The goal of our go-to-market research studies is to help our clients better understand the market landscape, target audience, competitive dynamics, and various factors that influence the successful introduction and adoption of a new offering. By gathering valuable insights about the market, target audience, and competitive landscape, organizations can make informed decisions and tailor their approach to effectively introduce and promote their offerings, driving successful market entry and adoption.
One of the top manufacturers in the premium skin care category
The premium skin care brand wanted to launch its products in India. The business wanted to understand on what price point and how best visually in terms of packaging, it should launch its products? The business also wanted to understand its competitors in terms of specifically their USP (key ingredients), their target segment, and presence (reach globally).
Octagon Insights Recommendations / Suggestions
Brand-Price Mapping: Average Price of same product from different brands were mapped and the gap/void in the price range was determined. Three clear price-range where one of the products (for e.g., all-natural cleanser) can be positioned were identified. Price Range: 1) Between INR XX and INR YY; 2) Between INR ZZ and INR AA; and 3) Between INR BB and INR CC.
Identification of visual elements of skincare and haircare packaging designs that influence consumers’ buying decisions. We also identified whether consumers’ perception of aesthetics elements is influenced by the mode of purchase. To understand this, we studied the visual communication parameters of all the competitors of the client and understood how these attributes can be used to create a brand identity. The parameters studied and analysed were – Colour, Shape & Size, Voice & Tone, Product Bottling & Packaging, Typography, Look, Packaging Design, etc.
We understood and benchmarked competitors through Revenues generated across product categories, their Geographical presence (Regions, Countries, Expansion Plans), Online mix (Revenues generated through Online & Offline Platforms), through Customer demographic (Age, Gender, Income Level), and Psychographic mix (Attitude, Social Behaviour/Status, Lifestyle) and through their Product specific information (Price, Unique Technology, Any Proprietary Ingredient present).
We understood and benchmarked competitors through Revenues generated across product categories, their Geographical presence (Regions, Countries, Expansion Plans), Online mix (Revenues generated through Online & Offline Platforms), through Customer demographic (Age, Gender, Income Level), and Psychographic mix (Attitude, Social Behaviour/Status, Lifestyle) and through their Product specific information (Price, Unique Technology, Any Proprietary Ingredient present).
Client used the below blend of recommendations for its products visual appeal! It perfectly positioned the client as per the nature of their product.
Client used the in-depth competitor analysis to understand the focus target segments, whether to sell products offline, online, or on through both platforms and at what proportion, key ingredients that are making the competitor products stand out, etc.
Our recommendations and research insights were used in the successful launch of the brand.
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Octagon Insights is a research-based consulting firm that assists mid-sized to large enterprises in discovering and sizing right business opportunities. We not only help our clients discover and deliver essential consumer and market truths that power effective growth strategies, but also help businesses capitalize on profitable opportunities through tailored research and strategic recommendations.
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