My DIY guide & tool for willingness-to-pay will help you get answers.
This 11-page guide gives you step-by-step instructions to prepare and run your own willingness-to-pay survey. Plus you get a fantastic and simple tool to help you understand the results.
As a result of running your own WTP survey you'll...
➣ Better understand how much customers are willing to pay;
➣ Know what your potential customers perceive as too high or too low of a price;
➣ See how effectively you’re communicating the value of what you deliver;
➣ Gain valuable customer insight that can be used in your price setting;
➣ Feel more confident in the prices you set, because they're based on concrete feedback.
Stop guessing what customer's think is a fair price. Find out for yourself.
Note: In the video I mention an instruction and guidebook. To make it easier for you this is now one document.
Small businesses who have a specific product or offer for which they want to investigate how much customers are willing to pay.
Of course you can. However customer's aren't great at assessing what they'll pay until they're actually parting with their money. In addition, the answers are usually biased. This method helps you to reduce the bias in the feedback you get from them.
It's your crystal ball in a sense. It will give you insight into what customer's might actually be willing to pay for what you offer. At the same time it will also help you to understand how strong your value communication and messaging are, and if the customers see the value in the same way as you do.
Great question. You can do the survey using one, the other or both. What's important if you send the survey to a mix of people (i.e. those who have worked with you, who are potential clients on your mailing list or who are potential clients who don't know you) you want to be able to separate out their answers. This way you can see what different groups think based on their familiarity with you.
Absolutely not! In fact you can run your survey using a free form/quiz tools and you'll get the WTP tool so that you can easily see the results.
It's just a fancy way of saying how much money someone will give in exchange for a particular product or service.
That depends on you and how quickly you can get your survey out there and get responses. If you have everything you need (see above) then you can send it out within a week if you want. If you need more time put things together than it'll take more time.
A WTP survey does give you valuable market insights. You'll to better understand your target customers, what's important and what they might be willing to pay. You'll need to take the results of your survey and factor the new information into your overall price setting thought process. It's a tool to use to support your price setting. No, you won't get your money back.
This is a DIY (do-it-yourself) guide and tool. You'll get instructions for both. If you want my one-to-one support book a Discovery Call.