Market Value for a New Product?
Is there value for a new commercial protective garment in clean rooms?
Our client needed to determine the value the market had for a new, more comfortable protective garment and the necessary requirements to establish market demand and successful penetration for the new product. The client also wanted a definition of what the business needed to do to rapidly enter this market.
The Breakthrough Solution
We surveyed the market to obtain a broad set of learnings on both the value for the business concept and how to go to market. Not only were the 4 marketing Ps generated from the voice of the customer, but also their interrelationship was quantified:
- Relative stated importance of key product and company performance criteria
- Current competitive performance of existing players relative to these criteria
- Derived importance of these characteristics based on market?s response to key drivers
- Price the market is willing to pay for the new product concept
- Value for each performance improvement included in the concept
- Demand and price for new product within an established competitive set
- How the market segments itself on performance features and importance characteristics
- How to position this new product against established portfolio products
- Overall market demand and route to market requirements
Based on a market-derived business plan, the client obtained the go-ahead to process to launch in their state gate review. They have also incorporated the Breakthrough ToolkitTM into their Best Practice for new business development.