The Teaching Company, an educational media firm, needed research to inform the development of a new streaming video subscription service. They turned to Hanover Research for help shaping their product concept, refining the features, and understanding key customer segments.
Hanover employed a variety of research methodologies to assist The Teaching Company in developing its new product offering, including conjoint analysis, surveys, and segmentation analyses. Used in combination, these approaches enabled Hanover to inform the most appealing and revenue-maximizing product bundle and features.
Hanover created a Customer Adoption Revenue Prediction Model, which revealed that The Teaching Company should not select the highest adoption rate, but rather choose a lower rate to maximize revenue potential.
Based on their work with Hanover, The Teaching Company launched The Great Courses Plus, a subscription-based video-on-demand product, which has hit several critical new product milestones including:
- Exceeded an 80% overall product satisfaction score
- Achieved paid subscriber goals
- Surpassed subscriber retention projections
” Hanover’s predictions and estimates were right in line with the actual price tradeoff and acquisition rates we experienced during product launch. Our leadership team regularly says that this is the most heavily and thoroughly researched NPD launch that they’ve ever been part of.”
—Kevin Manzel, Director of Innovation, The Teaching Company