Predicting the highest price customers would be willing to pay for any product. Suitable for launching brand new products on the market, for luxury products, or product re-branding.
WHO IS IT FOR?
- Clients launching new products with a desire to reach a broad customer base and find out the best price for their product (to maximize sales)
- Particularly suitable for any client in any industry launching higher-quality products for which they wish to strike a balance between price and quality
- Challenge: figure out what is the highest price people would pay to trade-off higher costs for quality
- Creating an interactive BASON survey on social media to find out general information on consumer behaviour and their predictions for the optimal price
- Building the user network to eliminate groupthink bias and generate our prediction of the optimal price with an aim to maximize client sales