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How can you measure pricing sensitivity in market research?

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Pricing sensitivity is the degree to which consumers respond to changes in the price of a product or service. It is an important factor to consider in market research, as it can affect the demand, profitability, and competitiveness of a business. In this article, you will learn how to measure pricing sensitivity in market research using different methods and tools.

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Pritish Sharma

Deloitte USI | Audit | Banking and Finance | 850k+ impressions | Content creator at LinkedIn | Actor | LinkedIn Top…
Sharmistha Sutradhar

Business Analyst @ Societe Generale | PDGM in Finance
Hamilton Feijó

Economist | 100X ?? Linkedin Top Voice | Innovation and Strategy Specialist | Business Manager | Corporate Social…

1 Direct methods

Direct methods involve asking consumers directly how much they are willing to pay for a product or service, or how their purchase intention changes with different price levels. For example, you can use surveys, interviews, or focus groups to collect data on consumers' willingness to pay (WTP), price acceptance, or reservation price. Direct methods are easy to implement and understand, but they may suffer from biases, such as social desirability, anchoring, or strategic behavior.

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Pritish Sharma

Deloitte USI | Audit | Banking and Finance | 850k+ impressions | Content creator at LinkedIn | Actor | LinkedIn Top Economics (x2) Resume Writing Voice (x3)
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Pricing sensitivity in market research can be measured through techniques such as conjoint analysis, price elasticity analysis, etc. Conjoint analysis assesses respondents' preferences by presenting them with different product configurations and prices to determine the trade-offs they are willing to make. Price elasticity analysis evaluates how changes in price impact demand for a product or service, indicating the sensitivity of consumers to price fluctuations.

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Sharmistha Sutradhar

Business Analyst @ Societe Generale | PDGM in Finance
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It always interesting to go back and brush up on my economics knowledge?? Here are several methods commonly used to measure pricing sensitivity: Conjoint Analysis, Price Sensitivity Meter (PSM), Elasticity Analysis, Experimental Designs, and more. Hence, the intention behind using these methods are used to decipher the relationship between price and demand and also the value consumers derive out of the products and hence determine the price of the product in-turn. Net net, these methods can be used individually or in combination to measure pricing sensitivity in market research, providing valuable insights into particularly their willingness to purchase a product or services and how consumers perceive and respond to changes in price.

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Thiago Rodrigues de Paula

Analista de Inteligência de Mercado - Data Scientist - Engenheiro e Mestre
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A Price Sensitivity Meter is an extremely useful tool for any business that wants to position its product or service well. I have seen businesses that priced incorrectly, either the wrong price for a certain audience or the wrong price for a certain product, the mistakes are common...to the market intelligence professional it is to understand the main factors of price variation, either from direct research with the consumer, or from historical price data and correlation of these with key variables.

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2 Indirect methods

Indirect methods involve observing consumers' actual behavior or choices in response to price changes, rather than asking them explicitly. For example, you can use experiments, field studies, or historical data to analyze consumers' price elasticity of demand (PED), which measures the percentage change in quantity demanded for a given percentage change in price. Indirect methods are more realistic and reliable, but they may be more costly, complex, or time-consuming.

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Hamilton Feijó

Economist | 100X ?? Linkedin Top Voice | Innovation and Strategy Specialist | Business Manager | Corporate Social Responsibility |
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These methods involve techniques that don't directly ask participants to express their price preferences, but rather observe their behaviour or reactions to different price scenarios. For example, we can use simulated market tests, where participants are exposed to different price options and their choices or purchase intentions are observed.

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3 Conjoint analysis

Conjoint analysis is a special type of indirect method that involves presenting consumers with different combinations of product or service attributes, including price, and asking them to rank or rate their preferences. By using statistical techniques, you can estimate how much each attribute contributes to the overall utility or value of the product or service, and how sensitive consumers are to changes in price relative to other attributes. Conjoint analysis is a powerful and flexible tool that can capture the trade-offs and interactions among different factors that influence consumer decisions.

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Hamilton Feijó

Economist | 100X ?? Linkedin Top Voice | Innovation and Strategy Specialist | Business Manager | Corporate Social Responsibility |
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When conducting research for an electronics company, we used conjoint analysis to understand how different prices affect consumer preference for specific features, such as screen size, storage capacity and camera quality. This information helped the company define a pricing strategy that was more in line with market preferences.

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4 Van Westendorp's price sensitivity meter

Van Westendorp's price sensitivity meter is a specific type of direct method that involves asking consumers four questions about the price of a product or service: at what price would it be too cheap, too expensive, a bargain, or expensive but acceptable. By plotting the responses on a graph, you can identify the optimal price range, the point of marginal cheapness, the point of marginal expensiveness, and the indifference price. Van Westendorp's price sensitivity meter is a simple and intuitive method that can provide useful insights into consumers' perceptions and expectations of price.

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5 Gabor-Granger technique

Gabor-Granger technique is another type of direct method that involves asking consumers how likely they are to buy a product or service at a given price, and then adjusting the price up or down until they reach their maximum or minimum willingness to pay. By calculating the average willingness to pay and the demand curve, you can estimate the optimal price and the revenue potential. Gabor-Granger technique is a quick and easy method that can reveal consumers' price sensitivity and purchase intention.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you measure pricing sensitivity in market research?

1

2

3

4

5

6

1 Direct methods

2 Indirect methods

3 Conjoint analysis

4 Van Westendorp's price sensitivity meter

5 Gabor-Granger technique

6 Here’s what else to consider

Economics

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How can you measure pricing sensitivity in market research?

1

2

3

4

5

6

1 Direct methods

2 Indirect methods

3 Conjoint analysis

4 Van Westendorp's price sensitivity meter

5 Gabor-Granger technique

6 Here’s what else to consider

Economics

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