Why Skipping Qualitative Research in Pricing Studies Doesn’t Work: A Better Way to Understand Consumer Preferences

For years now, we’ve been hearing that quantitative pricing studies—whether through surveys, conjoint analysis, or similar methods—are the best, maybe even the only way to figure out the right price for your product. I just talked to someone  making the same case, selling the same pitch. And since everyone seems to be saying it, it must be true. Right?

Uhh… no.

I think most of this advice is coming from a place of good intentions. But it’s easy advice. And not only does one specific method or strategy not work for everyone, relying only on quantitative research definitely isn’t the best option out there for pricing studies.

Also, how do you know that the “experts” advocating these methods are getting great results from solely using these strategies? You might end up feeling frustrated or like a failure because the numbers just don’t seem to add up. But here’s the thing—you’re not the problem!

I know this because back when I was conducting pricing studies for clients, I tried the quantitative-only route, and I just didn’t get great results. In fact, I found that without additional qualitative research, my pricing studies missed critical insights, like consumer preferences for features or their decision-making patterns.

I also didn’t feel like I was providing real value to my clients by just throwing numbers at them without context. And believe me, your business can tell when the insights lack depth.

Always remember, your customers choose to buy your product or service because it aligns with their needs and values. Don’t make the mistake of skipping the important step of understanding what really drives their decisions.

What’s Not So Great About Skipping Qualitative Research

Here’s the thing. Relying only on quantitative methods for pricing studies isn’t a good idea because:

1. You’ll miss out on valuable insights about customer preferences.

Pricing isn’t just about what customers are willing to pay—it’s also about why they’re willing to pay that amount. Qualitative research helps you uncover the reasons behind customer preferences for certain pricing models or features.

2. It doesn’t provide context for decision-making.

Quantitative data can give you a number, but qualitative data gives you the story behind that number. Without context, you may end up with prices that technically work but don’t fully align with what your target market values.

3. You risk missing out on marketing opportunities.

Qualitative research can reveal important decision-making heuristics, such as how customers react to pricing based on social proof or loss aversion. Skipping this step means you’ll miss out on valuable messaging and positioning strategies for your pricing.

Want proof?

• For instance, QRCA View’s Exploration of Pricing in Qualitative Research highlights how qualitative methods, such as in-depth interviews or focus groups, can be adapted to pricing studies. These methods help businesses explore consumers’ willingness to pay and their perception of value, especially for complex products. Additionally, qualitative insights reveal consumer preferences for features and payment models, which are often missed in purely quantitative approaches

• Another example from Business Matters emphasizes the need for qualitative data to decode consumer motivations. This article explains how qualitative research provides a deep understanding of the why behind consumer decisions—such as emotional drivers and preferences—which is crucial for shaping product offerings, pricing strategies, and marketing messages

So, what can you do to create a pricing strategy that truly resonates with your audience? Fortunately, there’s a better way. Instead of relying solely on quantitative data, try integrating qualitative research into your pricing process.

Wouldn’t you rather spend your time gaining deep insights that make your pricing feel more aligned with your audience? Well, now you can. And it doesn’t have to be confusing or overwhelming.

A Better Way to Understand Consumer Preferences

Here’s what I did to help my clients get more accurate and actionable pricing insights instead of relying solely on the numbers:

Step #1: Get Super Clear About What You Want to Learn

I focused not only on the pricing but also on understanding the consumer’s broader preferences—including what features they value, how they prefer to pay (subscription vs. one-time payment), and how frequently they’re willing to pay.

• Why this matters: You can’t offer a pricing model that appeals to your customers if you don’t know what they prioritize. You also need to understand their decision-making heuristics, such as loss aversion or social proof, to position your pricing in the most appealing way.

• What you’ll miss without it: Without this step, you may price a product in a way that technically works but fails to resonate with your audience on a deeper level.

Step #2: Conduct Qualitative Research Alongside Quantitative Studies

I made sure to include qualitative interviews or focus groups as part of my pricing studies. These discussions provided insights into the “why” behind consumer preferences and allowed me to ask questions that went beyond just pricing—such as preferences for features and how they would like the product positioned.

• Example: In one project, qualitative interviews revealed that customers preferred flexible payment models over a fixed one-time price, which led to the successful introduction of subscription pricing that boosted customer retention.

• Why this matters: Understanding the “why” can help you structure not just the price but the entire product offering and messaging around what matters most to your customers.

Step #3: Position Pricing Using Heuristics

I didn’t stop once I had the price. I used decision-making heuristics like loss aversion (e.g., “if you don’t buy this now, you’ll miss out”) and social proof (e.g., “your competitors have already bought into this”) to frame the price in ways that appeal to my clients’ target audience.

• Why this matters: It’s not enough to know the price—you have to sell the price in a way that resonates with how customers think and make decisions.

Next Steps

Incorporating qualitative research into your pricing strategy is a game-changer. It allows you to understand not just the numbers but also the human behaviors and preferences behind those numbers.

Current wisdom suggests pricing is all about finding the right number, but it’s so much more than that. The good news is, you can craft a pricing strategy that feels authentic and data-driven, but also emotionally resonant with your audience.

If you want more help here, check out my free guide on how to combine qualitative and quantitative research for better pricing studies. Click here for more details on how to get started today!

Questions? Comments? Drop them below. I can’t wait to hear what you think!