What We Do Employee Experience Customer Experience Market Research Competitive Analysis
Grow Boldly
 

Analyze the changing market and make accurate predictions of the success of a new cutting-edge product.

This $1.4 billion company is a definitive leader in a particular product area that actively seeks continuous improvement for its signature design. As a growing business in a saturated market, they knew innovation was the next step, but they needed help.  

With a $5 million initial capital investment hanging in the balance, our market research process determined there was no market appetite for the new product. However, key customer needs were identified and company resources were shifted to launch other innovations in their product pipeline. The market research insights helped the company save the $5 million and identify better opportunities for growth through innovation.

 
 
 
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Client Impact Story

Using data to drive down the risk of innovation.

As a leader in their industry, a $1.4 billion company actively sought continuous improvement for its signature design. They knew innovation was the next step but needed help.  

A woman holds a cell phone in her hand to check for incoming notifications
 

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Step One

Identify the Opportunity

The company designed a new product concept they wanted to launch, but they needed research to create confidence and validate the market opportunity to leadership and investors.


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Step Two

Find the Solution

We conducted a full market analysis using data from public and private sources, focus groups of the company’s top customers, and a national telephonic survey. 


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Step Three

Take Action

We determined that if the company had invested in the product without going through this process, they would have lost upwards of $5 million. 


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Step Four

Understanding Impact

The company was able to save extensive resources, maintained strong relationships with customers, and identified exciting market-validated new product opportunities.

 

Data Defines Direction.

Using our full market validation process - a secondary study, market-specific focus groups, growth market index and national telephonic customer survey - we helped this company use data to drive down risk in their innovation portfolio.

 
 

key insight One

The Market Growth Potential Is an Key Determinant of Success

Some of our best innovations don’t line up with the trajectory of the market, especially in saturated, mature markets. Customized market data can be the difference-maker in innovation decision-making.

key insight Two

Customer Needs Can Be Confusing

Typically, large companies have many internal stakeholders driving the innovation conversation. Oftentimes, we see one key stakeholder omitted until the end - the customer. Customer needs are best understood directly from their perspective - as soon in the process as possible.

key insight THree

The Best Product Innovations are Sometimes Sitting on Your Shelf

Customer value opportunites can light the way for future innovations, but we also see them help companies refocus on product lines they already have. By understanding the ever-changing needs of the customer, this company saw a key product line that could be repackaged and marketed to address an important and timely customer pain point.

Customer Product Frustration - 2016-2018

 
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Reflection.

Introducing a new product to the market requires listening to and understanding the needs of your customers.  By launching innovations with research, you can save millions of dollars.  In addition, the process can identify new opportunities for innovative products to better meet your customer needs. 

A man inspects an item off of the rack on the wall