Our Xpert Solution: Monadic Price Test provides you with an easy-to-use template to quickly conduct research tests, pre-built and fully programmed with logic and optimal question types.
Xpert Monadic Price
Monadic Price Test is one of the most common methods used in pricing research. Multiple prices are tested, where respondents are exposed to a single option, and a price demand curve is produced to identify the optimal price point to maximize profits or revenue. The analysis includes a probability chart that allows for interpolation of untested prices, price curves showing optimal prices to maximize revenue or maximize profit, and an option to include purchase frequency in the calculations.
In addition the price test, this Xpert Solution includes optional elements to further explore motivating factors that might influence the perceptions of the product and, in turn, the price.
Building Your Xpert Solution
From your aytm Account Dashboard, click on the Monadic Price Test edit icon (pencil) to open a new Input Page.
This will take you to the Input page of the Xpert Solution Monadic Price Test template:
Simply follow the prompts on the Input page and your Xpert Solution will populate as you fill in the information. To help you get started, you will need the following information:
- What are you evaluating (product, service, etc.)?
- What is the category of your concepts?
- What is the conversion event? (purchase, subscribed, etc.)
- Exposure per price point
- Screening Question - Survey only decision-makers/influences or not
- Estimate incidence rate (IR) – if your survey is not gen pop and includes screening questions you will want to select the estimate IR from the drop-down box.
- Concept Image and (optional) description
- Price Points to test (between 4 and 10 price points) – four place holders populate by default on the Input page, but you can customize and add up to 6 more.
ADDITIONAL METRICS (Optional):
(same as Van Konan)
- Should purchase frequency be used in the revenue calculation?
- Do you want to measure frequency of purchase more precisely?
- Do you want to be able to identify the profit-maximizing price point?
- Unit cost and quantity for various levels
- Cost changes with 1 unit increment?
OPTIONAL COMPONENTS (Optional):
- Measure additional attributes
- Specify polarity attributes to test (like unique/ordinary, believe/not believable using polarity scale) - Three populate on the Input page, but you can customize and add 7 more to test a total of ten polarity attributes.
- Test additional attributes before or after price test
As you fill in all the information above, the Xpert Solution will build your survey based on our automated template. To see exactly how your Xpert Solution will be presented to respondents, click on the Quick Preview at the top left of the Input page to test your survey.
If you would like to see an example of the final results, click the Demo Survey Report at the top right to see an example Xpert Report.
Customize and Launch Your Monadic Price Study
Once you have entered all the information the Xpert Solution needs to build your Price Test, you have a few options prior to launching your survey.
Use aytm’s Quick Previous to see how your survey will be presented to respondents and how the elements you entered on the Input page populate in the template.
Edit your targeting criteria
Click the Target Market button if you need to add demographic targeting or aytm House Tags.
Review & edit your survey
You can access the Survey Editor page to make customizations to your Xpert Solution, add custom pre-qualification questions, or fine-tine text.
Note: making structural changes to the locked questions will convert your survey out of the Xpert template. You will be able to launch as a survey but will lose the automated Xpert Report functionality.
Read to launch! Confident that everything is ready to go? Click on the Checkout button and launch your survey.
Automatic Xpert Report in PowerPoint
Xpert Studies PowerPoint exports include the executive summary with objectives, methodology, and critical findings on the introductory page.
Some best practices to consider
- Include test prices that are outside the expected range.
- Make sure the price differences are equally spaced to maximize the accuracy of interpolating untested prices.
- When included additional attributes, it is better to ask the price test questions first for low engagement items (like commodities) followed by the optional questions. When testing high engagement items, asking the optional questions first can allow for more necessary reflection before the price test questions.