Fine tune your offering
Product & Service Optimisation
In today's hyper competitive market even the smallest element could make a crucial difference. 80-95% of new product launches fail. Updates and rebrands are dangerous. Is this because they were bad ideas? Not always. Many failures are down to poor market and consumer understanding, or weak execution. Details matter. In an era of user reviews, comparison tools, and personalisation the smallest element could make a crucial difference. Research is a key component in improving your product/service. By tapping into commercial and social data, you can better model the impact your changes will have on the bottom line and predict the reception from customers.
Our Product & Service Optimisation suite uses advanced analytic tools to understand launch success factors and drive sustained growth.
Optimising your product means making difficult decisions and setting priorities. It’s not simple, and a shift in one feature can affect the success of another. That’s why our highly skilled team of analysts apply complex models to optimisation challenges - using cutting-edge conjoint analysis, MaxDiff, basket analysis and price optimisation tools to build winning products.
Feature
Whether you’re launching a new product or optimising an existing one, we will recommend the best approach. We test product features such as pack, colour, size or price to reveal precisely which features consumers want and how much they are willing to pay.
Our choice models consider the full commercial picture, including which product has the greatest potential to drive volume and value, and which competitor brands are most vulnerable.
Bundle & Package
Consumers have never had greater product choice. Bundled packages, optional features and add-ons and product menus allow consumers to configure the perfect product. The challenge for marketers is knowing which add-ons to offer, how to price them, and which bundles will drive the strongest growth.
The answer lies in the complex interplay between each element. Our analytics reveal whether features are complementary or substitutes, whether diverse preference warrants a “build your own” approach, or whether there’s an optimum bundle which prevents choice paralysis – all in the context of increasing revenue and profit.
Range
Most product decisions have a wider portfolio dimension to them. Which products should be offered, and how should they be priced? Which ones will drive customer acquisition? Which will cannibalise each other? What is the best range to maximise revenue or profit?
The key is to understand your portfolio strategy goals – whether your aim is to drive volume, revenue or profit, or minimise churn. We tailor our modelling to construct the optimum range to achieve these commercial objectives, and deliver it in an intuitive market simulator.
Price & Promotion
A 1% price increase typically delivers a 10% increase in profit. Setting the wrong price is at best a missed opportunity, at worst an expensive mistake. Marketing optimisation requires a thorough understanding of what price buyers are willing to pay, whether price thresholds exist, and whether buyers respond to promotions.
The multi-faceted nature of pricing makes conjoint analysis ideal for modelling the optimal price. It exposes the link between price and promotions, and lends itself to the marginal impact of small price changes, which often determine the elusive profit growth that brands seek.
Claims & Messaging
Even the most attractively constructed product with an eye-catching price can be undermined by poor communication. In a world where an estimated 90% of advertising goes unnoticed, your brand communication must be distinctive, relevant, and give people a compelling reason to buy your product or service.
We take an analytically-driven approach to determine which messaging resonates most with your target audience, whether it fits with your brand’s image and, ultimately, whether the communication will drive trial or repeat purchase to support a successful launch.
