Market Research Case Study
Background and Objective
The client is a well established consulting and training company with a strong customer base of corporate customers. They were looking to launch a subscription product for self-development, targeted to employed individuals.
The market survey was necessary in order to ensure that the new product gains acceptance among the target audience. The research was designed to assess the current behavior and attitudes of the target audience towards self-development. It was also meant to assess their response to the new product concept, and willingness to adopt it. The price point that they would be ready to pay for the product was also to be identified through this research.
A dipstick market survey was designed, conducted and analyzed, and helped us to gain a deeper understanding of the target customers and probe the above points.
We designed, conducted and analysed a dipstick market survey among a group of the defined demographic, and in the same geography as the launch plan. This involved the following:
- Design of the market survey questionnaire, in order to gain insights about buying behavior, attitudes and response to new product concept.
- A mix of close-ended and open-ended questions were used.
- The questionnaire was administered in person or on the telephone.
- Once the responses had been collected, a quantitative and qualitative analysis was done to capture the data and insights.
- The findings were presented through appropriate visualization tools and shared with the client.
- Recommendations were presented to the client.
- The survey helped us to understand the underlying needs and compelling factors that drive the users’ actions.
- We understood the media consumption and current product usage.
- We captured their response to the new product concept, as well as their likes and dislikes of specific product features.
- We understood the price band that they would most willingly pay for this new product.
- Based on the above, we recommended the following to the customer:
- The positioning of the new product.
- Fine-tuned target market (which was different from what had been originally conceptualized).
The client could plan the new product launch with a sound understanding of user insights and strategy based on market research.