How do you measure farmer willingness to pay for new crop tech?

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Working on a pricing study for a new soil sensor product. Not sure if standard surveys work well with this audience.

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Hannah Becker · Answer

Standard surveys tend to overstate WTP with farmers — they're notoriously skeptical of hypothetical questions. I'd recommend using a Becker-DeGroot-Marschak (BDM) auction mechanism or at minimum a Van Westendorp Price Sensitivity Meter, which feels more natural to respondents. Also, recruiting through co-ops or ag retailers gets you way better response quality than generic panels for this audience.

How do you measure farmer willingness to pay for new crop tech?

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