CONSUMER INSIGHT & pricing strategy
Services
Targeting / persona development
Getting products to your consumers is about finding the right people at the right place at the right time. We use research tools such as cluster analysis and advanced consumer theory to find out exactly who will love your product, the best place to reach them, and when they are most likely to buy. You can’t hit your target until you know what it is!
Surveys / Conjoint Analysis
Surveys allow you to sample a large number of people quickly and provide you with quantified data. We develop a variety of marketing surveys and administer them to fully randomized and customized sample groups of consumers. We analyze the resulting data and distill key insights for your business. Within these surveys, we can use conjoint analysis to enhance your pricing strategy. In addition to pricing strategies, conjoint analysis gives you insight into what product attributes consumers value most (product color, product services, etc.), which attribute types are most preferred (e.g. red is most preferred color), and the analysis even allows you to discover differences across key consumer segments.
Focus groups/ Pricing Comparison
There is no better way to give voice to your consumer than through focus groups or one-on-one interviews. This qualitative research method is excellent for discovering new consumer and/or product insights, and also frequently yields insights and ideas previously unknown to marketing managers. We find a focus group panel, develop a moderator guide to ensure efficacy, execute/moderate the panel, and extract key themes and relevant consumer insights. Another way to better understand where you’re positioned and what your pricing is communicating to consumers we conduct a comprehensive examination of pricing across your industry landscape.Whatever it is, the way you tell your story online can make all the difference.
Eye Tracking Study/ Product Testing
We use state-of-the-art eye-tracking technology to test consumer attention to branding and messaging. It is also a highly effective method for testing different product packaging options when launching a new product or updating current packaging. We also perform live product tests with consumers to observe the various ways in which people interact (and sometimes just as importantly, don’t interact) with your product and document key insights for your business.
Want help understanding your consumer?
“What a great and rewarding experience to work with the BYU Marketing Lab. We work with the world’s largest retailers and I can tell you how impressed our customers continue to be with the quality and scope of work that comes from BYU. It has been one of the best investments our company has made in the last 10 years.”
Segmentation & Persona Development: Sample Deliverable
Good segmentation is an important step toward successful marketing. The example below shows example personas for a product related to parenting, each persona’s share of the market, different demographic data.
Customer or Shopper Journey, Sample Deliverable
In this example deliverable, we see the shopper’s trigger to begin seeking information, and what action is taken. Then we see the consideration set, and the purchasing decisions.
