In todays increasingly complex world, this excellent article outlines well that that the pie of...
Research for product development
Combining qual and quant to target and price effectively
Situation: Our client had developed a ground-breaking product in the health and beauty category and needed to identify key target groups, determine product positioning, and predict the size of the potential audience.
Tactics: To meet this research objective, we needed to use a hybrid of qualitative and quantitative techniques. First, potential target groups were identified and participants were given an in-home product assignment to test the product and identify design challenges. Once the homework was complete, those people participated in focus groups to allow the client to gain a better understanding of the product’s strengths and weaknesses, particularly in terms of guiding product positioning.
With those factors clearly identified, a quantitative questionnaire was crafted to test a select set of positioning options and to discover ideal pricing, the most attractive target, and the potential size of opportunity.
Impact: The client gained a better understand of how consumers perceived and used their product, and was able to create a communications plan grounded in data for the key target groups they had identified. This research was essential for finding capital investment and building the executive team.