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Conjoint Tools Launched for NPD
UK agency Holden Pearmain has announced a suite of dedicated decision-making tools for NPD and sales forecasting. re:New, re:Formulate and re:Develop use conjoint analysis, build statistical models from the results and deliver forecasts using customised electronic reporting.
re:New is geared towards maximising sales figures. It forecasts sales for completely new products, whilst advising on the optimum specification to maximize them.
re:Formulate helps clients to 'evolve, change, develop and regenerate' current products to return them to the top.
re:Develop 'takes a good idea and develops it through a line extension', increasing share of wallet with current customers as well as bringing in new ones.
All three tools use sophisticated statistical models to build on the results of trade-off selections by respondents. These are then subjected to rigorous reality checks, initially replicating the current market. The agency and client then run 'what-if' scenarios through the model to produce accurate forecasts against the modeled market, and to optimise their product specification by experimenting with all possible permutations and combinations.
Deputy MD David Pearmain says the difference in his company's conjoint tools comes from the experience of its people: 'our analysts hold PhDs in the design and analysis of conjoint, and have gained experience in over 500 projects across 10 years... This suite can help you decide on the final design of products, or guide you in getting the right price and packaging. More importantly, the right solution could also help you work out sales forecasts for new products'.
The agency is online at www.holdenpearmain.com
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