At what price do you think the product is so Reunion Email List expensive that you would question the quality and not consider buying it? Cheap/Good Value for Money: Do you think the product is cheap - good value for money? Too Expensive: At what price would you consider the product too expensive and not consider buying it? Expensive/High: At what price would you consider the product to be expensive, but you would still likely buy it? By analyzing the responses to these questions, you can gain insight into your customers' willingness to pay and the limits of their budget comfort zone.
Use this information to set attractive prices for customers while maximizing profits. GaborGranger Technique The GaborGranger pricing method helps test the price elasticity of your product, a measure of how responsive customers are to price changes. Products with high elasticity mean that small price changes can significantly affect demand. Conversely, products with low elasticity indicate that customers are less sensitive to price changes. To use the GaborGranger method, create a survey that presents your product to a representative sample of your target market.