Unlocking the Power of Inclusivity
By: Greg Thomas, Senior Pricing Research Advisor
Pricing is a critical factor that businesses must consider when conducting consumer research on new products and services. The right pricing strategy can make all the difference in the success or failure of a new product or service. Consumer research can help businesses determine what price points their target consumers are willing to pay, and what factors influence their purchasing decisions.
Inclusivity is also crucial when it comes to new product pricing and consumer research. Without a fully inclusive consumer sampling approach, businesses may miss out on critical insights and perspectives from diverse groups of consumers. This can lead to skewed data and misinformed pricing strategies, which can ultimately harm the business.
Additionally, inclusivity in consumer research can help businesses create a more ethical and socially responsible brand. For example, if a business intentionally or unintentionally implements a pricing strategy that unfairly discriminates against certain groups, it can lead to negative publicity and damage to the brand’s reputation.
An easily observable example of this was recently revealed in a CBC News article (“Shoppers Drug Mart eliminates ‘pink tax’ on menstrual pain medication”, March 24, 2023). They discovered several near-identical gender-defined products; razors, deodorants, shampoos and even bikes, have a higher retail price for the female version of the product. Another easily observable example of biased pricing can be found in apparel where ‘plus sized’ pricing is a common practice. However, other potentially biased pricing strategies that impact more underrepresented or marginalized consumers, such as people with disabilities, people of colour, LGBTQ+, are likely not as easily observable.
Making consumer research inclusive requires intentional effort and a commitment to diversity. By taking steps to reach a diverse range of participants and analyze data by social-demographics, businesses can gain a deeper understanding of their target market and create new products and services that better meet the needs of all consumers.
Inclusivity is critical to the success of consumer research and the development of new product pricing strategies. By ensuring that all voices and perspectives are heard and taken into account, businesses can make more informed decisions that lead to greater success and a stronger brand reputation.
Ready to take your pricing strategy to the next level with inclusive consumer research? Contact our research team today to learn more about our services and how we can help your business succeed.
