Using a random sampling acquired from a feeder market population, six clusters were identified along with their respective unique psychographic characteristics. Strategies leveraging the most promising clusters were proposed along with actionable steps. This study required the inclusion of specific questions within an existing survey, and allowed the survey responses to be parsed out by clusters, maximizing the client resources.
What is the trade off between price and attributes?
Changing price of an existing product or service, or setting price for a new product or service, is risky. Trial and error in the era of the Internet might cost more than undergoing a conjoint analysis with a representative panel of consumers. Consumers make tradeoffs between sets of prices and sets of attributes. The results allow a company to understand how to change its product or service offering giving the competitive setting. The analysis can be conducted using an enhanced survey format.
How can I leverage customer engagement and creativity?
Using a unique method to identify creativity traits, consumers are given the task to create new product or services for the company. Making sure that the interactions within the network are enhancing creativity and not stifling it, results in superior ideas that the company can then blue print, and pilot.