Webinar: Identify Winning New Products Before Making Major Investments
New products are essential for companies to grow and remain competitive; however, they can fail if they don’t meet consumers’ expectations. To help avoid the significant design, manufacturing and inventory losses associated with failed or underperforming products, companies can use specific methods to help identify new products that consumers really want. By using an advanced statistical process known as ‘conjoint analysis,’ companies can identify:
- Which product features are the most preferred.
- The amount consumers are willing to pay to add each feature.
- The total price consumers will pay for a proposed product and its bundle of features.
- Whether consumers will choose your product over your competitors.
- The value of your brand compared to competing brands, plus more.
The results will help direct the design of new products based on the feature sets that appeal the most to the target audience. Use this consumer research method to know which products will sell BEFORE you invest significant marketing and production dollars into new products.
Rob Southwick, President, Southwick Associates
Southwick Associates is a market research, statistics, and economics firm that has specialized in the outdoor industry for more than 25 years. With an in-depth knowledge of outdoor consumers’ purchasing habits, interests and preferences, Southwick Associates delivers comprehensive insights that help advance strategic decisions across the entire outdoor community. Outdoor manufacturers, retailers and industry associations have used Southwick Associates to help identify their brand’s positioning and uniqueness in the market, design more innovative, customer-centric products, identify optimal prices, market trends, and more. Using the latest in advanced survey and statistical methods, Southwick Associates provides clients with better information to make better decisions.
- “Southwick Associates research helped us re-define and re-design many of our products, allowing us to significantly improve sales and increase attention within a very competitive marketplace.” – Confidential Sporting Goods Manufacturer
- “For years the American Sportfishing Association has depended on Southwick Associates for timely data on our industry and anglers in general. Always timely, their expertise on a variety of projects is always dependable and useful, making Southwick Associates a leader in outdoor data needs.” – Gordon C. Robertson, Vice President, American Sportfishing Association
- “Southwick Associates, its staff and colleagues are absolutely tops in their field. All research firms can generate data but Southwick’s unique ability to analyze, interpret and provide sound guidance and trends for decision making is what they excel at. In the fish, wildlife and outdoor categories they have no peers. They are smart people and great to work with.” – Ken Cook, Managing Editor, Fishing Tackle Retailer.