The development of optimization processes was driven by speed and cost. Modern testing tools can execute research quickly and enable more iterative testing. We can test different concept components separately, allowing for easier understanding and interpretation of results for optimization. This approach also enables deeper exploration of a single concept element, leading to faster strategic decision-making.
At Dig, we always seek to make research faster without sacrificing the quality of the insights. Our Advanced Analytics team has developed a range of proprietary tech solutions that make this easy.
For example, our conjointtool is a one- of-a-kind methodology that captures subconscious (System I) decision-making factors without forcing consumers to explain their decision criteria. Running a conjoint helps you understand which attributes of a concept are most important and how market share or share of choice changes when a new product is introduced or a level within an attribute is changed (e.g., price increase, adding a feature, etc.).
Kevin Hare told us how these tools help us get insights faster:
Our Advanced Analytics team took something that usually took us weeks to set up, looked under the hood and built something from the ground up to solve the problem.
The end benefit is that this type of research doesn’t take as much people power and time as it did before. The company then is able to process projects faster and take on more work.
Nadia Antropova, our VP of Insights, adds:
It’s not just about speed, but also what you get from speed. Our internal tools like TURF and Virtual Menu allow us to conduct large, complex projects that usually require weeks and weeks of customization.
Dig’s tips for refining and optimizing ideas
1. Optimize with your specific goals in mind
There are so many ways to optimize, it’s easy to lose focus. Always orient yourself based on your business goals, and we aren’t just talking about purchase intent (i.e. how likely is your target audience to purchase your product). Other metrics can include:
2. Use research solutions that replicate how customers shop
The customers’ shopping experience is so intricate and complex. If your budget allows you, try investing in research methods that can be customized to your needs and that are choice-based.
At Dig, we develop tools that replicate how people shop (e.g. apps, websites and even digital aisles). These tools help us emulate genuine shopping experiences, which are inherently about making choices, and gather more accurate insights about consumers’ purchase decisions.
For example, we built our Virtual Market tool so that our CPG clients can use it to conduct pack and price optimization. We believe these pack and price questions can only be answered with research that tests your offerings in a competitive context.
Virtual Market looks like online grocery shopping, and over several choice screens, respondents see your products and competitive products. Across those screens, we experiment with product availability / pack size / pack configuration / regular price / depth of discount. This gives us total control over the experiment and the data modelling.
