New product optimization
Optimize your launch by defining the right product at the right price
What it does for you
Success in the market for new products or new product features strongly depends on the extent to which the new product fulfills the needs of consumers and the price consumers have to pay for it. Products consist of many elements (e.g. packdesign, size, flavours, price etc.) and each element should be optimized in such a way that it leads to the highest consumer preference.
Helping you answer questions like
- How should our portfolio be configured in terms of features and price when launching our product/service?
- What product concepts have the highest potential for entering a new market category and which features should these concepts include (pack design, name, size etc.)? How should they be priced?
- Which of my current brands is best capable to steal value from competitors in segment X (relaunch); what features should be changed and what price should it have?
- What is the consumers’ preference for our new product? Which features should it include, and what is the optimal price?
How it works
SKIM’s decision behavior platform builds on over 30 years of experience in practicing and advancing choice modeling techniques. We provide an adaptive approach to each project with the appropriate blend of methodologies to fit the project and market needs. Our approach is based on survey testing with the relevant customer base away from your store or website.
By changing multiple product features in “virtual shopping trips”, we identify the optimal product configuration (features) and price. SKIM uses conjoint methodologies to test new market scenarios in a survey environment providing all the required insights. Choice-based conjoint allows you to test different feature/price bundles as concrete products and test which product mix works best to maximize share and revenue.
Contact us today to request a proposal or discuss your pricing and portfolio challenges!