Understand consumer product preferences to design products that consumers want and will be willing to pay for

The product research approach taken depends on what stage the new product or service is at. Choice Modelling is ideal when there are many product features and variations to test to understand the optimal product design, and concept testing is a narrower focus and is best suited to test an idea on consumers uptake and demand overtime.

Concept testing involves describing the consumer the product on offer, detailing the product features, and asking if they would buy the product/service at a price, and how soon they would consider buying it. Further questions about which feature they most prefer could compliment the insights.

Choice Modelling captures the trade-offs that individuals make when choosing between products. It provides management with an understanding of the product attributes that individuals value most, driving their purchase decision. Consumers complete a series of choice task selecting which option they prefer. Consumers would trade-off the price offered with varying product features. Forethought also incorporates uptake and estimate changes on marketshare through the Decision Support tool that compliments the Choice Modelling insights.

Outcomes

Determine the hierarchy of product attributes that individuals value when they are making a purchase decision.

Predict uptake to provide confidence in product & communications go-to-market strategy

Measure how price elastic the market is with regards to the product on offer.