Unlocking opportunities through consumer research
A number of key customers’ views on what consumers would pay were hampering the sales team’s ability to negotiate price increases
Research was carried out on the price perceptions of consumers and customers to clarify the reality of the situation. The customers were saying price was the only key issue.
The results of the research were used in pricing negotiations with key customers. The study found that 50% of consumers leaving the retail outlet did not know how much they had paid for the product. The main reason for product choice was actually the brand.
Brand is usually the most important purchase decision criterion, not price