Guide innovation by understanding your best potential customers
Increasing your success rate with new innovation initiatives as well as refining and updating existing products and services is critical for companies to compete and grow in a constantly changing marketplace. The innovation process becomes more critical (and riskier) as major market changes require bigger investments into new and unfamiliar areas.
CMB’s three decades of experience and advanced analytical techniques help our clients accurately capture and translate evolving customer needs into tangible innovation road-maps.
Recent innovation-focused consulting engagements include:
- Helping companies adapt to (and capitalize on) the wave of rising consumer dependence on all things mobile
- Helping companies reliably test likely market reactions to new disruptor products and services that do not yet exist and aren’t easily understood by consumers
- Helping companies develop line optimization strategies (e.g., how many different products to introduce within a given category)
- Helping clients deal with “category blurring” (e.g., guiding consumer electronics product roadmaps across different device categories that increasingly compete with and complement one another). Answering questions such as:
- Where should our tablet portfolio go given the rise of larger smartphones and ever smaller/more mobile laptops and hybrid devices?
- How should our TV offerings evolve given the blurring of online video and entertainment with “traditional” media distribution?
- What new services should a major hotel and resort company launch in a world where more of its target customers are using Airbnb-type P2P offerings?
We specialize in adapting the measurement process and analytics to these new situations, which allow our clients to meet all of the “traditional” new product development research needs in a world that is increasingly complex and evolving. We:
- select the best product configurations to maximize: market share, revenue, and profit
- select the optimum price point to balance needs for profit and market share
- select the optimal feature set to minimize cannibalization and maximize the desired combination of share and profit
- determine if a brand should introduce multiple products or one product
- identify the most promising target customers for a new product or service
- choose key message points and/or creative translations to support the launch of a new product or service