Techno Gears
Nightshift
Nightshift
Working as a designer responsible for the construction line of a toy company we saw minimal purchase amounts on our construction sets that started at $29.99 dollars for the smallest set. I investigated opportunities to increase sales through new product offerings. By creating a lower price point below customer commitment price we were able to increase sales and spread the product line to a larger audience.
As the designer responsible for new designs for the product line I handled new concepts that were presented to the stakeholders.
How do we offer a new product that can out sell existing products and open up new market while fitting in with the existing product line brand?
Through the research of price points we had not created a build smaller then the $30 dollar build. By developing a construction build with the minimal amount of pieces to make the build work I was able to get cost down. By targeting the $19.99 price point to take advantage of psychological purchasing behavior this meant we got below the commitment price of twenty dollars.
With the new price point we were able to sell more units more easily to our existing customer and opened up doors for new customers looking for an easy product to sell on their shelves. The easy at which the new units sold at stores made the sales team job easier and started a new opportunity for new products to be introduced at lower price points.
1 Psychology is King: Understanding how your customers think can give you a huge leg up when coming up with new product offerings.
2 Market Understanding: Looking at market behavior can help guide you to a defined plan for new designs by understanding what the end customer is looking for.
2 Full Product Lifecycle: Learning about the entire product life cycle can bring you closer to how the customer or user decides on what product to pick and how they become familiar with the product and learn enough to make it a part of their lives.
