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.
Breakthrough Marketing Technology is a business and strategic marketing consultancy serving clients looking to innovate and grow. We work across business sectors, leveraging a common set of unique tools, analytics, and processes to generate actionable insights, recommendations, and processes to improve business growth. Our onsite diagnostic gets to the bottom of the barriers stalling business growth.