How brands can balance price and premiumization in evolving markets
Today, our love for our pets has driven a surge in demand for premium pet healthcare, from nutrition to targeted therapies. But it’s also creating a top-heavy marketplace, which could price some Americans out of pet ownership.
Whether they specialize in pet penicillin or organic kibble, pet healthcare brands — like those in any sector — face renewed pressure to clearly communicate their value to Americans across the economic spectrum.
Market research can play an important role in ensuring that products line up with Americans’ expectations and expenses. Instead of launching one-size-fits-all offers, brands can tap real-world qualitative and quantitative data to develop tiered products at a range of prices, supporting growth across the board. The brands that understand diverse consumer needs and adapt accordingly are more likely to achieve sustainable growth.
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