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Use Neuro Price Testing to measure the brain activity that occurs in response to your pricing strategies.
We as humans have a very strange relationship with money, it causes us to behave in a very irrational & illogical manner.
Using traditional surveys will shed very little light as asking people questions about things like Willingness-to-Pay, Price Acceptance or even their Purchase Intentions force the consumer to be rational, which is not a true reflection of their mindset at the point of purchase.
We as humans process prices subconsciously, which means that the traditional measures can fail precisely identify the true impact of prices.
Neuroscience provides a remarkably precise measure of which price aligns most accurately with a product or service to help you respond to questions you may have about launching your product/service or even changing your current pricing strategies.
We combine our Neuro Price Testing methods with some of the more mainstream approaches and this can often produce varying results, as one method is based on someone’s automatic response within their brain, and the other is based on what people would like to say about themselves
Asking someone questions about price, makes them price-conscious by default which will naturally inhibit results.
Therefor by using EEG, we are in a position to measure someone’s automatic response to the price, ultimately identifying the objectively optimal price point, which is more closely aligned to how people behave.
Our brains are constantly processing information around us, interpreting this and making judgements to produce better outcomes. Our brains love predictable outcomes that fit with our expectations or predictions – Does this information I’m processing right now fit? Or is something wrong here? This judgement occurs instantaneously, with no conscious thought.
400 milliseconds after information is processed visually, our brain makes a determination of whether what has been seen is in-line with expectations. This is called the N400 (also labelled an ERP – Event-Related-Potential)
The N400 can be quantified in response to different price points, to measure the appropriateness of a given price point. The varying
Neuro Price Testing uses this N400 response across a spectrum of points, so that we can map the levels of consumer acceptance towards different price points.
Neuro Price Testing provides a more practical conclusion for clients. At each price point, you can clearly see the degree of price acceptance as measured in the customer’s brain.
Here you can find some of the questions we are asked about Neuro Price Testing on a regular basis.
If you have questions you cannot find here, or elsewhere on our website, please contact us by clicking on the button below.
A price test is a way for a business to determine the optimal price for a product or service by experimenting with different prices and measuring the resulting sales or demand.
The goal of a price test is to find the price point that maximises revenue or profit for the business.
A Neuromarketing price test is a way to use brain imaging techniques, such as fMRI, to measure the neural activity of consumers as they evaluate different prices for a product or service. This can provide insight into how consumers perceive different prices and what factors influence their purchasing decisions.
Our brains are constantly processing information around us, interpreting this and making judgements to produce better outcomes. Our brains love predictable outcomes that fit with our expectations or predictions – Does this information I’m processing right now fit? Or is something wrong here? This judgement occurs instantaneously, with no conscious thought.
400 milliseconds after information is processed visually, our brain makes a determination of whether what has been seen is in-line with expectations. This is called the N400 (also labelled an ERP – Event-Related-Potential)
The N400 can be quantified in response to different price points, to measure the appropriateness of a given price point. The varying
Neuro Price Testing uses this N400 response across a spectrum of points, so that we can map the levels of consumer acceptance towards different price points.
Price testing studies can typically be turned around inside 7 working days.
It is important to note, that there is a dependency on the number of variables included within the study. This can impact turnaround times.
Yes, we can tailor the testing experience to account for the context in which the product is sold, by having the respondent experience the product and price point in the scenarios in scope.
For example, what is the optimal price for a can of Coca Cola in a national retailer vs. the local store or fuel station?
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