πŸ‘‹πŸ» Introduction
❓ What is your role?
Single Select
❓ Approximately how much are you spending to achieve [the outcome of a particular JTBD]?
Single Select
❓ Do you believe that higher prices typically indicate higher quality when it comes to [product/service]?
Numerical Scale
❓ How would you rate the value for money of [the product] compared to its price?
Numerical Scale
❓ Based on the current price of [the product], how likely are you to make a purchase within the next month?
Numerical Scale
❓ If the price of [the product] increased by X%, how likely would you be to continue purchasing it?
Numerical Scale
πŸ‘‹πŸ» Thank you
user feedback

Measure pricing sensitivity

Uncover key insights into customers' pricing preferences and sensitivity. Assess willingness to pay, compare prices with competitors, and understand budget allocation.Make informed pricing decisions, optimize strategies, and enhance customer satisfaction.

Study objectives

  • Determine how sensitive customers are to changes in price by examining their reactions to different price points or pricing strategies.
  • Identify the price ranges or thresholds at which customers are more likely to make a purchase versus when they are deterred by higher prices.
  • Segment customers based on their price sensitivity and willingness to pay, allowing for targeted pricing strategies and personalized marketing approaches.

Develop effective pricing strategy with pricing studies

Understand how much users are currently spending and their willingness to pay

Best practices for running surveys for pricing studies

  • Ensure the study doesn’t affect their current pricing: Clearly communicate to participants that the survey is purely for research purposes and that their responses will not impact current pricing.

    Assure respondents that their participation is anonymous and confidential, and that their individual responses will not be shared with any external parties.
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  • Gauge willingness to pay (WTP) without directly asking: Frame questions in a way that indirectly elicits users' perceptions of value and affordability without explicitly asking about price.

    Use hypothetical scenarios or choice-based questions that present different product features, benefits, or packages and ask them to indicate their preferences.
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  • Make it interactive as possible: Incorporate interactive elements such as tooltips, walkthroughs, and interactive tutorials to actively guide users through the onboarding process. This hands-on approach helps users learn by doing and encourages engagement.
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  • Decision makers β‰  end users: Segment the responses from decision makers, managers, and the actual end users. Priorities set by managers and end users might slightly differ and make sure to understand their different perspectives.
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  • Consider pricing structures: If applicable, present different pricing structures (e.g., one-time purchase vs. subscription, tiered pricing vs. flat-rate pricing) and ask users to indicate their preferences.
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Getting started

1

Create an account and log in to your Hubble account.

2

Find and select the template to use.

3

Edit the questions as you see fit.

4

Run pilot tests with internal users (ideally, people that are not a part of your project).

5

Preview the study and check if you need to make any last minute changes.

6

Publish the study and wait for the results to come in.

Frequently Asked Questions

What is the purpose of gathering pricing expectations in a survey?

The purpose of gathering pricing expectations in a survey is to understand users' perceptions, preferences, and willingness to pay for a product or service.

When should I run a pricing study?

A pricing study should be conducted before product launch to gauge customer willingness to pay and price sensitivity, and when changing prices to assess customer reactions. It's also essential in response to market shifts, during product reviews to assess pricing effectiveness, before market expansion to understand pricing dynamics in new markets or segments, and based on customer feedback to validate insights and adjust pricing accordingly.

How can I use the insights from pricing surveys to inform pricing strategies?

You can use the insights from pricing surveys to inform their pricing strategies by identifying pricing thresholds, understanding price sensitivity among different customer segments, optimizing pricing tiers or packaging, and testing the impact of pricing changes on customer behavior. The data collected can also help position your products or services within the market more effectively.

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Understand how much users are currently spending and their willingness to pay