Pricing Tutorial - Creating a Template

Creating a Pricing Template

Pricing analysis allows you to use your own data directly or to use a preformatted template. Because the Pricing model requires a specific data format, users with their own data should to review the preformatted template to learn about the appropriate structure.

The Templates feature can be found on the Enginius Dashboard in the left column.

After selecting the Price Optimization template from the dropdown, you will be presented with the following dialog box to set up the template according to your data needs:

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The options are as follows:

• Number of options on likelihood of purchase: The number of options provided for the likelihood of purchase. For instance, the scale used in the survey may contain 5 options, labelled: “will never buy”, “will probably not buy”, “may or may not buy”, “will probably buy”, and “will definitely buy”.
• Number of tested pricing levels: The number of pricing levels being evaluated in the study. A respondent will be asked as many questions as there are specified pricing levels. To allow for accurate model interpolation, there should be at the very least 3 or 4 pricing levels, but it is usually safer to go with more.
• Number of respondents: The number of respondents in the study.  This will populate blank rows for respondent data.

Note: the check box at the bottom of the dialog box will cause the template to be populate with sample (random) data that will allow you to run the Pricing model immediately so you can preview the output produced. 

After selecting the desired model options, click Run to generate the data collection template, as shown below: 

• The screen capture below shows the Price Optimization data from the Officestar example file on Enginius. In the case below, the first respondent answered that he “5 = will definitely buy” the product at a price of $5, $10 or $15; “4 = will likely buy” at a price of $20, etc.

Once the template is generated, you have three options to enter your own data:

1. Type the data directly into the online template.
2. Copy and paste the data from Excel into the correct data blocks of the online template.
3. Download the template to Excel, fill out the data in Excel, and then re-upload the data to the Enginius.