Pricing is critical for your product's success! But with so many methods, how should you ask about it?🕵️ We ran a poll, and here’s what we found!💡
4 COMMON METHODS
🗣️ Open Question: “What’s the ideal price?”
A classic approach used by methods like Van Westendorp to uncover price thresholds.
📊 Likert Scale: “How likely are you to buy at this price?”, usually a 1-5 scale)
A favorite for Gabor–Granger and Monadic Price Testing.
✔️ Single Choice: “Would you buy this for X$? Yes or No”
Simple and often used in Gabor–Granger and Monadic Price Testing.
🏆 Ranked Choice: “Rank these prices”
Conjoint Analysis is a prime example here using this to test pricing with product features.
POLL INSIGHTS
Here is what professionals from Pricing or other roles say:
Pricing Experts
1️⃣ Ranked Choice (52%): Best for price and features analysis
2️⃣ Likert Scale (29%): Great for purchase likelihood
3️⃣ Open Question & Single Choice (10%): Tied but less popular
Other Roles
1️⃣ Open Question (39%): Top choice for exploring pricing directions
2️⃣ Ranked Choice (36%): Close second and overall favorite
3️⃣ Likert Scale (18%): Useful but less preferred here
4️⃣ Single Choice (7%): Least preferred for most roles
KEY TAKEAWAYS
👉 Pricing professionals prefer Conjoint Analysis or Likert-based methods
👉 Other roles favor Van Westendorp or Conjoint Analysis
👉 Single Choice is the least preferred for most roles
Interested in learning more about AI-Powered Price Optimization and Strategic Forecasting?
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