The new solution democratizes access to pricing decision-making by putting the power of audience sentiment in the hands of all users, not just market research experts
Momentive , the maker of SurveyMonkey and GetFeedback, announced the launch of its new Price Optimization solution for SurveyMonkey. Using the popular Van Westendorp Price Sensitivity Meter, the new solution is a quick, easy, and reliable way for product managers, marketers, insights professionals, pricing managers, and other business professionals to determine the optimal price point of a product in hours, not weeks
In times of economic uncertainty, knowing what an audience is willing to pay for a product is critical to maximizing both profitability and customer satisfaction. With many companies focused on cost-cutting, investing in expensive, slow, third-party research agencies is often not a priority, yet many low-end survey tools lack the expert methodology and targeting capabilities required for this work. SurveyMonkey Price Optimization fills that gap as a robust, yet accessible, solution that features in-product guidance for both the survey creation and analysis stage and delivers real-time results.
“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”
Key features of the Price Optimization solution include:
- With built-in Van Westendorp methodology, the solution makes it easy for anyone to run price optimization research. In-product guidance and best practices allow any user to set up a methodologically sound survey. Analysis guidance helps users at any level of expertise identify a product’s optimal price points and acceptable price range based on target audience feedback.
- Users can deploy a survey in hours with self-service checkout, or enjoy the flexibility of working with experts to assist in launching. A global panel is built into the solution, which allows users to see responses in real time as they come in.
- Built-in data visualizations and custom questions allow users to quickly determine the optimal price point and range based on a target audience’s responses. Trusted, proprietary data through the SurveyMonkey Audience panel allows users to reach over 175 million people in over 130 countries, including B2B and niche audiences. The data is automatically cleaned and outlier responses are removed, leaving users with reliable, quality data.
- The solution is a cost-effective alternative to expensive and slow third-party agencies that deliver static results in weeks. It is also available with project-based pricing so users aren’t locked into a subscription to use the solution.
“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,” said Samuel Bakouch, senior vice president of product management at Momentive. “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.”
Customers like the AI career development platform Savviest, Inc. already benefit from the Price Optimization solution.
“We were hoping to find the ideal price point for our lowest B2C SaaS subscription tier,” said Devin Owen, CEO at Savviest, Inc. “We not only validated a range for pricing our subscription, but discovered new customer segments with higher willingness to pay.”
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