With the growth of wearable fitness trackers and smart technology for wellness, it has never been easier to stay on top of your health. In fact, there are so many wellness tools at your disposal, that keeping track of it all might even be overwhelming. That’s why Good For All Brands wanted to make wellness more manageable by introducing its new Smart Scale. When a user steps on the Smart Scale, it displays their weight, body mass index, and body fat percentage, then syncs the info with a personalized app that combines other wellness data like nutrition and fitness tracking.
The team is excited for the launch; but in a category that is growing and innovating by the day, they were unsure if their expected price point would meet consumer expectations as well. In order to figure out what a potential customer might be willing to pay, they conducted a Pricing EvaluatorTM – Van Westendorp study to gauge their perceptions and determine a fair price.
Leveraging the Van Westerndorp method to determine a price range for an emerging category, Good For All Brands wanted to gather consumer insights on price points of interest. Respondents were then asked four open-ended questions about their perceptions of the product’s value, and identified specific elements of the stimulus—a detailed product description—that speak to them either positively or negatively.
- Expected price point: $100
The acceptable price range was a bit lower than the brand expected
The overall price range was determined to be between $51 and $89.50: in other words, the price point below which the product would be perceived as low quality was $51, while the point above which consumers wouldn’t consider buying was $89.50. But the price point considered by most respondents to be the most appealing yet fair was $56.50: should Good For All price their Smart Scale accordingly, it would have the largest reach at this price.
The team identified which qualities to emphasize to increase overall product appeal
The Good For All Brand learned a lot about what factors impact value perceptions among consumers. Those who already use fitness apps said that the price would be too expensive to consider at $99.50, meaning they were willing to pay higher prices than the overall audience. And most respondents would consider paying more for the Smart Scale if a free trial or guarantee/warranty offer were included.
Perhaps most important to product marketing efforts was the learning that Wi-Fi enabled auto-sync with the app and the variety of metrics synced are the most valued aspects of the Smart Scale across respondents. This feature resonates even higher with the fitness app users, lending further understanding of appeal among this crucial target audience. The team also learned which aspects of the product and app were turning consumers off, and will be able to tackle those iterations in the refinement stage of development.
Thanks to this quick quantitative research, the Good For All team has a much more definitive grasp of what their product is worth among various segments of their audience, as well as what factors contribute to those value perceptions. Download the full report below to learn more about:
- How the different segments of respondents priced the Smart Scale
- Which product features respondents valued most and least
- What aspects of the product and app still need improvement
- Overall purchase intent of respondents and recommendations for increasing appeal