How To Choose The Right Price (Van Westendorp Pricing Model Tutorial)

There are many different ways to price a product or service in business. Working out what price to charge is difficult. But using the Van Westendorp Price Sensitivity Meter can help you work out what price is right for your product to maximise sales and profit. By using the Van Westendorp price sensitivity meter market research approach you can quickly work out your optimal price point. This tutorial shows you how to!
00:00 - Why pricing is important
00:16 - Three pricing mistakes
00:50 - The Van Westendorp Pricing Model
01:22 - The Van Westendorp Questions
01:52 - Finding your Optimal Price Point
02:44 - How to ask the Van Westendorp Questions
The Van Westendorp Questions:
At what price would it be so low that you start to question this product's or service's quality?
At what price do you think this product or service is starting to be a bargain?
At what price does this product or service begin to seem expensive?
At what price is this product or service too expensive?

[@tombyrd69]

Really helpful refresher on Van Westendorp. Thank you

[@undatable5838]

Glad to hear Tom. Thanks for letting me know!

[@vrindaavhad2048]

Thank you! This was very helpful.

[@undatable5838]

Glad you liked it Vrinda!

[@propelinnovations]

Would you leave it as an open-ended or multiple choice of prices?

[@siddharthsriram3067]

Hi wheres the link for how the graph is plotted, its not in the description.

[@undatable5838]

Here you go: kzbin.info/www/bejne/d3-9fItvhJWLj6s