[21:37]
Once you gather your audience data, you can use it to fuel growth and innovation to stay ahead of your category. The Farnsworth Group looks at product development, classic usage and attitude, concept tests, market sizing, distribution, structure, brand share, and awareness.
Each area dictates different types of uses and how you can utilize the data. Grant suggests having those conversations up front so you can then utilize the findings to help address your original goals. Big data often sends you off on a tangent—it tells you the what, but it doesn’t always tell you the why.
When you choose the right questions, the answers can really drive your building materials company to have good internal discussions on what to do differently.
Let’s take a look at how all of this plays out in a real life scenario. The Farnsworth Group worked with a client in a product category that traditionally has negative perceptions surrounding quality. The client didn't fully understand this perception and instead just accepted there was low usage in the space.
So Grant’s company started digging into why the product had low usage and what were the exact negative perceptions. Once they gathered that information, they could start to overcome those issues.
Here’s what they did.
First, they discovered there was a fundamental lack of understanding about the category for both homeowners and pros. Next, they did additional research to test value propositions, claims, and statements to see what would resonate and overcome that hurdle.
Once they found those key messages and triggers for consumers, the company now has dominant share in that category with huge sales. Grant says a lot of this consumer research can be done by manufacturers and retailers on their own.
Show Notes:
Visit The Farnsworth Group to learn more or contact Grant at gfarnsworth@thefarnsworthgroup.com.