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?
Applying Strategic Consulting, Primary Research, and Marketing Expertise to Analyze the Viability of "Green" Cleaning Products
Considering the worldwide emphasis on going green, a global industrial cleaning products company partnered with Frank N. Magid Associates to explore the feasibility of a strategy for commercially available industrial “green” cleaning products while simultaneously identifying the tenets that would drive sales. To identify and prioritize the company’s unique green opportunities, Magid performed extensive B2B executive phone research in nine markets worldwide to understand the attitudes, perceptions, and purchase drivers for green products, determine how to leverage brand strengths and competitive advantages, and develop effective marketing and communications approaches for going green. The project provided strategic and tactical direction regarding the viability and size of the opportunity, as well as the branding, marketing, pricing and competitive strategy for green products. Magid is preparing to conduct additional strategy consulting and research on the groundbreaking new green product.