Combe is a leading maker of personal care products—from Just for Men® hair care products to Odor Eaters® foot care.
Like many companies, Combe had some frustrations with traditional concept screening methods. Given how personal many of their products are, it was time consuming and expensive to engage their target markets and screen diverse product ideas. At times, finding the right niche to screen products was like looking for a needle in a haystack!
Time consuming and expensive to conduct traditional product screening
Intengo agreed to conduct a prediction market of Just for Men® product concepts alongside one of Combe’s traditional concept screening methods, so the company could compare the results of the two approaches.
Vice President of Global
“The prediction market gave us the answer in one week, compared to four weeks for the 7% incidence survey that cost twice as much.”
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Each prediction market participant (“trader”) was given $1,000 virtual dollars and asked, “What are the chances of each Just for Men® concept being most popular among consumers?”
As with any true stock market, traders were able to see what other traders thought.
As traders weighed in, the stock prices began to fluctuate away from their starting prices of $25/share. The concepts separated, and one of the new concepts increased from $25 to $36/share (well above the control concept’s stock price), while the other concepts declined.
In addition to a clear rank order, traders shared open-ended comments to explain why they had made their choices and provided input on how to improve the concepts.