Case Study: Understanding Market Dynamics
How do your prices compare to the competition?
“You are more expensive than the other guys.” Ever hear this?
Our client was told that their prices were 15% higher than the competition. We proved that they were in fact 20% lower and their name brand product offered more value.
The Challenge
An industrial tape manufacturer was faced with an influx of private label competition, creating a commodity feel for their high-performance product. These forces created the perception that their brand was priced higher and under delivering.
The Solution
Using a custom market research survey, INSIGHT2PROFIT gathered unbiased market data that dug deeper and analyzed the data to formulate actionable answers. The resulting information was three-fold. It helped (1) define the perceived market value of the client’s primary products, (2) quantify the value proposition the client offered for its various distribution channels and (3) quantify the value the client’s brand provided versus the private labels. We then armed the sales force with pricing facts and figures that helped during negotiations, and helped the sales reps strengthen the positioning of the client’s brand.
