Kantar, the world’s leading marketing data and analytics company, today introduces a new price sensitivity module to Concept eValuate to help brands identify the ideal price range for new products in today’s inflationary environment.
As part of the company’s suite of agile innovation testing solutions on the Kantar Marketplace platform, Concept eValuate allows brands to identify and optimise new product and service concepts with double the accuracy of traditional approaches. The new price sensitivity module provides additional insight to help brands define the pricing strategy for a new product.
With more than half (53%) of people worldwide struggling to meet their monthly outgoings and 7 in 10 believing that inflation rates will continue to rise, even for recognised brands, launching a new product in the current financial climate is challenging. Kantar’s BrandZ data shows that 34% of brands globally are in vulnerable positions where their brand equity does not support their current pricing position.
As brands navigate uncertainty and volatility, the new price sensitivity module makes it possible to determine appropriate price ranges and price thresholds and how they vary by consumer targets – giving marketers the ability to protect and maximise the value of their brand equity.
“Pricing strategies in uncertain times should be carefully approached. Ultimately, cautious spending does not remove the opportunity to sell at a premium price. But it does mean that brands must continue working hard to innovate and justify their price points. Now more than ever, automated research comes into play, delivering fast and accurate insights at a fraction of the usual time and cost,” said Anita Watkins, Global Innovation Solutions Leader, Kantar.
Effective innovation and new product development are key to sustaining and growing brands in challenging times. To respond to this critical client need, Kantar has made a significant investment in enhancing and expanding the company’s innovation portfolio, especially on its automated research platform, Kantar Marketplace. Over the last 12 months, new features have taken its agile innovation testing portfolio to the next level:
• Idea eValuate – Now fully automated, it helps brands screen ideas and identify their best bets in as little as 6 hours.
• Concept eValuate – Agile concept testing that provides deep-dive metrics for new products and services, including optional modules such as price sensitivity and how different product variants compare for the target audience.
• Pack eValuate – Helps marketers rapidly shortlist their best-performing packs and fine-tune pack designs with in-depth performance insights.
Since its launch in 2019, Kantar Marketplace has built and continually evolved a portfolio of agile innovation solutions backed by proprietary IP, using advanced analytics and underpinned by Kantar’s Meaningfully Different brand equity framework and behavioural science expertise. The platform is available in more than 70 countries and supports the growth of over 1,300 of the world’s most respected companies.