Author: Prima Chan, Managing Director for Business Development 2022-2024

 

Our Client:

Eldpathy is a social enterprise that provides Elderly Simulation Programmes to local schools, NGOs and corporations. They use various training tools, such as their patented Elderly Simulation Suit, to make participants physically experience living as an elderly in the society. They believe that such an experience would allow participants to develop empathy towards the elderly, as its name “Eldpathy” implies.

 

The Challenge:

In light of the Covid-19 pandemic and the implementation of social distancing measures, the client had been working on a digital course to temporarily substitute its physical Elderly Simulation Programme, targeted towards secondary school students. However, in-depth market research was required to optimise the penetration of this new service.

 

Our Work:

We conducted market research to evaluate Eldpathy’s new service by:

• Utilising the MECE framework analysis to clearly outline the factors to be considered and the scope of the market research.

• Conducted preliminary competitor analysis to understand the position of the client’s new service in the market.

• Initiating primary data collection by designing a survey research agenda, and secondary data collection to understand the target audience (secondary schools) regarding Eldpathy’s new service, specifically their budgetary capacity.

• Analysing the opportunities and challenges presented for the client’s services with the research findings on budgetary capacity.

 

The Results:

Based on our in-depth market research on the demand-side of the client’s new digital service, we formulated recommendations accordingly:

• Utilised our survey results to recommend amendments to elements of Eldpathy’s new service while retaining the core structure of the programme to avoid huge overhaul and maintain operational efficiency.

• Recommended a long-term strategy with the opportunities and challenges identified from our analysis for the client’s core services that would further increase resilience of the client’s future operations.

• Recommended a feedback collection system with detailed set-up process for the client to continuously innovate its services after hearing honest user opinions.

• Proposed a pricing strategy for the client with the goal of maximising revenue given consumer behavioural traits identified and product nature.