Challenge
A prestigious brand embarked on crafting a compelling business rationale for a fresh, innovative take on luxury timepieces. This cutting-edge technology promised to revolutionize the luxury watch sector, but required thorough market research to gauge its potential. The brand engaged Cognitive Market Research to conduct a study aimed at:
- Formulating a comprehensive go-to-market strategy
- Evaluating market size and interest
- Defining optimal product messaging
- Assessing the most and least desirable product features
- Determining the ideal pricing strategy for the product's market entry
Solutions
Cognitive Market Research administered an online survey aimed at gauging market potential and determining optimal pricing strategies. The study encompassed:
- Utilizing MaxDiff analysis to identify the most compelling attributes influencing consumer purchase decisions for the new luxury technology.
- Employing the Van Westendorp Price Sensitivity Meter to pinpoint the optimal price range for the product.
Results
Cognitive Market Research spearheaded the development and implementation of a go-to-market approach for a luxury brand seeking entry into the market. The outcomes illustrate significant interest in wearable luxury technology, notably among affluent Americans. Consequently, the findings unveiled market opportunities, identified the target demographic, garnered feedback on product concepts, and determined the optimal pricing bracket for the luxury technology.
Despite the niche nature of the target demographic, they provided a diverse array of suggestions and feedback during the concept testing phase of the survey. These insights are invaluable to the brand as they directly tap into unique perspectives, including potential customers’ opinions, attitudes, and preferences regarding product pricing.
