Business Growth through new products
We help clients identifying the new product needs of the customer and do end to end support on product conceptualization to launch. Our grounds up research approach gives us a coloured understanding of customer needs to be followed by deep industry expertise which helps in modelling the new products.
Need Gap Analysis
Often the new product development in companies are in silos and are the result of internal thought process only. They miss out on the more holistic approach of understanding the detailed customer view. With our grounds up research approach along with sector expertise, we look at the customer’s views in conjunction with the company’s internal strategies. hence bringing in a perspective which is more robust and complete.
Cross industry and cross market learning is a key to our approach in concept developments. We try to problem solve the new concept development from customer’s need and behaviour perspective. How customers have adopted and rejected the ideas around the product in ancillary industries and other markets becomes a key learning for us to start the thing on new product development. For e.g. a subscription product from one services industry has a significant amount of learning for a new industry launching a similar product.
Launching products in new markets means products for new customers. Products which lacks the right features for local customers fail to get adopted. How to balance between meeting local customer demand and not reinventing the product completely is a fine balance to be done by companies. With our detailed feature benchmarking, customer needs analysis and WTP Scorecard (willing to pay) we advise companies on product fine-tuning to meet localisation need.
Product extension is a question which revolves around how to leverage the existing customer base, supply chain, sales capability or the manufacturing/R&D capability. It’s important to neatly size the opportunity and peg it against the capabilities of the company. Companies need to take a zoom-in and zoom-out approach and estimate the RoI on short to long term. And compare it with the RoI in existing business. Backed by our experience of executing 100s of such engagement we help companies taken a fine call on the product augmentation.