Distribute your pricing survey through any chosen online channel
Why Your Business Needs a Pricing Survey
Everything comes back to money. Whether you’re on the business end of a company or you’re a consumer selecting a product or service, the financials are at the core of what helps you make decisions.
Not only does pricing impact whether or not customers are happy at the end of the day, but it also remains one of the most detrimental factors in whether or not they become customers at all.
The reasons come down to a variety of influences and a pricing survey can help you understand how they impact you and your business.
Here’s everything you need to know about pricing surveys and why you need one!
Reason #1: Budget
Budgeting is something that may be impacting your business and you don’t even know it. Companies and individuals will set a budget for what they’re willing to pay.
Even if they absolutely love your branding or feel that your messaging and values are close to what they expect from a business like yours, budgeting will become an issue if your product or services lie outside of the one that they set.
In fact, it won’t even get considered because the individuals who research your product (especially in the B2B sector) aren’t the ones who are going to make the final call on which product or service is used.
It’s amazing how many customers are responding to our surveys. For every dollar we spend on a Survicate subscription, we generate about $25 in additional revenue.
— Michael / Head of Marketing at Looka
Therefore, since there is a disconnect between those doing research and those making the decision, price is likely to be one of the most evident factors considered throughout the entire process. It’s comparable amongst all the products and services and is an easy way to cut costs when it comes down to it.
Reason #2: Value
Companies who are looking critically at a variety of different options will have the value for the price paid in mind. How much are you charging for a product or service with the same features compared to your competition?
Do you charge the exact same? What makes you or your competition stand out? What features are better? Is there a subscription plan that makes the pricing friendlier or eliminates the hassle?
These are all ways to look at the value which customers keep in mind when comparing company to company.
How to structure the pricing survey questionnaires
If you’re struggling to understand how your company’s pricing is regarded by consumers in terms of their budget and value for the price paid, a pricing survey can help!
What to ask
1. Are our prices set at a comfortable level?
2. Would you be willing to pay more for our services?
3. Would an increase in prices cause you to look elsewhere for the same product/services?
4. Do they feel that our product or service is costly?
5. Do they feel like you could benefit from subscription-based pricing (if you don’t already offer it)?
6. What would our product or service need to include in it for it to be worth the money you pay?
Why this format works
This pricing survey works wonders because it allows you to really get to the bottom of why your pricing is or isn’t working for you. This lets you know where your customers stand in terms of loyalty and whether or not they’d stick with you through a price change or jump ship if it impacted their wallet.
For example, asking if your customers believe your products or services to be costly or if they would look at one of your competitors if you raised your prices can help you see how they currently value what you offer.
You can even ask for a rough estimate of how much you should be charging for your product given its category and competing brands. At the end of the day, a pricing survey is one of the best ways that you can understand the specifics for what you can change pricing wise or why change isn’t the best idea.
The final step
When you have all of your information gathered, the last step should be to analyze your results for the insights that you’ve gained. This will allow you to establish a pricing strategy that suits your specific financial goals as a company.
It should integrate the feedback that you gain from your customers so that it feels friendly to them as individuals who purchase from you regularly. A pricing survey is a perfect way to gather key information that can make or break your business.