Making an entry into the market space with a new product category requires a strategic planning and deep understanding of the present dynamics. A study on similar lines was conducted for an Indian MNC with annual revenue of more than USD 1 billion to understand the consumer preferences before extending their product line. Also, the focus was on to assess what product lines should be expanded aggressively and which consumer segments to be targeted. And, what steps should be taken to understand the real need and preferences of the targeted consumer segments and what the positioning of the new products should be.
In the process to come up with a strategic plan, we created a robust framework to understand the underlying market drivers and identify key market expansion initiatives. We conducted detailed primary and secondary research, to identify high growth product segments in the electrical home appliance market. We also conducted extensive primary research across 6 major cities with 750+ retailers to understand the real needs & preference of the consumer segments to ascertain the positioning of the products.
Home appliances market is one of the markets in electrical appliances category which has taken big uprise with the technology becoming cheaper and accessible to the masses. The research interviews taken with the retailers gave a range of preferences that were prevailing in the market for consumers. For the purpose of introducing a new product line, it was essential to do a competitor landscaping and make an analysis of the products in the same range. Also, pricing was an important aspect to keep in mind to ease out customer acquisition process. The primary interviews conducted with retailers gave a clear understanding of the consumer segment which would be suitable for the new product line expansion. Assigning a proper line of expansion, whether horizontal or vertical, was a part of the strategy development. It also came out from an analysis of current product portfolio which category needs improvement. Creating a product line plan around a similar category would help the consumers to experience a new product altogether. Also, a clear marketing strategy is imperative to introduce the new product line. It would help the consumers to know about the product and the idea with which its launch is targeted. Sometimes, the launch of ideology becomes crucial for connecting with the target audience and plays a great role in the success of the product.
We identified key focus segments in the domestic market for the client. And, provided actionable insights on the positioning of new products based on consumer needs and preferences, which were implemented by the client.