Pricing and Positioning
Breaking into a competitive new market is not easy. Even when you possess all technical skills, technological and material resources, you still need to make many crucial decisions. How are we going to position the product? Who is it for? How would this customer use it? How much would they pay for it?
To decide on the right strategy we needed to see how color would affect the perceived value of the product. We reviewed different color combinations and associated each one with a specific type of customer.
These products will be sold in hobby stores and on professional photography websites. They are equipped with a great quality 4k camera and autonomous flight technology. The minimum price point is projected to be around $1200.
Following a Fitbit style color scheme it was recommended to use a bold colored body. A customer needs to feel confident to be able to fly it, feel safe around kids, and have a sense of durability in case of errors.
The goal was to look at all the color concepts and label them with one attribute (ex.: durable) and a price point. Once this task is completed, we determined that the family friendly look would sell $700 lower than expected and it is due simply to the color choice.