Rapid-fire research to capitalise on new trends

Background

How can businesses use market research and insights to capitalise on upcoming consumer trends and appetites?

Our client had noted discourse surrounding a rising trend, and begun to think laterally about application to their industry (which seemingly would be a odds). If done right, this could provide an opportunity for the business to drive both penetration and frequency through permissibility.

Our client approached Vibrant with a view to understanding how best to capitalise, and this was against a backdrop of needing to move fast.

Approach

We deployed a two-part engagement to address our client’s business questions.

Part 1: We used our internal scripting tools to turn around high-level market sizing in under 12 hours, which gave the client confidence that the size of the emerging audience was worthy of attention; this had the secondary benefit of gauging the feasibility of Part 2.

Part 2: A more detailed study, which sought to explore the opportunity further. This started with an understanding of people more broadly, exploring their views on the category generally, before testing response to a new concept addressing these tensions. This concept was designed by Vibrant with our client, and benchmarked alongside nearly 100 concepts we’ve tested to date (from over 200,000 points of feedback).

Result

In less than a week, the business was able to move from an off-piste conversation about whether it was worth pursuing a potential trend, to robust sizing of the opportunity, moving quickly from initial sizing to robust concept evaluation.

Moreover, the project concluded with clear guidance on not only size of prize, but guidance on how to optimise the concept, which claims to hero through TURF analysis, and optimal pricing through analytics (Van Westendorp Price Sensitivity Meter).