Comprised of market diagnosis, market research, segmentation, brand perceptions and reporting.
This section is all about understanding your place in the market. We take an approach that first should try to obtain existing data and reporting as we research the sector to try and find information and data-driven insights.
In addition, we recommend setting up an NPS survey to get an idea of our standing in the market for ongoing benchmarking.
Cost: Depending on the market and opportunity, we would suggest spending at least 16 hours per product/brand/opportunity, for the initial research. For an NPS survey, depending on whether you have an existing CRM and customer emails.
With this section, we aim to provide both qualitative and quantitative insights to help understand our position in the market along with our strengths and weaknesses. It is split accordingly into two distinct phases, with an incorporated reporting deliverable in each.
Depending on the product and or service, how much this costs, really depends on what level of detail you want to go to. However, for most clients, we feel as though undertaking some anecdotal research and observations is usually sufficient to provide us with insights.
Along with qualitative, you need to back up the observable insights with data-driven consumer insights. We obtain these by a customer/segment survey to identify key pain and pleasure points of both you and your competitors along the purchasing funnel.
The main outlay of this section depends on the number of competitors and the size of the segment, however, provided you are happy to go with a report with a base level of confidence of 95% at a max confidence interval of no more than 10%, we will need at least 100 responses of a survey size 15 + (10 x Number of competitors).
Say, with a standard report analysis of three competitors, we would require a survey built with 45 questions, and shared with 100 people from a particular target market.
Segmentation is essentially creating a map of the target market with key indicators to show opportunity by both numbers and of potential revenue.
Using the above research, we will create a segmentation, along with specific portraits for each target segment.
The cost of preparing segmentation, depends on the market and the intricacies and complexity of the audience, however, as a general guide, you should allow for 24 hours to prepare the segmentation mapping, along with 4 hours per specific target segment.
The next part of the process is to work with you through five keys things (taking into account the above research)
- What are the business's strategic objectives?
- What customers will we target?
- What is our position to those targets?
- What brand codes and guidelines do we need to adhere to?
- What brands and products will we use?
- What is the overall budget?
Our approach for the strategy is to meet with you for a 1-3 day workshop to work through the diagnosis and research and prepare the strategy.
We will work with you to deliver on the above strategy at a pace and velocity that suits your business and your budget.
Costs, KPIs and budgets will be discussed in the strategy session. We encourage all clients to adopt a performance-based approach.
Reporting and Tracking
As part of our work, we like to provide additional reporting to provide insight as to where the brand is performing and what other opportunities might arise. We will prepare a survey to systematically reach out to customers to obtain these insights and provide this information to you.