At what price should I sell my products or services? Often, the answer to this question is not clear, and an inquiry of the market is required to validate hypotheses and triangulate the best decision.
Unfortunately, it is also not a straightforward process. Gathering the information necessary to determine the optimal price for a medical device, clinical diagnostic, new innovation in oral care, biotechnology or other product category requires knowledge of how the systems within which these products operate, the individuals who make up their audiences, and the competitive offerings that are in competition with your product or service. Whether these competitors are products or services like yours, or alternative ways of doing things, they all have an impact on the price you can successfully set for your product or service.
Several Methodologies to Choose From, Depending on Your Unique Needs
As has been the case when considering other research methodologies, the optimal method for any particular situation is based on the products under consideration, the desired insights to be gleaned from the study, the stage of development the product is in at the time of the study, and the additional needs for the research.
At Actionable Research, a majority of projects requiring a price range to be determined that are coupled with a product configuration that can be varied in discrete ways make use of an adaptive choice-based conjoint analysis (ACBC) methodology. This offers significant flexibility for the study designers, it employs solid statistical methods for the evaluation of data
Our Price Elasticity and Adoption Modeling methodology has been widely applied for various projects:
Medical Dental and Biotechnology Projects
Information Technology and CPS Projects have included:
All projects of this nature can be delivered in their local markets in the US, EU, APAC and Latin America, as well as in several emerging economies in the Middle East and Africa.
To learn more about these services, or our research recommendations for your specific needs, contact us.