CARMA’s pricing studies aim to discover what customers are willing to pay for a product or service and determine the optimal price point to maximize profit, revenue, or market share. When it’s a global product, pricing decisions can have a huge impact on profit margins. In a complex environment where competitors’ products, pricing, and marketing mix are always changing, it is important to have periodic reviews to evaluate your pricing strategy.
Usage & Attitude Studies
A Usage and Attitude study provides an understanding of target consumers to shape products, experiences, and campaigns that connect with them. CARMA uses U&A studies to understand the appeal of a product or service and latent opportunities by looking into purchase frequency, usage behaviors, and perception patterns of customers across specific brands, categories, or markets.
Strategy Formulation Studies
Strategy formulation studies adopt a holistic understanding of the future trends and market structure with respect to competition and consumer expectations, current brand positioning, and strengths/weaknesses.
Understanding what drives a consumer or client to purchase or stay loyal to a brand is key to positioning your product or service and developing strategies and key messages that separate you from your competition. Credible and genuine brand engagement builds brand coherence and shapes perceptions.
Satisfaction is a key measure to determine future behavior. CARMA’s satisfaction studies identify the strengths and weaknesses experienced by customers or staff, as well as the definition of the areas most highly valued by customers and also the areas that cause the highest dissatisfaction.
Brand Health Monitor
The BHM is a measurement tool for the brand’s performance and helps fine tune the brand strategy. It is designed to provide robust & actionable insights for specific brands within a category. BHM is a tracking study, with quarterly or half yearly reports including key metrics such as: purchase funnel measures; attribute importance hierarchy that drives purchase intention; brand & product imagery versus importance; and advertising effectiveness.
Exploratory Consumer Research aims to identify, understand, and analyze consumer needs. It builds an understanding of consumer preferences in relation to actual and potential products and services and provides the client with relevant, reliable, valid, and current information of their target buyer. Our insights focus on exploring target audience characteristics, attitudes, needs, motivations, and behaviors as they relate to a product or service.
Advertising Formation and Effectiveness
CARMA tests advertising concepts and materials across multiple diagnostic measures. We can track advertising effectiveness to see the impact the campaign is having on target audience members.
Advertising & PR Effectiveness
Advertising and PR campaigns developed for various client brands are pre-tested to ensure they are aligned along three key dimensions: message communication, contribution to brand imagery, and the ability to connect emotionally to the target audience through creativity and execution. Measuring the effectiveness of a campaign pre, during, and post offers you actionable information to improve the chances of success in achieving your objectives and delivering measurable returns on your advertising and PR spend.