After launching a new consumer electronics product that achieved lower than expected sales, the company looked to regroup and understand how it could modify the existing product to attract more buyers. In addition to creating a new and improved second version of the original product, the company wanted to explore and identify other potential use cases for a product in this category that could merit the development of other similar products. Also, the company needed to understand how to more effectively market, position and communicate the new product(s) to avoid the poor performance seen in the launching of the original product.
To effectively measure consumer perceptions and attitudes across the company’s international customer base, Cicero developed a robust online survey instrument that was administered across countries in North America, South America, Europe and Asia. The survey tool included a Choice-Based Conjoint (CBC) section to simulate real world purchasing behavior for respondents. In addition to the CBC exercise, respondents were asked a variety of questions surrounding their overall interest in the product, potential uses for the product as well as which communication and marketing channels would be preferred for finding out about the product.
Using the data collected from the online survey, Cicero was able to build a dynamic simulator to forecast how modified product concepts could perform in the market and identify the optimal product configuration. Additionally, Cicero was able to segment the target market to identify which consumers are most likely to purchase and how the company can effectively market to these potential buyers. Because of this research the company was able to develop a second version of the original product, plan for future investment in developing similar products for other use cases, and create a marketing plan that caters to the consumers that are most likely to buy the products.