In a world of evolving technology, competition, and changing consumer preferences, retailers and brands must put their customers at the center of decision-making. By understanding buyer preferences and willingness to pay, companies can create winning products with attractive attributes before new products are developed.
Situation
A leading water bottle and drinkware brand was interested in launching a new product with cutting-edge technology. They wanted to understand how different lid technology and messaging resonated with their target audience and how it impacted their willingness to pay.
Action
The wholesaler's product teams partnered with First Insight to create and deploy digital product experience tests.
Using First Insight's price optimization tools and voice of customer software, they were able to segment feedback to assess how different demographics rated new features.
Outcome
The wholesaler identified a market opportunity for stainless steel water bottles priced at $29.99. The survey questions revealed that the designs resonated best with those under the age of 45.
The demand was similar whether the product was described as “electroplated” or “powder-coated,” so the wholesaler moved forward with the less expensive powder-coated material which allowed them to lower production costs by 15%.
Learn more about InsightSUITE.
