Willingness to pay

Dalibor Šumiga News

Recently we broadened our offer and added a new EEG protocol – willingness to pay.

This new protocol helps us find the answer to one of the biggest and the most important questions for every entrepreneur.

How much are customers willing to pay for the product before it hits the shelves?

What exactly is “Willingness to pay”?

It’s a method for measuring brain impulses (EEG) which shows how much customers appreciate a certain product and how much they are willing to pay for it (willingness to pay).

Why do we use it?

The findings can directly affect the profit, especially if the prices are tested before the product hits the market.

In contrast to the classical methods of researching the optimum cost of the product, e.g. a survey based on perceptual values of the participants, a neuro-scientific approach to determining the optimal price eliminates most cognitive bias such as:

Anchoring effect – the tendency of an individual to depend too heavily on an initial piece of information offered (the anchor) when making decisions.

Confirmation bias – the tendency to search for, interpret, favor and recall information in a way that affirms one’s prior beliefs or hypotheses.

Availability heuristic – the tendency to rely on immediate examples that come to a given person’s mind when evaluating a specific topic, concept, method or decision.

An example of the report made for the clients

The results show:

  • How users subconsciously react to the prices of the products
  • Where a certain price of the product stands compared to its competition
  • Whether the price is objectively high or low when we take into account the measurements of the subconscious human reactions
  • In what ways can the price be changed in order to make product sales more successful

 



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