Through their research and industry expertise The Farnsworth Group provided valuable insight for opportunities among DIYers. This was supported rich data and product development research, which was essential to a successful product launch that lead to increased revenue at retail.
DIRECTOR OF SALES & MARKETING, GRACO
Founded in 1926, Graco is a worldwide leader in fluid handling systems and components. Headquartered in Minneapolis, Minnesota, Graco products move, measure, control, dispense and apply a wide range of fluids and viscous materials used in vehicle lubrication, commercial and industrial settings.
To maintain their leadership position in the industry, Graco utilizes research at all stages of product development. The Farnsworth Group began the process to research and assist with the development of a consumer based paint sprayer. This was extensive research conducted over a 12 month period. Questions Graco wanted answered included: – How are paint sprayers used and perceived among DIYers? – What are the purchase drivers of paint sprayers? – What role and perceptions does brand play? – What are the acceptable price ranges and revenue opportunities for consumer sprayers? – What product features and enhancements are necessary? – What is the best way to communicate with consumers?
The Farnsworth Group was able to utilize their in-house analysis and expertise, as well as third party quantitative and qualitative resources to provide a full service research solution. The first phase was a quantitative online study among over 1200 Do-It-Yourself homeowners in the U.S. The Farnsworth Group designed a questionnaire that provided data to segment consumers in to four groups. Analysis was then conducted by looking at each consumer segment to better understand their usage/perceptions towards power painting equipment, shopping behaviors, brand perceptions and pricing expectations. Once the quantitative data was analyzed and presented, Graco developed product prototypes aimed to capitalize on indentified opportunities. The Farnsworth Group then conducted several focus groups among various consumer segments. This qualitative research simulated a store shopping experience, compared various products currently in the market place, evaluated product features and attributes, addressed communication preferences and reviewed pricing expectations. These focus groups resulted in a refined product that met consumer expectations for a price that met Graco’s margin requirements.
Necessary data was captured due to a properly designed questionnaire. The Farnsworth Group’s data analysis and industry expertise was then able to provide Graco with reliable information on the potential revenue of a new product and the consumer profiles of the target market. Once Graco understand the market size and structure they were confident in proceeding with the development of prototypes.
The Farnsworth Group conducted focus groups throughout various product development phases that helped Graco refine their products to maximize margins and consumer satisfaction. The end result was a product design that met DIYer expectations, offered features not available in the current market place at an accetable price point, and all of this was communicated with effective packaging.
Today, Graco has national distribution of its new product line throughout Lowe’s and Home Depot, and has increased their presence and revenue among Do-It-Yourself consumers.
To learn more about Graco visit Graco.com.