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Deep Customer Research Creates New Market Opportunities
Founded in 2014, Dr. Squatch launched to raise the bar for natural products and change the way men approach their personal care. The company prides itself on using natural ingredients with no harsh chemicals.
Bounteous partnered with Dr. Squatch to expand their addressable market by identifying new customer segments, backing segmentation groups with surveys and deep market research, and deploying tools for ongoing user segmentation to drive sales growth.
Business Issue
After rising to prominence by building a unique online audience, the Dr. Squatch team was ready to expand to new customer segments and understand their total addressable market (TAM) - positioning the brand for greater growth. In order to successfully do so, they needed a digital partner who could perform deep market research and segmentation analysis that could power a strong go-to-market strategy. This would increase revenue and market share.
Solution
During our audience surveys and research phase, our teams collaborated heavily with Dr. Squatch’s leadership to figure out what we could do to connect with and capture spend amongst new consumer groups. At the same time we evaluated segment attractiveness and the ability to win with these customer segments.
Bounteous took charge and delivered not only a segmentation to be deployed across their database but also mapped a strong in-market positioning strategy. The custom built algorithm around segmentation helped us identify each customer, and analyze engagements. We also created a go-to-market plan that aimed to deliver different content to different customer segments.
In addition, Bounteous built tools to assist Dr. Squatch in identifying audience segments in the market, which subsequently allowed the brand to create targeted messaging for both new and existing customers.
Outcomes
Bounteous’ data and analytics about purchasers were provided to the team. We discovered three major categories: personal consumption, gift buying for others, and deprioritized segments. Through rigorous research, we uncovered the importance of each category's particular criteria, such as personal care significance, scent, and purchasing habits. This resulted in clear guidance on where Dr. Squatch should concentrate advertising and promotional efforts in order to compete and win.
Moving forward, Dr. Squatch has the ability to continue to classify new and existing customers into market segments for better personalization of products and content.
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