Case Study: Just For Men ®
A TALE OF TWO CONCEPT SCREENS
Combe is a leading maker of personal care products—from Just for Men® hair care products to Odor Eaters® foot care.
Like many companies, Combe had some frustrations with traditional concept screening methods. Given how personal many of their products are, it was time consuming and expensive to engage their target markets and screen diverse product ideas. At times, finding the right niche to screen products was like looking for a needle in a haystack!
TWO DIFFERENT PATHS TO SCREENING THE SAME IDEAS
Intengo agreed to conduct a prediction market of Just for Men® product concepts alongside one of Combe’s traditional concept screening methods, so the company could compare the results of the two approaches.
The prediction market gave us the answer in one week, compared to four weeks for the 7% incidence survey that cost twice as much.Randy Berkowitz Vice President of Global Market Research
THE BIG PICTURE: HOW DID THE CONCEPT SCREENS COMPARE?
Accuracy: The prediction market successfully predicted the most preferred concept and the same directional rank order as the low-incidence survey, with minor exceptions.
Speed: The prediction market itself was completed in less than two days, while the overall process took place in one week—one-quarter of the time of the incidence survey.
Participant engagement: Combe was impressed with the trader engagement level in the prediction market. More than 70% of the traders described the process using words such as: “fun,” “interesting,” “cool,” and “love it.”
Investment: Combe estimates that using prediction markets as a substitute for traditional methods will cut their concept screening costs by at least 50%.
Why Presume When You Can Predict?
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