Experience management company and the maker of SurveyMonkey and GetFeedback, Momentive, has announced the launch of its new Price Optimization solution for SurveyMonkey that simplifies the product pricing process and maximizes revenue.
The new solution enables product managers, marketers, and pricing managers to find the optimal price point for their product in hours, using the Van Westendorp Price Sensitivity Meter.
Introduced in the 1970s, the Van Westendorp market technique is used by the market research industry to determine consumer price preferences. Considering the uncertainties of the current economic climate, companies that conduct thorough research on customer preferences can maximize profitability while maintaining customer satisfaction and reducing costs.
“Determining how to price products is often what makes or breaks a company’s success, yet many small-to-medium companies struggle with this being a costly and difficult process. We recognize how critical this is to any business, which is why our Price Optimization solution is designed to be affordable, easy-to-use, and fast. Our goal is to democratize decision-making, and this solution puts the insights that matter into the hands of product managers, product marketers, founders, and more to set the price for new product launches, adjust the price of existing products, and prioritize new features based on audience feedback,” said Samuel Bakouch, Senior Vice President of Product Management at Momentive.
The Price Optimization solution enables almost anyone to run price optimization research and leverage in-product guidance to set up a methodologically sound survey.
Users can deploy surveys in hours with the self-service checkout or work with experts to assist in launching. A built-in global panel lets users see responses in real time as they come in. Then, through data visualizations and custom questions, users can determine the optimal price point and range based on the target audience's responses.
In addition, the SurveyMonkey Audience panel can reach over 175 million people in over 130 countries, including B2B and niche audiences. To provide an accurate picture of the target audience, the solution automatically cleans the data and removes outlier responses.
The solution is also available with project-based pricing, allowing users to explore the solution without committing to a subscription.