Product innovation, the introduction of a new or improved good or service, is a vital area for the growth of almost every company. It is also an area full of challenges and untapped potential, considering that the vast majority of all new innovations fail.
We have identified a few common pitfalls that most companies make along the innovation process and that we believe explains this poor track record. As a result, we have developed a holistic set of solutions particularly designed to address these pitfalls and help our clients to succeed in their product innovation.
Identify untapped needs in the market place
We offer a mix of qualitative and quantitative solutions to help our clients identify needs, drivers, and pain points in targeted segments to guide their innovation in the right direction from day one.
Targeting a need rather than a product allows us to provide the nuanced insights necessary to best capture market potential.
Test commercial potential for potential innovations effectively
We offer our unique idea tournament solution where, by using a combination of a discrete choice modelling and machine learning, can help our client’s to test the commercial potential for a universe of innovation ideas both quantitatively and cost efficiently. This solution has been a true game changer for many of our clients. Breaking free from limitations imposed by traditional concept testing has opened a new world of creativity and disruptive thinking.
Maximize probability of commercial success before launch through marketing mix optimization
We offer tailor- made solutions where we use a mix of discrete choice modelling and complementary methods to optimize the marketing mix of your most promising concepts before launch. Our extensive experience and consultative lenses mean that we always leave you with a set of clear and actionable recommendations to help you move forward.
Revenue management – price & bundling strategy
Price is typically the most important lever to boost bottom line profit. Research shows that a one percent1% improvement in price on average generates an improvement of more than 10% percent in operating profit (considerably more than from an equivalent gain on the cost side), on average. Since many companies have already have worked hard on the cost side, the price variable typically also represents more untapped potential.
Thus, making the right decisions around price & packaging & bundling can boost your profit margins overnight. Unfortunately, that this also goes in the other direction – making the wrong decisions around pricing can be absolutely devastating for your business.
Our vast experience from strategic price & bundling projects and our first class methodologies ensures that we both deliver accurate price models and interpret the results correctly so that the right decisions are being made.
In addition to our tailored price solutions and consultancy services for more strategic pricing & bundling, we also offer a standardized and cost-efficient solution that can be used to continuously assess the actual willingness to pay for your brand. This willingness to pay solution helps our clients to continuously understand if and when their brand is under- or over priced in relation to main competitors. Enabling our client’s them to take a more proactive approach to their pricing in general.
Answer price and packaging related questions such as:
– What is the willingness to pay for a brand?
– What is the revenue maximizing price for a product or range of products or services?
– What is the optimal product range?
– How should products be bundled to maximize revenue?