The situation
Our client was introducing a new product. To maximize launch success and return on investment, they wanted to assess and test the acceptance of the new product and establish appropriate pricing.
Our approach
- More than 300 face-to-face interviews were conducted with growers
- Current application practices and preferences were studied
- The techniques included:
- Price Sensitivity Meter (PSM) for price evaluation
- CBR (consumer-brand relationship) for measuring strength of the brand in the market
Business outcomes for the client
- Our client gained a better understanding of the likely acceptance of the new product
- Our client was able to finalize their pricing strategies
- The brand relationship assessment helped our client identify the type of relationship brands have with customers so they could leverage the strengths of their brand in the new product launch