Momentive, creator of SurveyMonkey and GetFeedback, launched its new Price Optimization solution for SurveyMonkey to help provide in-product guidance for the survey creation and analysis stages and deliver real-time results.
The solution leverages the Van Westendorp Price Sensitivity Meter, which helps product managers, marketers, insights professionals, pricing managers and other business professionals determine the optimal price point of a product in hours.
Key features of the Price Optimization solution include:
- In-product guidance and best practices to set up a methodologically sound survey;
- Analysis guidance, which identifies a product’s optimal price points and acceptable price range based on target audience feedback;
- Deploying a survey in hours with self-service checkout and access to experts to assist with launching;
- A global panel that allows users to see responses in real time;
- Built-in data visualizations and custom questions, which enable users to quickly determine the optimal price point and range based on a target audience’s responses; and
- Proprietary data from the SurveyMonkey Audience panel that helps users reach more than 175 million people in over 130 countries.
“Determining how to price products is often what makes or breaks a company’s success, yet many small-to-medium companies struggle with this being a costly and difficult process,” said Samuel Bakouch, SVP of Product Management at Momentive, in a statement. “We recognize how critical this is to any business, which is why our Price Optimization solution is designed to be affordable, easy-to-use and fast. Our goal is to democratize decision-making, and this solution puts the insights that matter into the hands of product managers, product marketers, founders and more to set the price for new product launches, adjust the price of existing products and prioritize new features based on audience feedback.”