Evaluate the effects of pricing and in-store promotions on the perception of your brand.
Pricing and Promotions
Pricing and promotions are critical aspects of marketing that can significantly impact a brand’s sales and profitability. While promotions can drive short-term sales, they can also have a long-term effect on a brand’s health, particularly its brand equity. In-store promotions can be expensive and risky, and may not always attract the right target audience or generate the desired response. This is where implicit testing can be incredibly valuable.
Please see the end of this article for our short list of valuable research around the topic of pricing and promotions.
Implicit Testing
Implicit testing involves measuring consumers’ unconscious, automatic responses to stimuli such as pricing and promotional offers. By testing the subconscious reactions of consumers, implicit testing can reveal insights that may not be apparent through traditional market research methods. It can help identify the most effective promotional and pricing strategies for your products and services while minimising the risk to your brand. It can also help you establish an acceptable range in the price consumers are willing to pay for a product or service and identify pricing strategies that are likely to be most effective in different market segments or geographies.
At Split Second Research, we offer a range of research solutions that can help you optimise your pricing and promotions strategies while minimising the risk to your brand. Our implicit testing methodology can identify the specific offers and promotions that would generate more growth for your business without compromising brand loyalty.
The insights gained from our research can inform your promotional strategies and help you determine which promotions and offers to use for each of your products and services. By using our research, you can be more confident in your promotional decisions and ultimately drive more sales and build stronger brand loyalty.
Pricing and Promotions Market Research Case Study with Coca Cola
Our work with Coca-Cola Hellenic is a great example of how implicit testing can help drive business growth and build stronger brand loyalty. Using our methodology, we identified the most effective pricing and promotional strategies for their products, which they were able to tailor to better meet the needs and preferences of their customers in different markets. By partnering with Split Second Research, they were able to gain valuable insights into pricing and promotions that helped them achieve their business goals.
Use our technology, founded in consumer neuroscience, to understand the effectiveness of your pricing and promotions.
Contact us today to learn how we can help you optimise your pricing and promotions strategies.
Pricing and Promotions Research References:
The Future of Promotions in Retail – NMSBA Page 58 to 59 – https://nmsba.com/members/insights-archive/neuromarketing-yearbook-2020
The Impact of Sales Promotion on Brand Awareness and Brand Loyalty – https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4025758
The article provides practical insights and recommendations for managers to consider when setting prices in order to optimise both sales volume and consumer consumption.
https://hbr.org/2002/09/pricing-and-the-psychology-of-consumption
The Role of Price and Promotion in Creating Brand Equity – https://www.researchgate.net/publication/338173102_The_Role_of_Price_and_Promotion_in_Creating_Brand_Equity
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