Market Research for New Products and Services
Case Study #3: Evaluating New Electric Utility Services
CHALLENGE: Deregulation of the electric utility industry was forcing a 100-year old electric utility to evaluate new potential services. In the past, the electric utility had not been required to compete in the marketplace and hence the firm did not have experience in a competitive market nor a process for developing new services or getting customer feedback.
SOLUTION: Carol Monaco designed and managed a customer research project for a new energy consulting service, utilizing focus groups. As a result of the research, the firm learned a great deal about its perception in the marketplace, customer needs, and customers' interest in purchasing the new service. Based on the research findings, Carol was able to craft specific recommendations for marketing strategy and service design.