This report is comprehensive and seeks to present a great amount of data in a user-friendly form. This section seeks to present the “so whats” of the data. That is, what are the numbers telling me to do to increase my business.
Ultimately, the recommendations in this report led to a 20-40% increase in business for each individual unit based on the new advertising and positioning recommendation that were implemented.
The overall incidence of Capricorn service among XX continues to decline. This is likely due to the improvement in overall quality and technology by manufacturers
Company X’s market share relative to the last study, has remained stable.
Business A and Business B are comprising a larger portion of the market share—this is at the expense of other specialists, but not Company X.
Company X’s brand and advertising awareness is down from the 2008 study.
This could be due to the shift in media placement from prominently television advertising to prominently radio advertising. It should be noted that historically television advertising has a broader audience reach vs. radio.
Brand and advertising awareness should increase as long as the executions position Company X (Reason to Believe in Company X) as a service “expert” who can service a variety of vehicle needs.
People who used a CAPRICORN SERVICE facility mentioned the primary reason for doing so was previous experience/familiarity (i.e., I have been there before, or it was recommend to me)
This continues to be the case in 2008, Company X should make attempts to create this experience of familiarity through recommendations by friends/family.
In-store rewards for referrals should be considered (e.g., for current customers, the opportunity to receive a discount for having a friend/family member complete a repair at Company X).
Other than Business B , Company X is perceived as the most expensive alternative for CAPRICORN SERVICE, possibly preventing people from calling the facility. Clearly, a position of “the experts with a competitive price.”
Overall, Company X has a high rate of conversion from consideration to sale when compared to previous studies. While it is lower than that of its competitors, the finding is not surprising when one realizes that Company X facilities are directly competing against Business A and Business B .
This competition is extremely difficult to overcome, but possible, as most people consider their Business B and Business A as the best source when confronted with a “problem” or service need. Even if its, a specialized problem, such as an XX issue , they consider these units first.
As Company X grows its new business, the growth in core business might happen organically. For example, consumers are often don’t understand they have a problem. If Company X is considered for the new service type, consumers might make Company X their first touch point for their “problem” which might include this new service.
In general, there is very high satisfaction among customers having CAPRICORN SERVICES.
Among all four types of facilities, Company X registers comparable scores among paid customers.
This high level of satisfaction of services should be continuously monitored or measured on a regular basis at the store level. This message should be regularly relayed to the consumer via in-store POS materials. This can easily and economically prepared via a postage paid satisfaction measurement instrument which can be placed in-store and/or attached to the consumers bill for reply.
A meaningful percentage of the market values Company X as a specialist.
Losing the “specialist” tag is a perception that must no occur, but a repositioning as an “expert” must be maintained. This could be a significant competitive advantage for Company X as the “other” specialists do not have a XX year heritage in this service.
Company X is know for CAPRICORN SERVICE, being a national company providing these services. These are good things to stand for, but consideration should be given to broadening these perceptions.
Company X continues to have many qualities that appeal to consumers. However, its quality image is known solely for CAPRICORN SERVICE. The new service category will continue to expand with the continuation of Category BB purchase and usage increases contributed to population growth, particularly outside urban areas.
Business B will continue to dominate the New Service category as well as dominating the CAPRICORN SERVICE category.
Mirroring the positive imagery associated with Business B (e.g., “the trusted advisor”) can make Company X a trusted brand in the New Service field. Also, getting “it right the first time” will come as a halo effect once simpler services are completed outside the Capricorn Service realm, “they fixed it and did not have to go back until I needed my New Service”.
In 2008, Company X has registered strong improvement in areas related to professionalism, expertise,and knowledgeable about different types of services.
Growth in the New Service business can be gained by emphasizing these.
Company X can continue to expand and to build a franchise in New Service services. As expected, the majority of all consumers could not identify Company X as a New Service supplier, suggesting simply a lack of awareness.
This awareness can and will be initiated with the current CAPRICORN SERVICE customers. There is nothing in the research that indicates consumers would not consider Company X for any generalized or CAPRICORN SERVICE.
Company X should look at the strategic ROI areas competing in the New Service market, i.e., A, B, C and other New Services to grow its business. Greater consideration should focus on promoting Value Added Services (e.g., hidden, etc.) over Commodity Services (e.g., hidden ) to sustain Company X’s core strength of specialization.
Again, the lower price range of services in general the New Services market represents a sizable market segment and could provide immediate growth opportunity in market share for Company X. This also presents a problem, for New Services contained many commodity services that can be conducted by any service facility (e.g., Business C. ) Thus Company X could become the business for “hidden” rather than a specialist who consumers rely on as the first source for New Services.
As a result, the transition from only a CAPRICORN SERVICE specialist to a CAPRICORN SERVICE and NEW SERVICE SPECIALIST will have a positive impact on the business.
The growth in hidden in the US has expanded the category business, yet incidence of CAPRICORN SERVICE continues to decline because of the improvements in hidden.
Virtually all consumers will need some type of servicein the next 12 months, ranging from hiddent to CAPRICORN SERVICES.
When only focused on the CAPRICORN business, Company X has limited future growth since only about 10% of all household require CAPRICORN SERVICES annually. Only about one-half of consumers even recognize a need, further lowering the probability that they will seek out a CAPRICORN specialist.
It can only be concluded that Company X can best gain Capricorn Service market share by expanding Company X’s service array of the New Services. Once consumers become aware and try these services Company X will naturally gain a larger share of the CAPRICORN SERVICE business.