A Pricing test Success Story: Product Relaunch
Penetration Testing Pricing is a market research type of study that allows brands to check the price before launching a product. Price is a key factor when deciding whether or not to purchase a product. This makes understanding which price points are too high or too low an extremely important piece of information.
To learn how some of our clients have carried out Pricing Test studies and the results obtained thanks to the strategies implemented based on consumer insights, continue reading:
A multinational fashion and perfume company wanted to take advantage of the success attained by one of its top-selling perfumes, creating a more premium version of it but leaving the older one in stores to mitigate any negative impact the launch may have.
The brand launched a Penetration Testing Pricing to understand how consumers would respond to the launch and if they were willing to pay a 25% price increase for it. Respondents declared that they were happy to pay the price as long as the new product replaced the old one and became a new and empowered version of the original fragrance.
The results lead to a relaunch of the product with its original name and identity, but communicating the new formula, packaging, and design as an evolution of the current fragrance and not as a more premium proposal. It was a total success, especially taking into account such a significant price rise (+25%). Consumers loved it and this was confirmed by an additional study launched by the brand 15 days after the relaunch. By year’s end, product sales had increased by 15% in comparison to the year before. Learn all about the complete Success Story.
To learn more about Zinklar’s market research Success Stories, visit our page and learn how we helped world-class brands reach the next level and place the consumer at the center of their organizations.