A division of a leading kitchen and bath plumbing fixtures manufacturer sought information to better understand the competitive landscape and position for select bath and kitchen fashion plumbing categories for the new construction market. Specifically, they wanted to see variances by construction segments as well as by various professional trades.
This leading plumbing fixtures brand has some internal market research capabilities, but needed assistance from the research team at The Farnsworth Group in order to:
- Expand the division’s internal market size database to include a breakdown of market size by each of the four major new construction market segments
- Provide a competitive assessment of breadth of product offering between their brand and other top market share brands
- Assess brand share for this brand and leading competitors by product category and segment
- Develop a market share mix (entry level, mid-level, and luxury) by product category and segment
The Farnsworth Group worked with this company to develop a research questionnaire that would achieve the objectives above.
The Farnsworth Group then used online and phone methods to reach nearly 1,000 Pros who met the proper requirements in order to field the study among a large enough sample size. Market size for these specific groups and segments was created. Results were analyzed across regions, firm size, and other classifications.
The Farnsworth Group provided the manufacturer with tabulations and a full report including a summary of findings that outlined the market size across entry level, mid-level, and luxury priced plumbing fixtures across the company’s product lines.
The research informed recommendations on pricing strategies for entry level, mid-level, and luxury priced fixtures. Our research team at The Farnsworth Group also provided brand share and competitor performance ratings, expected price ranges for entry level, mid-level, and luxury priced plumbing fixtures and information about what Pros are spending.
With these findings and recommendations in hand, the manufacturer was able to better understand what Pros consider the breakpoints in entry level, mid-level, and luxury priced plumbing fixtures to be. This information enabled them to align their products and marketing efforts to match existing customer perceptions. This study also helped the manufacturer understand how supply chain constraints and inflation has affected price expectations among product level tiers among Pros.
Because customer preferences and purchase drivers change, a second, follow up study was completed. With this follow up report, the manufacturer was able to see how quickly, and in what ways, customer expectations had changed.