In trying to increase revenues and monetize its service, a company providing an online subscription service had developed 24 product/feature ideas related to subscription options, service alerts, user controls, user profile, and social networking tools that customers could add to their core subscription service for a fee. However, the company needed to prioritize these ideas and invest in the ones with the highest revenue potential.
Relevant Insights launched a multiple monadic concept study in which each product idea was tested in a sample of current customers. We collected data about product appeal, usefulness, customer advocacy, and purchase intend, among other subjects.
The results pointed out that of the 24 product/feature ideas, the four relating to the use of social networking tools had the highest revenue potential. This helped the product development team to focus their time and resources on the winning product ideas.
