Give your new product development the best opportunity by focusing on the early ideas with the most potential and opportunity in market . Our screening process will help prioritize which ideas your organization focuses on to deliver innovation and growth to your business.
Determine consumer preference for your new product idea prior to the introduction into market. Understand what's working and what may not be working providing your organization with the ability to optimize product concepts prior to market launch.
Product names are the first line of branding for your company. Choosing an intuitive and recognizable name that aligns with your branding strategy is critical for a new products performance in market.
Understanding the types of product consumers are likely to buy and what consumers value the most (and least) about a product is critical to any organizations success. Conjoint analysis will allow your organization to uncover consumers' preferences and use that information to help select product features, optimal price points and forecast in market success of new products or services.
Discrete choice models are used to predict a choice from a set of two or more distinct and mutually exclusive alternatives. These models center around a framework of rational choice which assumes that when confronted with a discrete set of options, people choose the option most beneficial to their situation. For organizations, this methodology can provide a range of useful insights including category and line architecture and pricing strategy.
MaxDiff analysis is an analytic approach used to gauge survey respondents preference score for different items. Message testing, customer satisfaction, brand preference, product features and name testing are ways in which MaxDiff can be beneficial to organizations. MaxDiff question involves the ‘Best’ and ‘Worst’ where survey participants are asked to pick the most and least important factors in given scenario.
Market Segmentation is a critical part of a strong marketing strategy for companies in competitive market landscapes.
Effective communication is the best way to differentiate your business and knowing your target audience is essential to an organizations communication strategy. Market segmentation offers an opportunity to pinpoint exactly what messaging will drive your customers to make an action.
Typically, segmentations are classified into 4 key areas:
1. Demographic
2. Psychographic
3. Geographic
4. Behavioral
Creating a customizable segmentation solution for your organization gets you one step closer to achieving the intimate personal connections with your consumer base required in today's fast pace and highly competitive environment.
Overall similarity perceptual maps are helpful to understand how consumers think about the products and services within your category. Consumers connect and associate competing brands in the market place to define the market landscape. Competitive strategies, white space opportunities and new product launch potential can all be evaluated in the context of similarity perceptual maps.
These maps can further be used to define the landscape by overlaying product attributes and consumer market segments to better understand why consumers make certain brand and product associations as well details about those consumers.
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