Leveraging its unique consumer perspective and research and strategy consulting capabilities, Frank N. Magid Associates helps clients identify new product development opportunities based on an analysis of a company's unique value propositions and brand equity, consumer needs and the competitive landscape. A successful product development strategy addresses key questions including:
- What new product opportunities exist in the market based on consumer needs, competitive gaps and evolving technologies?
- What product opportunities best differentiate the client from competitors?
- Which product concepts best align with the company's unique value propositions and brand?
- What is the size of the revenue opportunity and future growth trends?
- How does the target market respond to the features, design, and packaging of various product concepts?
Analyzing Consumer Brand Loyalty to Identify Opportunities for Private Label Office Supply ProductsMany retailers are improving their price competitiveness by increasingly making use of private label products (products that carry the retailer’s brand name). An important aspect of this strategy includes understanding how to position these private label products without damaging sales of existing branded products and the retailer’s relationship with those branded suppliers. Consequently, a national office supply retailer asked Frank N. Magid Associates to help the company test consumer loyalty among its existing brands, thereby minimizing sales cannibalization as the company introduced its private label products. Adhering to the results of a Magid’s consumer “stickiness” research, the client successfully introduced its private label products, resulting in increased sales and improved margin contribution.