Van Westendorp's Price Sensitivity Meter

So I'll give you four fantastic questions that really can work in an interview setting, a chat with a customer, or in survey work as well.

So it's lifted from what's called the Van Westendorp price sensitivity meter, but it-- so very, uh, well-established questions, but they're fantastic at unpicking value and price.

So at what price would you consider this a bargain, like really good value for money? At what price would you consider this getting expensive, but you'd still consider it? At what price is it too expensive that you wouldn't consider it? And at what price would you consider it so cheap you'd question the quality? And so what surfaces from those can be absolutely fascinating.

So for some, you might find that the range is quite tight from the same person answering the questions, or as you look across a group of customers or prospects, the range is quite tight, which probably gives you quite a clear direction on your room to play with price.

Like, can you give me your first impressions?" So you're looking for comprehension.

Do they understand the choices? Do they understand the language you're using? How would you describe that to a friend? So you're really forcing them to show to you how they've understood it and how they would describe it in their own voice.

And then you can probe for, "Well, which would be most appropriate for you? Like what questions would you have? What's missing here?" And then you can move into those four Van Westendorp questions I mentioned.

So start, start honing in on the willingness to pay for their preferred choice that you've laid out.