The CEO of a health & sexual wellness brand approached Truthsift in order to confirm that their marketing firm was utilizing the best possible marketing channels in order for the brand to go to market with their first product. The CEO faced a massive problem, he was extremely familiar with the product and industry, but did not have expertise when it came to marketing and best practices for a B2C brand. Marketing quickly had become as large of an expense as product development, and he wasn’t sure if he was utilizing the best methods to launch his B2C sexual wellness product online. Truthsift’s client wanted research performed to confirm that his outsourced firm had investigated all possible avenues when it came to marketing the new product, and he saw that the Truthsift tool could help him visualize the research and come to a decision. The goal of working with Truthsift was so that marketing decisions became data backed, and he knew where his marketing dollars were going based on research.
The Origin of the Health & Sexual Wellness Brand
The company launched in 2022 with a product that encourages enjoyable sex for men of all ages, while empowering them to better understand the impact of medications, personal habits, vices and exercise on their sexual wellness. The brand does so through their men’s performance ring product. The product was developed after realizing that while other products on the market accomplished the same goal, but still fell short when it came to comfortability and ease-of-use. The company saw a need for a product that was backed by doctors, and solved all of the customers’ needs, while also eliminating pain points consumers experienced while using other products.
The Challenge the Customer Faced
The Health & Sexual Wellness brand had a product to go to market with, and a channel to sell through, but had not established the best marketing channel to launch the product on. As the CEO of the brand, our customer knew the industry well, but was not familiar with best practices when it came to marketing his B2C product online. While the CEO hired a marketing firm to assist him with the launch, he did have questions and felt hesitant to spend the money. Without data to back his questions, he wasn’t ready to question the firm he had hired to perform marketing. The CEO wanted to have data and research to support where marketing dollars were being spent, which is where Truthsift came in to help.
Why Truthsift For Market Research?
The CEO of the company was interested in having data to approach his Marketing Firm with, as well as to back his investment decision for marketing activities. Their company also selected Truthsift, as the analysis overview allows you to at a glance see decision recommendations in the workspace view, or collaboration and analysis scoring in the topic view for proof tree scoring.
Define the Problem
The first step to using Truthsift, is identifying the Problem or question you are hoping to answer through research. For the Health & Sexual Wellness brand, the first question proposed was, “What is or are the best marketing channels for our company to invest in as we go to market, in order to make conversions?”
How did Truthsift help?
The goal of this market research exercise was to identify best marketing channels to make an initial investment in as this company launches their first product in the US market. First step, Truthsift initially identified 23 potential marketing channels to perform research. Once this was completed, the next step was to identify the parameters to help score each channel. The CEO of My Firm Tech identified conversion rate as the number one key performance indicator (KPI). So, the following parameters* were identified:
1. Average conversion rate on a scale of 1-10
2. Primary and secondary audience reach on a scale of 1-10 3.
3. Whether or not competitors were utilizing the marketing channel 1 – no 10 -yes
4. Marketing costs associated 1 – high 5 – medium 10 – low.
*Values assigned are based on industry benchmarks, platform data, and research publicly available online.
Once the channels were identified and parameters established, we went to work! The company team members were given access to Truthsift, the users then were able to add their comments/ input in a pro and con for each channel identified earlier. This type of systematic discussion allowed users to add data which essentially was their notes/ comments to each marketing channel. This also helped users from taking down notes, sharing it later with team members. All this information stays within the system forever allowing the users to come back and revisit their analysis at any given time.
Of the 23 channels, 9 were identified as most ideal to start with. Variables that factor into the analysis include scoring parameters, collaborative dialogue, as well as published data & analytics that are publicly available from each platform. Through our analysis we were also able to identify content for each of these marketing channels. Truthsift also recommended promoting the product via a medical practitioner to build better trust with the audience.
Closing Remarks and Disclaimers
These recommendations are based on the current statistics and data available from the client and published by each platform. The analysis performed was to establish a starting point for the Health & Sexual Wellness brand, as they go to market with their first product. The analysis performed in Truthsift represents Top 9 platforms that the brand should start with for marketing their product as of April 2022. Marketing channels are ever evolving, and new data should be collected, and a new analysis performed based on time and changes to the business goals, products, and marketing channels. As a user of Truthsift, it is up to you – the customer to perform an ongoing analysis as new data and analytics are made available. An analysis is only as strong as the research that is performed, and data that is included into the decision. When you choose to utilize Truthsift as a decision support platform, it is the most ideal to find a subject matter expert on your team or familiar with your brand to perform an analysis. We are happy to help you source a subject matter expert, but the case study may take longer as it requires the Researcher to be trained up on Truthsift and on your company. To get the best use out of the tool, it is helpful to utilize an internal resource, as they will be able to help you get your team trained up on Truthsift quickly for ongoing utilization.
If you have any questions, please feel free to reach out to the Truthsift team.