Due to cost increases, an online retailer was confronted with the decision to increase prices. The retailer expected an increase in service cancellation once the price was increased, so its primary question was: At what price increase point would customer retention be least impacted? Relevant Insights was hired to help answer this question.
Relevant Insights launched an online survey sent to a sample of current customers grouped in 27 different segments based on subscription plans and test price points. The data was collected in record time (1 week) as the deadline was dictated by the date of an upcoming meeting with the board of directors.
The results from this study were used by the finance department to run different sales forecast scenarios and weigh the impact on revenues and profits of different price points. Based on this data, the company was able to make an informed decision about the level of price increase the company could afford.
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