Optimize Price
- Monadic evaluation
- Base sizes
- Default: n=300
- Minimum: n=200
- Maximum: n=600 (feasibility dependent)
- Retailer Visit [optional - FMCG only]
- Brand Engagement Category Time [time period selected at configuration]
- Concept introduction
- Concept Page 1: Image Only
- Concept Page 2: Description
- Purchase Likelihood (FMCG) / Order Likelihood (QSR)
- Distinctiveness
- Advantage
- Pricing Module - [Price Perception or Reasonable Price]
- Attributes [optional]
- Audience
- Custom Audience or Zappi Audience selected (list of available Zappi Audiences can be found on the platform)
- Category
- Stimuli, stimuli names, and descriptions
- Test 1-5 stimuli; JPG/PNG (max 800 PX high by 1366 PX wide)
- Descriptions are asked for in an image format as well
- Time frame for category
- This will be used to ask people about what products they have purchased and where they have shopped for your category.
- Options include 1 week, 2 weeks, 3 weeks, 1 month, 2 months, 3 months, 6 months, 12 months
- Extended Brands
- Brands of your own that you would consider an extension to the one being considered
- Retailer List [optional - FMCG only]
- Include up to 15 retailers
- Attributes [optional]
- Between 2-20, but 8-12 is recommended
- Price Perceptions
- Standard price with size eg. "$3.49 for 7.75oz (standard size bag)"
- Reasonable Price
- No input required
- Custom questions [optional]: At an additional cost per question. Requires provide translations for non-English markets. Questions can take the following forms:
- Grid
- Scale
- Open end
- Multiple choice
- Single choice
- More than I typically pay for a similar item
- About the same as I typically pay for a similar item
- Less than I typically pay for a similar item
- A lot more than what I expected
- A little bit more than what I expected
- About what I expected
- A little less than what I expected
- A lot less than what I expected
Optimize Price provides guidance for pricing strategies and tactics to maximize sales and profit potential. Our pricing solution is fast, efficient and flexible. It offers three different pricing research methodologies to suit a different range of use cases - you can chose the methodology that's right for your use case during configuration. It is currently a fit for use by consumer goods and quick service restaurants industries. Releases in 2024 will look to expand into more industries, such as Tech, Telco & Finance.
Use Case 1: Price Discovery
If you would like to explore pricing options for your product without already having a specific price in mind, select one of the following modules at configuration:
Reasonable Price: this method is recommended when there is not yet a firm view on the price and so the objective is to explore different price options.
Jump to the Configuration Checklist
Use Case 2: Price Confirmation
If you already have a specific price in mind that you want to test, optimize and validate in the context of a stimulus, select:
Price Perceptions: this method is recommended when you have a price in mind already and want to confirm how 'acceptable' it is; to see if it will attract and retain consumer interest.
Jump to the Configuration Checklist
Methodology outline
Questionnaire structure
Configuration checklist
Reasonable Price (specifics)
The Reasonable Price methodology is recommended when there is not yet a firm view on the price and so the objective is to explore different price options.
| Key measures | Description |
| Reasonable price | What price do consumers consider reasonable given the product information provided? |
| Maximum price willing to pay |
What is the maximum price they’d be willing to pay? (referred to as "Maximum Willing to Pay" or MWP) |
| Bargain price | At what price is the product depicted considered a bargain? |
The survey takes respondents through the following questions in order to identify the price range they’re willing to pay (reasonable, bargain and maximum price), and whether they're willing to pay more for this product than for other competitive products:
Reasonable Price:
If this product were available where you typically purchase [category], what do you think is a reasonable price to pay for it?
A reasonable price is… (Respondent enters price)
Price Comparison
Is this price more than, about the same as, or less than the price you typically pay for a similar item?
A reasonable price is…
Maximum Price
What is the maximum price you would be willing to pay for [concept name]?
The maximum price that I would be willing to pay is… (Respondent enters price)
Bargain Price
At what price would you consider [concept name] to be a bargain, a great value for the money?
The price at which I would consider this a bargain is… (Respondent enters price)
Price Perceptions (specifics)
The Price Perceptions methodology is recommended when you have a price in mind already and want to confirm how 'acceptable' it is; to see if it will attract and retain consumer interest.
| Key measures | Description |
| Pricing perception vs. expectation | Understanding of how the price point fits with respondent expectations |
| Price impact on purchase volume | Understanding of how the price point impacts respondents’ intent to purchase |
The survey takes respondents through the following questions in order to identify whether the price is in line with consumer expectations and what is it's impact on purchase:
Pricing Perception vs. Expectation
Thinking about what you would see as a reasonable price for [concept name], how does the price below fit with what you would expect to pay?
[$X.YZ]
This price for [concept name] is…
Pricing Impact on Purchase Likelihood
What impact does the price below have on your intention to purchase [concept name]?
[$X.YZ]
Far more likely to buy it
Slightly more likely to buy it
Just as likely to buy
Slightly less likely to buy it
Far less likely to buy it