The Price Optimization (Van Westendorp) solution helps you figure out the right pricing strategy for your product or service by measuring how much your target market is willing to pay. This is especially useful when bringing a new product to market, pivoting or repositioning an established product, or changing up product features.
This solution uses the Van Westendorp methodology—a series of four standard questions, helping you collect data on price perceptions in an unbiased way so you can identify an optimal price point, as well as an acceptable price range for your product or service. Plus, you can add additional custom questions to your survey, to gather other important information from your target audience, all at once. In your analysis, you can segment your data by your custom survey questions or targeting options to better understand various audience’s willingness to pay.
To set up your study:
To add survey components:
You can add additional custom questions to your survey to gather other important information from your target audience. Feel free to use the Question Bank for pre-written questions, implement logic, and brand your survey.
Click Preview from the top right corner to test your survey in a new window and see what it will look like to respondents. You can even share the preview with others to gather feedback.
Once your survey looks good to you, click Next: Collect responses.
When you’re ready to send your survey, select the Collect icon from the left-side menu.
There are two ways to collect responses:
You can create multiple collectors for your study.
Create a web link that you can send your way. To share a survey link:
SurveyMonkey Audience panelists have been sorted based on hundreds of targeting options so you can target your respondents based on country, demographics, employment status, hobbies, religion, and more.
To choose your target audience:
To checkout your study:
Once you submit payment, we'll start gathering responses for your survey right away.
In the Analyze section, there's an Overview, Key findings, and Survey results page.
The price sensitivity meter is a chart with the results of the Van Westendorp questions arranged together in four curves. There are four main price points that stand out: the point of marginal cheapness, the point of marginal expensiveness, the range of acceptable pricing, and the indifference price point. These plotted data points let you visually depict notable price points for your product or service, along with an acceptable price range based on the responses. Learn more about how to use the price sensitivity meter.
Filtering allows you to show responses that match your filter criteria and hide the rest. Filters help you to identify differences between segments of your audience based on your custom questions, targeting criteria, or metadata.
To export your data:
The export appears at the bottom of your browser window or is available from your computer's Downloads folder.