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How a marketing survey helps you identify the optimal product price point

Posted on 3/1/2023 by Elizabeth in category: survey software articles
The monopoly era for the most part is over. It’s different today, in that those who understand their customers' needs and meets those needs tend to gain market share. And, only the brands that best manage change and evolve with changing consumer needs will survive and thrive in a competitive market.

A market survey is a method of gathering information, insights, and characteristics about your target consumers to understand them better and what motivates them. More information means more knowledge and understanding, contributing to more successful campaigns.

Understanding your customer base through a target market survey allows you to determine which advertising platforms to use, what products and services to offer, and what messaging and visuals will entice prospects to act.

Knowing how to calculate a product price is crucial because learning how to price your product is one of the greatest decisions you'll have to make as a business owner. It can impact almost every aspect of your company's operations.

How a Marketing Survey Helps You Identify the Optimal Product Price Point

Conducting research by using online survey software will help you to understand your customers' needs which in turn helps you innovate much better, work with better focus and expand at the right time.

Here are some compelling ways marketing survey can be helpful in identifying the optimal product price point:

By understanding the customer's needs.

Spending time researching what customers truly value and seek in a product; different customers will seek out different benefits that a particular product has to offer. Investing time in marketing surveys will aid in determining the best price point for a product or service.

By understanding the customer willingness to pay.

It is crucial for your business to understand what a customer wants and how much they are willing to pay for extra features and services. Market survey tools can quickly generate insights where the optimal price is where the revenue curve peaks.

By recognizing preferences for specific features or benefits.

Taking the time to research which benefits or features are more important to customers and which aren't, as opposed to what the internal engineering department prefers, will help you determine how to price the product or service.

By helping you to grow and innovate.

By conducting market research, you can learn about potential new customer bases and geographic expansion opportunities. Also, it aids in the selection of high-probability investment ideas by revealing gaps between client needs and the current state of the market.

ConclusionSurvey software is crucial for ensuring that your product has a large enough addressable market and that the product or service you are offering meets their needs. A survey tool also allows you to fine-tune your marketing messaging and decide which social media platforms and online marketplaces to focus your efforts on, if applicable. Novi Survey can assist you with your market research efforts by deploying survey tools that provide actionable insights by asking the right users the right questions at the right time. Contact us today.
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