There’s no a one size fits all approach when it comes to collecting data for a due diligence project.
At Remcal Insights, there are a couple of things we consider when thinking about how we are going to tackle a project to get the investors the insights they need to inform their deal decision.
What category are we looking at?
Are we looking at a category that can be uncomfortable for people to talk about like sex or are we talking about skincare? We’ve done a lot of work in the telehealth and wellness space and we always recommend that when it comes to health you need to approach it from 2 different angles. Obviously, the one-on-one virtual interviews, but also video diaries. There may be things consumers will feel comfortable sharing on screen, but you might be able to get more personal when the researcher is off camera and the consumer takes you ‘behind the scenes’.
What is the brand’s history?
Has the brand undergone a lot of scrutiny in the press and if so can consumers overcome it? While it’s always important to speak with the consumers, there might be a need to speak with experts in the category too. This is one of those cases where it’s a good idea to hear about the brand’s reputation from the consumer’s point of view and the experts’.
Is it a legacy brand?
This kind of goes along with a brand’s history, but more about the brand’s age vs. any bad press it has experienced. We do a lot of work with legacy brands, the brands that your mom and grandmother have always used. For these projects we always recommend speaking with more of the lapsed users and competitive users vs. your core users. Yes, it’s good to get the perception from the people who love you, but we need to really focus on why people left you (lapsed) or never considered you (competitive).
Is there a chance to re-engage those lapsed users?
Did they just forget about you because new brands were coming to market?
Is there a chance to get the attention of competitive users?
Looking at a new deal and want to understand how to approach the market research / consumer research phase of your due diligence process? Email us for a free consultation: rachel@remcalinsights.com