expectations, put the true price on the table and observe their reactions.
Additional Questions
- How often do you buy men’s formal wear?
- Did you shop with us recently because you found our prices to be [lowest, average, higher, best]?
- What do you think about the prices of our products overall?
- What brands do you typically buy [array of brands with checkboxes]
- How much would you typically pay for a [e.g. tuxedo]
- How satisfied are you paying this price?
- What price would be too high for your formal wear?
- What price would be a good bargain?
