Do We Buy the Product or the Brand?

Hero Image: Do We Buy the Product or the Brand?

Business Challenge

A well-known, legacy retail giant came to TRC with an interest in understanding the brand equity (perceived value) of one of their best-selling power and hand tool brands.

The end goal was to:

  • Reevaluate pricing strategy and packaging
  • Better target growing Do It Yourself (DIY) audience segment
  • Better understand the impact of their advertising campaign across various channels

TRC’s Solution

TRC approached the project with a Discrete Choice Conjoint Analysis to understand how product attributes like tool specifications, size, and battery life compared with brand attributes like reputation and product warranties as purchase criteria.

This data was measured against 4-5 competitive brands. Simulation software was then used to identify the price point for each brand tested at “parity” (equal market share), to identify each brand’s value.

Successful Implementation

Research helped this retailer understand how brand feeds into consumer decision-making, allowing them to make a more informed decision before price setting and re-designing advertising.

Brand Equity Discrete Choice Conjoint Pricing Research