HYDE

The Farnsworth Group defined our consumers’ needs, and provided us a path to successfully reengineer our brand while maintaining a connection with our company’s rich past.

VP OF MARKETING, HYDE

QUESTIONS

HYDE® helps pros at work and at home find the tools they need to finish remodeling and repair jobs faster, better and easier. Based in Massachusetts Hyde Tools has grown from its early start as a cutlery manufacturer into the leading provider of hand tools for jobs of many kinds. Today, HYDE® brand tools are used by painters, drywall professionals and remodelers throughout the world. Not to mention homeowners!

As the end-user market progresses, so must their brand. In order to determine branding that not only aligned with HYDE’s century plus history, but also provides a forward thinking image, HYDE looked to The Farnsworth Group for answers. They need to understand: How DIYers viewed their product? What perceptions do professional end-users have of HYDE? What imagery resonates? What message is communicated with an updated logo?

INSIGHT

The Farnsworth Group, with use of its proprietary online research panel of construction professionals and third-party resource of DIYers, developed a multi-phase research approach that included questionnaire development, online data collection, analysis and findings from both Consumer and Professional end-users.

ANSWERS

The Farnsworth Group provided HYDE with a comprehensive report of findings which helped identify key customer segments: where they shop, how they shop the aisle and what features and benefits they need. This initiative allowed HYDE to revamp their products and merchandising to better target the brand’s customer.

The result…increased skus and increased brand share due to higher demand from channel partners and consumers of all types.

To learn more about HYDE visit HYDEtools.com.


Graco

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

QUESTIONS

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?

INSIGHTS

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.

ANSWERS

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.


Tree Island Ind.

Our organization needed information and recommendations that would greatly impact the direction of our company. The Farnsworth Group delivered excellent results that provided us with knowledge to feel confident attacking identified opportunities to grow our business.

VICE PRESIDENT OF SALES & MARKETING, TREE ISLAND INDUSTRIES, LTD.

QUESTIONS

Tree Island Industries produces wire products for a diverse range of construction, agricultural, manufacturing and industrial applications. Its products include bright wire, stainless steel wire and galvanized wire; a broad array of fasteners, including packaged, collaged and bulk nails; stucco reinforcing products, engineered structural mesh, fencing and other fabricated wire products.

Tree Island has a dominant share in Western Canada, but new competitors are beginning to emerge. Tree Island has less presence in the U.S. due to their distribution and company strategies. In order to maintain their Canadian presence and increase their U.S. share they needed to understand:

  • What is the customer mix by channel?
  • What volume goes through each distribution step?
  • How do suppliers view brand, and imported products?
  • What must they deliver to their channel partners?
  • What are key purchasing drivers?
  • What is the revenue at each step of distribution across DIYers and Professional by product type?

INSIGHTS

Given the nature of the product, and The Farnsworth Group’s experience in researching commodity-based goods, the best method to capture reliable data was to field a quantitative study among five key channels. Quantitative research would also provide the sample sizes needed to properly define the market size and channel distribution of specific products Tree Island produces. All interviews were conducted via The Farnsworth Group’s call center, which regularly contacts building material suppliers, construction professionals and hardware consumers. A study was designed to quantify the answers Tree Island needed, while providing numerical data, which allowed for proper analysis on market and channel structure.

ANSWERS

The Farnsworth Group was able to analyze the data captured from hundreds of respondents across the U.S. and Canada in order to answer all of Tree Island’s questions. The most important section of the report presented to Tree Island executives was a detailed map of each product that displayed product flow-through by volume from manufacturing to end-user. The Farnsworth Group was able to identify those areas of opportunity to grow Tree Island’s revenue, whether it was targeting a customer segment or partnering with a specific channel.

Tree Island also gained an understanding of the behaviors and attitudes of their suppliers. This identified areas of competitive advantage for Tree Island, their competitor’s strengths, and areas the marketplace does not perceive to be a high priority.

The data and report provided by The Farnsworth Group is a key element used by Tree Island to make long-range strategic decisions on the direction of their organization.

To learn more about Tree Island visit TreeIsland.com.