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Neuromarketing Pricing Research
Research into the optimal price level of your product
Unlike traditional price acceptance methods, neuro price research provides a simpler - and therefore also more practical - end result. Per price level, you gain insights into the degree of price acceptance as measured in the customer's brain. Nothing more and nothing less.
This price acceptance curve is strongly linked to actual behavior. So you will know exactly in what direction and magnitude demand increases or decreases at a different price level.
In many neuro pricing studies, we combine EEG research with a more traditional method such as Van Westendorp, conjoint analysis and/or willingness to pay.
Interestingly, we see a clear trend in the difference between neuro pricing research on the one hand and traditional methods on the other.
One obvious law that we see again and again is that both research forms predict roughly in the same direction, but the optimal price level from neuro tends to be somewhat higher compared to traditional advice. In other words, classical research makes many products too cheap.
This is not surprising. Consciously asking about price acceptance makes the respondent more price-conscious by definition - and thus more critical - than an intuitive measurement in the brain. Thus, EEG provides a more accurate picture of actual price acceptance in store.
To arrive at solid acceptance data per price level, the data is extensively decontaminated and then analyzed in combination with machine learning algorithms to put the data into acceptance metrics. The result of this complex analysis is surprisingly simple: a clear price-acceptance graph in which you can see the brain acceptance per price level.
It is indeed possible to include the context of the product in neuro pricing research. For example, what is the optimal price point for a candy bar in the supermarket and what is the optimal price point for that candy bar in a gas station? Here, the respondent sees the product and price point in varying settings.