Chocoversum – The Chocolate Museum in Hamburg
As the name suggests, everything in this museum revolves around chocolate. Visitors not only learn fascinating facts about the production process and the cocoa bean, but they also get to taste different chocolates and even create their own chocolate bar.
To set its admission prices, the popular Chocoversum initially aligned with pricing in Hamburg’s event scene and other museums. However, the museum wanted to determine the actual price visitors were willing to pay for the 90-minute chocolate-themed tour, which includes tastings. Additionally, they wanted to explore whether a price increase would be feasible.
By using NeuroPricing™ from Neurensics, Chocoversum was able to identify both the optimal revenue-maximizing price and the “comfortable price” that visitors were happy to pay.
Chocoversum’s Research Questions
- What is the optimal price for an adult ticket to Chocoversum?
- Is a price increase for the adult ticket possible?
How Was This Researched?
The study was conducted using NeuroPricing™ Online, a method designed to determine the subconscious feel-good price—the price visitors are truly willing to pay for a product or service. The results of this study would determine whether an increase in ticket prices was feasible. For Chocoversum, it was crucial to identify the optimal perceived value and willingness to pay of both current and potential visitors.
At the time of the study, the original adult ticket price for Chocoversum was €21 per person.
NeuroPricing™ Online
NeuroPricing™ Online is based on reaction time measurement, which captures the brain’s ultra-fast responses and reflects the perceived value of a product.
In this study, we tested participants' reaction times to different price points using NeuroPricing™ Online. This tool presents respondents with various price levels, ranging from extremely low to very high, in a randomized order. Participants then classify each price as "cheap" or "expensive", while their reaction times are recorded.
By analyzing these automatic, fast, and intuitive responses, we can pinpoint the true price visitors are willing to pay. The principle is simple: The longer the reaction time, the closer the price is to the "Sweet Spot"—the feel-good price. With this feel-good price, we can also estimate expected revenue and profit curves to determine the optimal ticket price—which is neither necessarily the highest nor the lowest price, but the one that maximizes revenue while maintaining visitor satisfaction.
Results
The results show three different curves:
- Value Perception Distribution curve
This curve illustrates how visitors perceive the average value of the product (in this case, the Chocoversum ticket) and the price they are, on average, willing to pay.
- Demand curve
The demand curve shows price elasticity: How many people would decide not to buy the ticket if the price increases?
- Revenue curve
This curve illustrates the expected revenue at different price points: the expected demand multiplied by the price. If we know the variable costs, we can also model the profit curve—representing the expected profit.
Value Perception Distribution
Figure 1 illustrates the perceived value of the product: the "feel-good price." It shows that the feel-good price is between €24 and €25, which is €3 to €4 higher than the current ticket price of €21 (orange point).
Figure 1: The value perception curve shows the participants' feel-good price.
Demand
Figure 2 illustrates the demand curve. The graph shows that the adult ticket is currently not perceived as too expensive by the target group of (potential) visitors.
Figure 2: The demand curve shows the projected demand at different price points.
Revenue
The optimal revenue curve (Figure 3) for the ticket was also determined. The curve indicates that maximum revenue is achieved at a ticket price of €20–€21. However, the results suggest that a price increase is still feasible, depending on costs.
Figure 3: The revenue curve shows the expected revenue (price × demand) at different price points.
One year later...
Chocoversum has since increased its ticket prices to €25, following the recommendations of the study. Stephanie Schaub, CEO of Chocoversum, shared the following feedback:
"After the NeuroPricing™ study, we adjusted our pricing structure. There was no negative feedback. On the contrary, more guests visited than before, and revenue per guest increased by 23%."
Additionally, total revenue grew by 32%.
Conclusion
The case of Chocoversum highlights the importance of implicitly testing prices in advance to determine the actual amount visitors are willing to pay. Without conducting a NeuroPricing™ study, Chocoversum could have missed out on valuable revenue. The study results provided confidence that a price increase was not only possible but also beneficial.
The key takeaway: Implicitly test your prices to capture the fast, automatic reactions of your customers and optimize your pricing strategy.
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