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?
Implementing a Strategic Process to Align Products with Local Reader and Advertiser Needs to Create the Newspaper of the Future
Recognizing Frank N. Magid Associates’ strategic and operational local media expertise, a major US publisher engaged Magid to help reverse the fortunes of one of its local newspapers which was experiencing declining circulation and advertising revenues. Believing that local newspapers could grow by exploiting their unique selling propositions and aligning their products and services with local market needs, Magid developed a process to explore patterns of local media consumption, investigate potential new business models for both print and online, and evaluate opportunities to recapture important consumer and advertiser positions assumed by other media. Through a comprehensive process that included strategy sessions with key personnel and multiple phases of qualitative and quantitative research with consumers and advertisers, Magid developed new prototypes of the print newspaper and ad products. After testing these prototypes with the relevant markets, Magid partnered with the newspaper to develop a strategic roadmap including an operational approach and identification of profit mechanisms. As a result, the newspaper has experienced an increase in year-over-year ad sales, strong positive reader feedback, and internal recognition from its parent company. This engagement has also led to strategy engagements with other local newspapers of major US newspaper holding companies.