The Need
A major IT security company was considering launching a new service and needed to understand how it would be received by their key customer base – cybersecurity decision-makers in large companies. In particular, the client wanted to understand whether there were opportunities to improve or refine the service, how much prospective customers would be willing to pay, and the likely overall demand for and take up of the service.
Our Approach
We conducted a survey of 500+ cybersecurity decision-makers in companies of 100+ employees in UK, US and Canada. The survey began by assessing the extent of the unmet need for the service – whether respondents have all the tools they would want. Respondents were then shown mock-up images of the service alongside an explanation of its features. We used our product and service development diagnostic framework to understand a variety of views such as appeal, relevance, and consideration. Finally, we used a van Westendorp price sensitivity exercise to ascertain the range of acceptable prices for the product.
The Outcome
The results of the survey showed a clear opportunity for the new service but also provided actionable feedback on how it could be improved. Verbatim responses helped the client to understand key features that should be amplified in marketing materials, while the pricing exercise offered a detailed understanding of the optimal price point.
