Pricing Survey Template
Pricing Research Survey
One of the most important decisions that businesses must make is how to price their products and services. Should you take a risk and charge more for your product than your competitors? Should you improve your value offering in order to acquire market share and attract more customers? More often than not, pricing tends to be the major determinant in the success of the product.
Pricing research can assist firms in determining the appropriate pricing point for their products.
Pricing research employs a variety of approaches and data collection technologies to help companies understand what their customers desire and how much value they place on their products. It assists businesses in determining their target demographic and tailoring their offerings to meet their needs.
With pricing research surveys, you can determine the right price for your offerings. But where do you start? Which parameters do you focus on? How do you frame the questions to get the best insights? Don’t worry, Voxco has you covered.
Download our Pricing Survey Template
With Voxco’s Pricing Research Survey Template, you can:
- Conduct pricing research across various channels. Reach out to your last customer with the various modes provided – online, offline, telephone etc.
- With our diverse array of questions, every aspect of your research will be covered.
- Extract meaningful insights. With Voxco analytics, determine just the optimum price point for your products from the gathered data.
Pricing research includes conducting studies in order to determine the right price point for products or services offered by an organization.
The best time to conduct a pricing research survey is just before launching the product and after it has been introduced to the people via advertisements. This way, you will get a great insight into what people think about its pricing.
Pricing research surveys would help you determine the right price for your product with respect to your competitors. Gathering insights from customers about pricing would help you get the strategic advantage.
Questions like range, sliders should be included. Sliders would help get the exact insight as they would allow people to choose their own price instead of choosing from predetermined options.
Why is customer satisfaction important?
Customers switching companies cost organizations a total of $1.6 trillion annually. But why do customers switch?
Because companies are not able to match customer expectations – a problem that can be easily resolved by conducting regular customer feedback surveys. The top reasons why customer satisfaction matter are pointed as below:
Important indicator for customer repurchase decisions :
If customers are happy with the interactions with the brand, it will lead to continuous repurchase cycle leading to improved profits over the long run.
Lower customer churn & Improve customer lifetime value:
A ‘totally satisfied customer’ contributes 2.6 times more revenue than a ‘somewhat satisfied customer’. Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue than a ‘somewhat dissatisfied customer’. Satisfied customer leads to improve Customer lifetime value for any brand.
Cheaper to retain customers than acquire new ones :
It costs six to seven times more to acquire new customers than it does to retain existing customers. Therefore, it is profitable to ensure your current customers are satisfied.
How can Voxco help in improving customer satisfaction scores?
Voxco has been used by customer-centric companies like Sephora, Yves Rocher, Mayo Clinic, American Health Association, Decathlon and many more to align customer expectations with customer service & offerings by intensive customer feedback collection.