The Farnsworth Group

RESEARCH. INSIGHT. ANSWERS.

The premier market research and strategy-consulting firm serving manufacturers, retailers, wholesalers, dealers and distributors of hardware, home improvement, construction and building material industries.

Get Started With A Free Consultation!

A series of research studies helped Hyde Tools redefine its product line and better position them in the store with new packaging, in-store materials and product design for putty knives and scrapers.  The program includes revamped products and merchandising aimed at better targeting the brand’s consumers.

“Research was the key to the design and pricing” says Corey Talbot, vice president of marketing and product development.  “The full lineup was created to reflect what we learned from end users and retailers during extensive research.  Every feature, the handle size, to the pricing and profit margins, were designed to match the expectations of our retail partners and their customers.”  The program also includes a new merchandising unit aimed at gaining higher visibility.

The program is the latest effort in the company’s rebranding strategy, which has included a new logo, colors and other packaging points.  “Our previous rebranding effort focused on packaging, but it hadn’t evaluated the products themselves,” says Talbot.  “We had no good process for improving our products or developing new ones.”

To change that, Talbot focused on the putty knife and scraper category.  “Those are the products most consumers know us for out of all our products.”  The effort began with benchline research performed with The Farnsworth Group, Indianapolis, to identify key customer groups and determine where they shop, how they shop the isle, and what features and benefits they need.

That work led Hyde to focus on three key customer groups:
–       Contractors, who were broken further into high-activity users, such as drywall subcontractors who use one tool constantly.
–       Remodelers and maintenance/repair contractors, who use multiple tools on a regular basis.
–       High-end do-it-yourselfers, defined as those who undertake at least five manor household projects per year.

The result was a realignment of the products into four tiers: good, better, best and premium.  The 32 new and revamped tools focus the most attention on stainless-steel products at the top of the line high-end users that need products that will resist rust.

Source: Shopper Magazine.  June, 2011.  Written by: Craig A. Shutt.

The Farnsworth Group has been working directly with building material manufacturers since 1989.

Since being founded in 1989, The Farnsworth Group has been working directly with Building Supply Dealers, Home Centers, Hardware Stores and Farm & Ranch Stores.

Please contact us for additional information on how we can help you better understand your customers.

Powered by Top Rated Local®

uxicached