Our Free Price Testing Survey Template

Your marketing strategy will thank us: here’s a free pricing testing survey template to understand your target audiences’ or potential customers’ pricing preferences and their sensitivity to your proposed new pricing structure.

Screenshot of editing a price testing survey question Get started with this template

Screenshot of editing a price testing survey question

What are price testing surveys?

Price testing surveys can help your business evaluate how willing people are to pay for a product or service.

Price testing surveys help you decide on the optimal price to go to market with when developing a new feature or new product. Through a survey like this one, you’ll get a sense of your target audience’s appetite for your product depending on the price point.

Typically, much of the work of developing new products or features is about coming up with the ‘big idea’. We get it – that’s usually the fun bit. But the truth is, there’s little point in creating a new product or service if people don’t actually buy it. That’s where smart pricing comes in: pricing tests are a big part of new product development or innovation practices, and while they might not be as celebrated as the ideation phase, they’re a vital part of your go-to-market.

Picture this: you’ve done the initial concept tests with the right demographics or target audience segments, you’ve validated a need in the market, and you’ve developed a marketing strategy to bring it to market. How can you make sure it’s going to sell?

Why Should I Run Price Testing Surveys?

Landing on the ideal price for your product can be the difference between failure and success. It’s a challenge that companies of all sizes face.

Imagine this: if you price your product too high, you might lose market share to competitors. But if you price your product too low, you’re leaving money on the table…and you might end up giving your audience the sense that you’re a ‘cheap’ brand!

There’s the added complexity of the wrong price point adversely affecting consumer perceptions of your brand and harming profit margins. This could impact your business’ ability to invest sufficiently in this category or product the future.

So, choosing the ideal price point is something that you have to get just right. And this means that simply running a customer satisfaction survey or an open-ended market research survey isn’t going to be enough to select the optimal price.

That’s why we have put together a survey template that’s grounded in economist Peter van Westendorp’s Price Sensitivity Meter. Van Westendorp pricing strategy is grounded in the assumption that consumers associate price with utility or value.

Because of this, participants in this type of pricing exercise are asked to identify price points at which they can infer a particular value to the product or service. This is a method that, at its core, makes a whole lot of sense to us, because simply asking consumers what they think a certain product or service should cost won’t be enough.

The Price Sensitivity Meter works by asking four questions to determine the limits of this price range or price point. The four questions include:

At what price would you consider the product to be so expensive that you would not consider buying it? (Pricing strategy takeaway: which price is too expensive)

At what price would you consider the product to be priced so low that you would feel the quality couldn’t be very good? (Pricing strategy takeaway: which price is too cheap)

At what price would you consider the product starting to get expensive, so that it is not out of the question, but you would have to give some thought to buying it? (Pricing strategy takeaway: which price is expensive or slightly too high)

At what price would you consider the product to be a bargain—a great buy for the money? (Pricing strategy takeaway: which price is too cheap but good value)

Get started with this template

How do I get started?

Luckily, you don’t need to be an economist to run smart, actionable pricing tests.

To use the Price Testing Survey Template – which is grounded in the van Westerdorp theory of Price Sensitivity Meter – just sign up to Attest. Or, if you’re already a customer, sign in to the Attest Dashboard and get going. You’ll be able to choose the template when you begin creating a survey. We’ve got several other survey templates available to choose from, so keep your eyes pealed for those too!

Once you have the results of the survey, you can do an initial explore in our interactive results dashboard. When you’re ready, you can export the results into a CSV and import the results into an excel spreadsheet or google sheet.

A top tip here: you’ll want to use excel or google sheet because you’ll need to visualise the results on a line graph with the number of responses on the Y axis and the prices on the X axis. By plotting all the results on this graph you’ll be able to see the intersection of these lines to see where the optimal price ranges are.  

Screenshot of the Attest platform survey list
Get started with this template

What is Attest?

Attest is an always-on, end-to-end survey platform where you can draft bespoke surveys, target audiences and surface actionable insights, all in one place and in real-time. The functionality is truly end-to-end, with question types like Net Promoter Score (NPS), open text, and grid, you can test a new idea, track brand awareness, and uncover consumer trends with one platform.

With our Pro plan you can access our audience of 100 million consumers across 46 markets, with our Growth plan you can reach consumers in the UK and US and with our Starter plan you can still make use of our powerful survey builder and analysis platform, while sending surveys to your own contacts.

With our Pro or Growth plans, customers use us for concept testing surveys and a ton of new product development.

With our Starter plan, access the platform for free to set up customer feedback or employee experience surveys to get a feel for what you can do.