Energy - New Product Evaluation
Our client, an energy retailer, was looking to launch a range of products to market and wanted to understand which products should be progressed and would complement existing offers in market. There were a number of benefits associated with each offer, which differed in their articulation to the customer. They wanted to understand how customers thought about the benefits of each product and which articulation (e.g. % discount, $ amount) would be the most successful in driving uptake.
Nature proposed a bespoke approach where each customer was exposed to each offer in isolation and asked their initial reaction, understanding, likelihood to investigate further, and likelihood to take up. Customers were also asked to trade off different benefits to understand preference, and a number of hypothetical scenarios were tested to understand the degree to which a change in cost, % of discount etc. would shift uptake.
The client has used the insights for this research to guide strategic decision making around which new products to launch to market, as well as how to position and communicate the benefits to customers.