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Keys to Successful Product Development #10: Psychographics

You’ve done your homework and have a good understanding of the demographics of your consumers via consumer profile studies.   Perhaps you’ve also studied your category and have working knowledge of your competitors’ demographics as well.  The factors that describe your competitors’ customers might also fit yours.  You may well be servicing the same consumer.  Yet some of those consumers are buying your products and some are buying your competitors’ products.  There is still something different about them.  Psychographi

Keys to Successful Product Development #9: How to Snag Your Competitors’ Customers

In our blog #7  we talked about the importance of understanding your current customer.  We referred to Consumer Profile Studies as the best mechanism to identify the motivations, demographics and  psychographics of your current franchise.  Having this information is a critical step to improved understanding of your business -- leading to better informed decisions.  

Life Events That Lead to Housewares Purchases

Some people wander around in stores, see something they like and buy it. Most plan their purchases with specific needs in mind. Most purhcases arise from life events that bring new or changing needs. 16% of consumers reporting buying Cookware because they bought their first home or got married. 34% reported buying Cookware because they redecorated their kitchen.

Pitch-Perfect Retail Presentations Sell!

Are your retail pitches one size fits all?  

Do your product presentations to retailers present your partners with exclusive product opportunities?   Are you able to say “We developed and tested this product for your customers Mr. Retailer.  Here’s the research that shows your customers want this product in your stores.”  

Keys to Successful Product Development #6: Ethnographic Research - “Deep Dives” Into Consumer Needs

 

Do You Know Where Game Changing Unique Product Ideas Come From?

How do some companies introduce amazing, game changing products every year?  What do they know that everyone else doesn’t know?  They know how to create products that fill unmet needs, which solve unsolved problems.  They are the first to introduce solutions to problems everyone has but no one recognized before.  That’s why they are industry leaders.

Online Housewares Sales in the 4th Quarter Holiday Season Nearly Tripled in the Last Two Years

ARE YOUR PRODUCTS AND DISTRIBUTION KEEPING UP?

We see statistics purporting to measure the percentage of sales that occur online every day.  Estimates vary considerably by season, product category and, of course, data source.  Since online sales occur through so many retail channels from department stores to Amazon to manufacturers’ websites, we believe the best measurement system is via the only common denominator that unifies the data:  THE CONSUMER.  

Keys to Successful Product Development - #4 – Brainstorming Your Way to Better Products

New product ideas can come from many places; designers’ imaginations, retailer or consumer suggestions, your sales team, etc.

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