6 ways to use crowdsourcing for your pricing policy

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.
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How can you use wowoodu for your pricing?

  1. 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.
  2. 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.
  3. Pre-Sales: while testing your product’s price with wowoodu, you can link to your e-commerce page and start selling.
  4. Viral Sales: the playful character of wowoodu leads to social media sharing, thus creating viral potential for your product.
  5. 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!
  6. Advertising/Promotion: wowoodu offers retailers to publish discount coupons and advertising features.
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