How Yoco optimised product pricing with targeted SME market research

Objective

To provide valuable insights into the market's perception of Yoco's products: Yoco Khumo Print, Yoco Khumo, and Yoco Neo Touch through a comprehensive survey targeting SMEs.

Background

Yoco aimed to understand how the market perceives their products, particularly in terms of price sensitivity and product features. They sought detailed insights from a targeted SME audience, ensuring a high confidence level and meaningful data for strategic decision-making.

What Yoco Wanted to Find Out

Yoco sought to:

• Understand the price sensitivity of their products using the Van Westendorp Price Sensitivity Meter.
• Gather insights on market perceptions regarding product features.
• Ensure a high confidence level in the data by targeting a specific SME audience with detailed segmentation based on card acceptance, location, formality, and business revenue.

Methodology

Yazi used its platform to craft and distribute a detailed survey to a targeted SME audience, ensuring high participation rates and meaningful data collection. The methodology included:

• Survey Design: Crafting a Van Westendorp Price Sensitivity Meter survey, with screening and identifier questions.
• Distribution and Engagement: Sharing the digital survey via WhatsApp to reach a minimum of 200 respondents matching Yoco's criteria.
• Sample Assessment: Reviewing results at 50 respondents and adapting the survey as needed.
• Incentive Management: Tracking incentives and managing communication.
• Data Reporting: Delivering the data in a structured format with a two-page analysis summary.

Results

The survey provided Yoco with detailed insights into the market's perception of its products, including price sensitivity and product features. The data was delivered in a structured spreadsheet format, accompanied by a comparative analysis for each product surveyed.

Tim has supported us with WhatsApp-driven surveys to merchants, for a lot of our pricing work so far.

Summary

Yazi's efficient and cost-effective platform enabled Yoco to gather detailed and nuanced insights from a targeted SME audience. By leveraging WhatsApp for high engagement and real-time adaptation, Yazi provided Yoco with high-quality data necessary for strategic decision-making, ensuring a successful research project and ongoing collaboration.

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