A world-leading electronics company approached us with a clear goal: to increase their market share of a growing segment of the home entertainment category in Australia and New Zealand. Boosting market share is an ambition shared by businesses everywhere, but achieving tangible, long-term growth is no easy undertaking.
Success requires a deep understanding of the desired market. That means not only grasping consumer perceptions, but digging deep into that region’s key target groups, unique customer journey, identifying barriers to purchase and acknowledging relevant future considerations. With our help, the brand was able to execute an ambitious growth strategy to strengthen their foothold down under.
Here’s how we helped achieve it.
The challenge
Cast your mind back to 2020. In the space of a few weeks, our living rooms blossomed into a hub of activity. No longer were they just a living room, they were a social club, a gym, an office, a home cinema. The opportunity for technology brands was clear, but extending these gains beyond the pandemic posed a key challenge.
The client wanted to ensure they maximized this opportunity to become a mainstay in their consumers’ home set-up. To do this, they needed to gauge how their brand was perceived by consumers and discover what features they were looking for. The client had identified their market, and it was our job to help them get to the bottom of it.
A research partnership in action
Our Consumer Insights team worked closely with the client’s team to further understand their ambitions. It was clear that for the company to have success in their venture, they needed to understand the purchasing drivers for consumers in their specific region. We helped determine the current uptake of products, the behavior patterns of consumers, and their top priorities when making a purchase. Combined with our datasets, this gave them a robust view of not only the home entertainment landscape, but key influencing verticals.
In the light of our research, we made a solid list of recommendations. These helped the brand:
- Pinpoint which consumers to target.
- Gauge the market size and future opportunity.
- Understand which products and features to invest in.
- Determine the areas in need of strengthening.
- Identify the brand’s unique challenges.
- Uncover the strongest messaging to encourage uptake.
Methodologies: The nitty-gritty
Our insights were underpinned by stringent methodologies, delivering value to the client through:
- An extensive, nationally representative consumer survey: spotlighting the current uptake, market sizing, future considerations, user profiles, and consumer brand perceptions.
- A trade survey with 400 tradespeople: lifting the curtain on the buying journey and key decision-making dynamics.
- Consultations with industry partners: providing key perspectives and considerations from the wider industry.
Research that makes a difference
The brand was empowered to take on Australia and New Zealand’s home entertainment market with confidence, setting the foundations for success beyond the pandemic. Equipped with a unique perspective of consumer expectations, the client could approach investment decisions with a research-backed strategy.
This client’s story is just one example of how our research can lead to tangible impact. There are countless markets ripe with opportunity, offering brands a haven of long-term gains. A unique perspective paired with data-backed research is often the first step to leveraging these opportunities – and we have decades of experience offering exactly that.
To discover how we can help you break new ground and target burgeoning markets, reach out to us today.
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