Do we buy the product or the brand?
A well-known legacy retail giant needed to understand how to leverage the brand equity (perceived value) of their bestselling power and hand tool brands. The end goal was to use this understanding to reevaluate pricing strategy and packaging, as well as market the brand more effectively to the growing Do It Yourself (DIY) audience segment. This retailer also needed a better understanding of how impactful their advertising was across various channels.
TRC approached the project with a Discrete Choice Conjoint Analysis to understand how product attributes like tool specifications, size, and battery life compared with brand attributes like reputation and product warranties as purchase criteria. TRC measured this data against 4-5 competitive brands. Simulation software was then used to identify the price point for each brand tested at "parity" (equal market share), to identify each brand's value.
Successful Results Implementation
Research helped this retailer understand how brand feeds into consumer decision-making, allowing them to make a more informed decision before price setting and re-designing advertising.