What is the consumer valuation of a product?
Somewhere in the product development process there is a reality check. The moment on which you want to get an idea of the appeal of your product to a group of relevant consumers. Is the product capable of binding these consumers to your product for a while? The answer to this question eventually determines the legitimacy of the product. Essensor can help to answer this question through deployment of its consumer database.
For example, in the case of the introduction of a product or of a line extension, the most appreciated product often gets the pick. Sometimes there is a good second option, which could then easily be introduced at a later stage.
When it comes to adjustments to the ingredients of a product (e.g. replacing sugar with Stevia extract) the difference between the adjusted and the existing product are important. If the consumer doesn’t taste a difference, your product can be introduced without a risk. If the consumer does taste a difference, the question then becomes whether the difference is valued better or worse than the original product. Depending on the outcome, you can either proceed directly to the introduction of the product, or first make some necessary adjustments.