Product Naming & Pricing
After nine months of development, Reena knew that she was holding the future of BoldStartUp.com in her hands. The concept testing research had shown that this new product was perfectly suited to the next generation consumer, with clear market potential based on their latent desires and demands. Charged with developing the go to market strategy that would launch this shiny new product into the consumer marketplace, Reena didn’t want to blow it. She'd recently joined the firm and this was her first chance to prove herself.
Reena knew what to do. The product had been co-created by the target consumer and she knew that the name could be as well. Reena asked Ypulse to survey end-consumers in order to develop potential names and descriptions. Using the words and expressions that made sense to the end consumer, Reena would have all the fodder she'd need to run trademark searches, winnowing the list down to the most powerful and viable candidate. Furthermore, obtaining consumer feedback on pricing would help Reena fine-tune go to market budgets and strategies.
Reaction to the new product was beyond what the product team had estimated or even secretly hoped for. Marketing spent more time communicating benefits and less time defending a confusing product name. The insight and intuition of the target consumer was baked into the product from launch onwards, fueling its success.
The least you need to know about what's happening in the new Millennial influenced world.
It's not enough to know what. You need to know who and how much. And most of all, why.
Now, what does it all mean for your brand?