Our client, a chemical company, wanted to gain a deeper understanding of their customers’ willingness to pay for several alternative ingredients compared with traditional elements. The data should inform product development and pricing of sustainable products.
The GLG Approach
The project was led by the GLG Survey team, who conducted a quantitative survey with n=30 respondents within one of the company’s core sectors in the United States and Europe. Job roles included purchase decision makers in R&D, product development, technical sales, and Ingredient/raw material procurement.
To determine the willingness to pay for traditional and alternative products, we used GLG’s Price CheX, developed specifically for small samples.
The Price CheX simulator was able to test various what-if pricing scenarios and to determine the perceived price premium for their alternative products. The simulator could also reveal customers’ switching behaviour in the hypothetical case that certain products are no longer available.
Sample of 30 product-buying decision makers in the US and Europe.
Based on GLG’s pricing methodology, we developed a survey questionnaire with the client team and collected data from the customer sample. Results were presented to key stakeholders a week after the survey was closed.
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