There is a web app (like an app – but runs in the browser) that product marketers can use to run a price study for their product. The app is wowoodu and it’s users are playfully feeding a price database.
How can you use wowoodu for your pricing?
- Pre-Awareness: test you product’s attractiveness before you put it on the broad market and get a feeling for the consumer’s price point for it.
- Evangelist-Effect: if your product hits a nerve with the consumer, you may build a group of early adopters and with social media sharing they may even reach evangelist status.
- Pre-Sales: while testing your product’s price with wowoodu, you can link to your e-commerce page and start selling.
- Viral Sales: the playful character of wowoodu leads to social media sharing, thus creating viral potential for your product.
- Price Correction: You will see that your pricing is either too high or to cheap. Actually, more than 50% of products could be priced a little higher. The effect of a consumer, gauging a price too high, with the actual price lower but not the cheapest either, is priceless!
- Advertising/Promotion: wowoodu offers retailers to publish discount coupons and advertising features.