Innovation and new product creation
The creation of new products or services is a vital aspect of the development of any business. However, over 80% of innovations fail. Moreover, some of those that perform well are not conducive to business development.
We understand that the most important thing when creating a new product is to provide additional profit or turnover of the company by attracting new consumers to the brand, and not by redistributing the existing portfolio between brands. The so-called cannibalization (“eating” the market share of some products by others from the same assortment group) carries a special risk when expanding the product line, but most often accompanies the process of launching new products.
Our individual-level simulation-driven research challenges traditional aggregate analysis approaches to help our clients understand the real impact of a new product or service launch and the potential for additional customer base growth.
We strive to minimize guesswork at the earliest stage in the new product creation process. To do this, we help our clients identify and rank potentially successful market opportunities before starting the creative process of developing a new product idea. Finding market niches at an early stage allows you to direct efforts to create a new product in the right direction, saving time for the entire process, and minimizing the risks when it is launched into mass production.
Among the tasks we solve in the field of Innovations & Product Development
- Segmentation (consumers and their needs, products);
- Concept testing, product testing, product packaging, assessment of the potential of a new product with a given marketing support);
- Price studies