SMBs carefully consider price at all stages of the sales cycle, so optimizing pricing is essential to success with SMBs. Recent Bredin research into tech purchases reveals that more than 50% of SMBs cite cost as an important factor at the research stage, and 45% of SMBs using or planning to adopt a cloud product say cost savings are important.
Using market research to optimize your product or service pricing removes the guess work and can boost your sales and profits. Since any good research project starts with what you hope to achieve, choosing the best approach for SMB pricing research requires you to decide on key priorities, including:
- Whether you only want to test price, or if you are flexible on features and configurations of your product or service.
- If you must arrive at one optimal price point from your research, or if you are willing to uncover a range of acceptable prices for further testing.
- Whether you need to uncover purchase considerations and other pricing-related data, or if you just need to test pricing.
Here are the four major types of pricing research, and how they can deliver on your pricing research objectives:
Pricing is not static, of course, and you may choose to use more than one methodology over time to research and stay current in SMB pricing data. Bredin can help you determine which methodology is best for your pricing research, based on your objectives, target SMB and budget.
Learn more about your SMB target
Let Bredin’s experienced market research team design and execute a custom research project or place a few questions in Bredin’s monthly SMB Pulse to uncover actionable insights to improve your go-to-market and product strategies.