Trying to find the right price point for your new product or package?
Traditional research studies do a poor job of evaluating alternate prices. Consumers respond differently to pricing in an artificial research setting than they do in a real store when they’re spending their own money.
The only way to truly evaluate price is on shelf in the context of a normal shopping trip.
GameChanger’s Retail Lab™ is the one research test that allows you to accurately assess different price points. The Retail Lab is an in-store test using real stores and tightly controlled conditions – so we can accurately measure small differences in price. Consumers do not know they are part of a research study. All purchases are made as part of their normal shopping routine.
Do small price changes make a difference? In some cases – YES. In others – NO. Every product is different. From a business standpoint, it is extremely valuable to know how your new product performs under different prices, because price can have a huge impact on your overall sales revenue and your profit. In some of our tests, we have seen as much as a 30% revenue swing from a $.10-.20 difference in price.
GameChanger Retail Lab tests are superior to other types of store testing and yield more conclusive results because we tightly manage the in-store conditions with a dedicated market associate managing each test. Our store management practices reduce random error in store level data by over 50% – providing a much cleaner evaluation of different conditions.
GameChanger tests are also turn-key. We handle all of the retailer approvals and set up, so your sales people do not need to get involved. This is especially valuable in pricing tests, which can be sensitive with retailers.
GameChanger has 14 pre-set partner retailers who have agreed to participate in our testing program. These retailers include Giant-Eagle, Meijer, Lowes Foods, Sprouts, Costco and others – so you have a wide range of testing options across geographies and channels. We can also set up a multi-chain test.
Full Retail Lab tests start at just $65K (all inclusive) and can be set up in just 6 weeks. For a faster, lower cost evaluation, we also offer Weekend Lab tests starting at $35K with a 4-week set-up.
Or call us at 510-521-7985.
