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 Magid's Television Station Expertise and a Market, Station, and Audience Analysis to Improve Station Products and Revenues
Leveraging Frank N. Magid Associates’ 50+ years of expertise in the local media space, a local television station partnered with Magid to understand how to differentiate and enhance its products to take advantage of product strengths and the vulnerabilities of its key competitors. Magid implemented an intense consulting process including a market analysis of ratings and competitor content across platforms, and an in-depth station analysis of product strengths, weaknesses, and vulnerabilities. The comprehensive external and internal analysis was complemented by primary research to assess market audience ideals, identify brand attributes and opportunities, and identify potential breakout strategies to move the audience measurement needle. Based on the analyses and research findings, and through a lens of its local station expertise, Magid provided recommendations to improve current products and develop new products that took advantage of market opportunities, station strengths, and viewer needs. Magid provided consulting support and progress assessment to drive change, and continues to make consultation visits to the station to ensure tangible progress and ROI.