An innovative virtual reality technology company, was preparing to launch a new consumer VR product. With a fast-growing but competitive market, they needed to establish an optimal pricing strategy that would attract both early adopters and mainstream consumers while maintaining profitability. The company lacked the market data to benchmark their pricing against consumer expectations and competitor offerings, and needed reliable insights to make informed pricing decisions.
Thrive Analytics provided the client with access to the Virtual Reality Monitor™, a syndicated report offering deep insights into VR industry trends, consumer purchasing behavior, and competitive pricing analysis. We conducted a detailed review of the data, focusing on price sensitivity, key product features influencing buying decisions, and competitive pricing within the VR space. Through conjoint analysis and segmentation from the report, we helped the client identify a price range that balanced profitability with market expectations, aligning with the value consumers placed on specific VR features like resolution, field of view, and portability.
Using insights from the Virtual Reality Monitor™, the client set a price point that positioned them competitively within the market, aligning with both consumer expectations and competitor pricing trends. The product launch was a success, with sales exceeding expectations, validating the pricing strategy. Additionally, the data-driven approach boosted the client's confidence in future product development and pricing decisions, with plans to continue leveraging the Virtual Reality Monitor™ as a critical part of their market strategy.
