Innovation & Product Development
A global manufacturer of nutritional products for children was preparing to launch a new offering and wanted to identify and optimize key attributes to ensure a successful market entry. Specifically, the brand team wanted to:
- Maximize product design by determining the best packaging design and size while highlighting product claims such as benefits, nutrition, and endorsements.
- Appeal to target audiences by choosing the appropriate name and identifying which format – liquid or powder – was preferred.
- Establish the price point that would strike a balance between consumer affordability and profitability.
- Attract consumers in retail stores by deciding where the product should be strategically placed.
A comprehensive understanding of consumer preferences, pricing dynamics, and store placement provided them with the necessary guidance to make informed decisions to ensure the product’s market potential.”
To address these challenges, we conducted initial in-depth interviews with mothers having children aged 7-13 which then allowed us to develop a quantitative Adaptive Discrete Choice Exercise to answer key business questions about price configuration, packaging, and retail positioning.
Through the quantitative research approach, our advanced analytics team was involved in order to gather valuable insights to guide the client along their innovation journey, from product development to launch. The research process consisted of three main phases:
- Alignment: We built a knowledge base and ensured alignment among all stakeholders involved, establishing a clear understanding of the project objectives. During this phase, our advanced analytics team worked to clearly define what a successful outcome would look like to ensure that our approach would provide the insights that would allow the business to make critical decisions.
- Quantify & Validate: A nationally representative quantitative study was conducted. During the data analysis, we used our sophisticated simulation tool to identify the optimal product and pack configuration, the elements that influenced consumer preference the most, the optimal price point for maximizing revenue, and the expected store placement for the product.
- Finalize & Activate: Based on the analysis, we delivered strategic recommendations to the client. These included the optimal product configuration, store location, and pricing strategy, empowering them to make informed decisions for a successful market launch.
Research insights helped the brand team develop a clear understanding of the overall appeal of the optimal product and pack configuration. Clarity on which benefits and nutritional information to highlight helped them optimize packaging to appeal to target consumers. An ideal price point was established to maximize revenue while minimizing price resistance. Insights from open-ended questions gave the team additional information to appeal to specific target groups through optimal configurations.
By utilizing the insights derived from the research, our client was able to develop specific activation strategies to successfully launch their product. A comprehensive understanding of consumer preferences, pricing dynamics, and store placement provided them with the necessary guidance to make informed decisions to ensure the product’s market potential.
Want to learn more about using advanced analytics to optimize products and boost launch activation?