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 and there are more appealing options on the market. To help avoid the significant losses associated with failed products, we work with many sportfishing and shooting sports manufacturers to identify new products that consumers really want. By applying an advanced statistical process known as ‘conjoint analysis,’ we can identify the combination of product features that consumers prefer and the amount they are willing to pay.

This method puts consumers in a simulated shopping experience and observes how their preferences change as they are presented with different combinations of product features, pricing, brands, warranties and more. Statistical processes are then used to determine:

• Which features are the most preferred.
• The ideal combination of features.
• The amount consumers will pay to add each feature.
• The total price consumers will pay for a proposed product and its bundle of features.
• The value of your brand compared to competing brands, plus more.

We have significant experience in helping outdoor companies develop successful new products using conjoint and other methods. Our focus on the hunting, shooting and sportfishing markets allows us to truly understand what sportsmen and women really want. The cost of examining all proposed new products using the conjoint approach can be many times less than the cost associated with a failed product. Know before you go to market. Contact Nancy Bacon at Southwick Associates to learn more about improving your company’s success rates and profitability with new product research. Click here to download a free white paper to learn more.