Motivating Product Mix
Prioritizing 39 choices for maximum appeal.
The retail pharmacy space is highly complex and competitive. To maintain current customers and attract new ones, a pharmacy brand must offer a compelling bundle of products and services.
A leading retail pharmacy came to us for help in determining which of 39 potential products and services represented the best opportunity to motivate shoppers to switch pharmacies as well as attract and retain current customers. The challenge was to measure how these products and services perform relative to each other to create a priority score, and to determine the most compelling bundle that would appeal across key customer segments.
To determine customer preference for the high number of potential products and services, we recommended the advanced analytics technique known as MaxDiff. This allowed us to create a priority score for each potential product and service. For respondents, the MaxDiff technique questions are easy to understand. The questions are choice-based instead of preference-based to eliminates scale use bias.
A highly-motivating bundle of six products and services was identified that reached over nine in ten pharmacy users, giving our client the confidence to invest in the development and marketing of these offerings.
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