If you want to know if your current pricing is competitive or not, a pricing survey will help you find out. It provides the information you need to understand how and when you should cut prices. You can also use this information as a tool to compare yourself with other companies in your industry. This offers your product an edge over competitors because you’re using accurate data than relying solely on gut instinct.
Pricing surveys: How they work
A pricing survey asks potential buyers to give their thoughts on your product or service and provides them with the opportunity to offer honest feedback. The questions are designed to elicit your customers’ opinions regarding their perception of your company’s products or services. Business owners often conduct these surveys because they want to learn about customer satisfaction levels, loyalty, and market trends when it comes to pricing. These types of studies allow you to determine what price points are most profitable for your business.
Pricing surveys can aid you with your customer segmentation as well. For example, if a certain demographic group is more likely to purchase from you than another group, then you might want to target that particular group in your marketing campaigns. You could also use this information to find out which customers are more loyal to your brand — and therefore worth a higher price tag.
Tips on writing pricing survey questions
Now that you know why you should conduct a pricing survey, let’s get down to the nitty-gritty of creating effective pricing survey questions. There are several ways to write create pricing survey questions, and here are some tips you need to keep in mind when writing them.
1. Be specific
Asking broad questions such as “What do you think about our pricing?” or “Do you feel our pricing is too high?” doesn’t tell you anything useful. These questions have very broad answers and don’t indicate whether there was any kind of consensus among respondents.
If you want to see where your customers stand about your pricing, you should be specific. Ask questions such as “How would you rate our pricing? Would you say we’re expensive, affordable, or just right?” These questions provide more detailed responses that can help you better understand your customers’ opinions.
2. Keep your question length short
Surveys that include long questionnaires tend to discourage customers from completing them. Most people who are answering their survey may feel like they’re wasting their time. Also, longer questionnaires require more effort to read and answer, making them harder to complete. So, consider keeping your questionnaire short and concise. This way, customers don’t rush through their responses and your data collection process becomes more accurate.
3. Use simple language
People usually prefer simple language when responding to surveys. Try to avoid complex vocabulary and technical terms whenever possible. Remember that not everyone who’s answering the survey is well-versed in the jargon used by your industry. It’s always best to use plain English when conducting a survey so that all respondents understand what you’re asking.
4. Don’t ask two questions simultaneously
When creating pricing survey questions, take note that you should only ask one question at a time. If you try to ask two different questions simultaneously, the results will likely be skewed. People generally won’t answer both questions correctly, even though they might agree with each other.
For example, if your first question asks how much money you spend on your car, and then you ask how many miles you drive per year, most people will probably answer the second question without taking into account the first one. This will affect the results because you’ll end up getting inaccurate information.
5. Categorize your questions
Placing your pricing survey questions in different categories makes it easier for people to answer them. They don’t have to think about every single question while they’re filling out the survey. Instead, they can focus on one category at a time. Questions that are grouped together make it easy for people to find the answers they need.
6. Balance out your answer options
Writing survey questions also means providing the appropriate number of answer options. You should write questions that allow people to select multiple choices when answering. However, you should keep an eye on the balance between the number of positive and negative response options. Only having positive options, only having negative options, or having a limited number of options could lead to skewed results.
Pricing surveys are a powerful tool when it comes to understanding your customer base. By using these six tips when writing pricing survey questions, you can increase the accuracy of your research. Conducting a good pricing survey can help you gain valuable insights about your customers. With this knowledge, you can improve your business strategy. And, ultimately, you’ll be able to price your products and services accordingly.