Brand concept test
Brand concept test
Purchase decisions do not only depend on rational product attributes, but also on implicitly perceived components. The customer “buys” a product or offer with the sum of its properties that he usually does not configure himself. The customers’ valuation of preferably complete offer variations creates an objective basis for a realistic estimate of future market success. The objective is to determine the degree of influence that different product attributes (such as brand, product properties, price, etc.) have on the purchase intention or probability of closure. This influence is determined by interviewing the relevant target group.
Prerequisite for this is a concept for products, services, offers and their marketing, including packaging, pricing, properties and quality level.
The following method is used for this:
- Every respondent is shown a random selection of different product variations (brand, product features, conditions, etc.).
- The respondent is asked to reply as spontaneously as possible, whether he would consider the respective product variation or not. This way a specific decision-making situation is simulated.
This approach allows the calculation of
- Preferences regarding individual product variations as well as
- Partial effects of different product features or a combination of those on the selection readiness.
This way it is also possible to consider different target groups (users, non-users, different age groups etc.) separately. At the same time we measure the implicit part of the information processing during the decision making process when there is little involvement of the target group.
What we offer
First of all, we define the relevant market and target groups together with you. Afterwards scenario and capacity analyses are conducted, which are used as groundwork to develop recommendations for the design and marketing of the offer.
This is what the process looks like in detail:
- Kick-off workshop to specify objectives and content of the survey
- Conceptualisation and programming of the questionnaire, including wording and presentation of the concept descriptions in a way that is appropriate for the survey
- Study setup and implementation based on qualified survey methods
- Securing of quality during the survey by reviewing response consistency, speed of answering and other criteria
- Statistical market analyses with evaluation of the price/sales function for each concept and evaluation of the response results
- Comparison with benchmark values of the B&C database regarding product fit and competence
- Quantification of the impact of product attributes (e.g. brand, feature, price, packaging design, service range, offer of reward) or a combination of product attributes on the willingness to buy of the target group
- Identification of the product variation/product design with the highest preference or purchase probability in the target group
- Demonstration of target group specific differences regarding the willingness to buy of different product variations
- Identification of demand functions for different target group segments (demonstration of the willingness to buy subject to the price)
- Quantification of market, sales and revenue potentials for planned products or equipment variations
- Derivation of specific, fact-based recommendations
Across all tested product variations, we can determine the influence of different forms of respective product attributes on the selection readiness. Through simulation, it is possible to identify the product with the highest selection probability. Moreover, we can determine the demand functions for different customer segments and the willingness to buy of different target groups for different product attributes.
The brand concept test provides you with a sound base to decide on the ideal design of your product range, taking into account differences between target groups and issues regarding profitability. At the same time it helps you to find the optimal pricing for different product variations and target groups. It enables you to launch the product that exhibits the most attractive combination of features from the customer’s point of view.
Consequently, you strengthen your position in the market, differentiate yourself from the competition due to an expanded product range that matches the customers’ needs and thus raise your long-term revenue and profitability.
You can secure your growth through new brand strategies, products, services and sales areas, extend product lifecycles and optimise your offers. Ultimately, this reduces the investment risk and failure rate, so you can be certain that you choose the “right” investment.