Testing Prices For A New Product with Swayable

6 images of the same hair clip with different prices, ranging from $55 - $75.

Challenge

A fashion company was planning to launch a new line of hair accessories. However, they were not sure how to price the product. Too expensive, and the product might turn off would-be shoppers. Too cheap, and the product may not convey the brands' associations of luxury and quality.

Solution

Swayable tested prices from $45 and $75 for product consideration and purchase intent.

Results

Interestingly, the $75 price drove the strongest intent, signaling that audiences might see the higher price as a signal of luxury. In fact, audiences even had a negative reaction to the prices below $55!

A Swayable dashboard showing Product Consideration & Purchase Intent for 4 price categories ($45, $55, $65, $75).

The client was also able to determine which audiences to target. Younger audiences (under 35s) showed significantly higher interest than their older counterparts:

A Swayable dashboard showing Product Consideration for 2 price categories ($55 and $75) among different age segments.

Insights

Companies can use Swayable to test out different prices before launching widely.

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