Entering a new market is never easy. Even if you’ve established respectable brand equity and a loyal customer base with your current product, marketing to an unfamiliar target audience and meeting a fresh set of needs and desires present a challenge to any company. An understanding of your new audience is essential, but so is an awareness of your soon-to-be competitors. So when a premium baby gear brand was looking to introduce a new stroller concept, they wanted to ensure they had the updated market intelligence and relevant consumer insights to develop the right product at the right price point for the right audience.
In order to do so, the brand’s global product marketing team leveraged our Competitive CheckpointTM solution. This quick quantitative research allowed them to see how new and expectant mothers perceive their concepts as compared to strollers already in retailers, all before the team even entered product development. By benchmarking their stroller concepts against a set of in-market competitors, the team was able to prioritize their concepts based on how they might realistically perform, relative to the competition.
The results of the study not only helped the team determine what improvements to focus on, but also revealed which specific features and designs would help to meet customer expectations for the suggested price point. The team now better understands the value standards and brand equity needed to enter a new market and was able to confidently show retailers how well their strollers would do against brands that stores are already selling.
To learn more about the crucial insights into design, uniqueness, and believability that helped this team prioritize concepts for optimal market performance, download the full case study below.