Market Potential & Pricing Research for a Wearable Technology
Market Potential Problem
A luxury brand set out to establish a business case for a new innovative twist on luxury timepieces. This technology would be ground-breaking in the luxury watch industry, but needed research on market potential. The company commissioned Provoke Insights to develop a study focused on:
- Developing a go-to-market strategy
- Assessing the market size and interest
- Determining the ideal product messaging
- Evaluating the best and worst product features
- Determining the ideal price at which the company could sell the product
Market Potential Solution
Provoke Insights conducted an online survey to measure market potential and pricing. The research also included:
- A MaxDiff to determine what attributes would most persuade consumers to purchase this new luxury technology.
- A Van Westerndorp Price Sensitivity Meter to determine the ideal price for the product.
Provoke Insights firstly mapped and executed a go-to-market strategy for a luxury brand looking to break into the market. The results indicate high interest in wearable luxury technology, particularly among high-income Americans. As a result, the findings revealed the market potentials, the target audience, product concept feedback, and the ideal price range for the luxury technology.
Though the target audience was niche, they offered a wide range of suggestions and feedback during the concept test portion of the survey. These perceptions are valuable to the brand as they directly access unique insights like potential customers’ opinions, attitudes, and product pricing.
Interested in reading more on our past projects? Check out our other case studies here.
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