XM Knowledge Base
XM Solution Automated Project
Pricing Study (Van Westendorp Model)
Launch new products with confidence by understanding how much your customers are willing to pay with the optimal price point and acceptable price range to help you meet your sales targets.
Core Experience
Product Experience
Created By
Qualtrics
COST
Included with License
Methodology
Van Westendorp Pricing Model
The Van Westendorp model uses a series of questions, given to respondents following a product description to identify key psychological price points to understand how much they’re willing to pay.
Find out what customers are willing to pay for your product with our custom pre-built pricing research solution. The expert-designed and pre-configured survey and report for the pricing solution will give you an optimal price point and a range of acceptable pricing to help you go to market confidently.
Van Westendorp Pricing allows you to:
- Determine a price of a new product or category
- Get fast, directional results
- Understand a range of acceptable pricing
Outcomes Delivered
- Expert pricing study without needing a research expert
- Preconfigured projects to save time and resources
- Optimize product and service pricing
Category Tags
Consumer price perception
Van Westendorp Pricing gives you a range of pricing within which it’s “psychologically” safe for your product to be in the market to help ensure your product won’t be perceived as low quality or overpriced.
Optimal price point
As well a pricing range, you also see the optimal price point: the midpoint between the number of people who think the price is too expensive versus too inexpensive.
What You Get
Expert-built Surveys
An expert-built Van Westerndorp pricing survey template preloaded with the right questions to help you save time and get results faster.
- Ph.D. designed methodology
- Prebuilt logic and survey structure
- Automated workflow
Response Recommendations
A recommended number of respondents to maximize confidence in your data, specific to your project design. For example, a typical study would require a respondent sample size of 300 completes for optimal analysis.
We make it easy to get responses:
- Upload your own contacts
- Purchase respondents directly in Qualtrics
Prebuilt Reports
Get instant analysis of your data. Pre-built reports help you spend less time analyzing data, and more time delivering results.
- Instant analysis of your data
- Easy to understand results
- Expert designed charts and graphs
- PDF format for easy sharing
Additional Pricing Research Resources
Solution Details
Required License: Research Core 3
Languages
English
Category Tags
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