Willingness To Pay (WTP) Survey → if you have experience working on one…
- Major takeaways / learnings on what to do / not do?
- What survey tool did you use?
- After you finished, is there anything you would do differently?
- Does anyone have an actual example of a WTP survey they are willing to share? We are in Reforge and it’s been incredible but still looking for a concrete example to review for inspiration to see positioning, length, format, etc.
First, I will preface my comments by saying I don’t think WtP surveys are very good proxies for actual WtP for a lot of reasons. (Hypotheticals yield bad answers, people try to game WtP surveys, and most surveys don’t give you any nuance).
I have done them, though, under duress. I used type form, which worked as far as structure goes. The results were not anything I felt confident about and really didn’t offer real insight (for the reasons I expressed). In terms of construction, I basically used the format proposed in Monetizing Innovation.
I also recently (within the last few months) completed a very (VERY) in-depth WtP survey run by Airtable, which I think they built in qualtrics. I mostly did it out of my own curiosity regarding the survey construction- it was incredibly long and I have a hard time imagining that many people went all the way through it. As well, I noticed that, while it was comprehensive, my impulse was to answer in ways that reflected what would lead to a “deal” for me rather than what I value enough to pay for. I would not want to be the person who had to analyse this data!
As an alternative, I think it’s better to approach WtP by doing qualitative research to understand a) what customers value; and b) what differences there are in customer segments and then design pricing based on good gating and fencing of different tiers, as well as metering when you can. But if you HAVE to run WtP surveys, look out for these kinds of issues in the data you collect.
Just click “optimize product pricing”
Very helpful critique, really appreciate the thoughtful response. Going to look into Sprig. We currently have an ENT license with SurveyMonkey but I’ve never been in love with it tbh.
Check out prolific.co in case you need help finding participants
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