Product/Service Innovation

Whether you're in technology, health care, consumer products — or most any other industry — the future belongs to those who innovate. You can achieve this either by developing new markets for existing products, or by developing new products for existing markets.
 
 
Innovation that is evidence-based has a greater chance of succeeding than that relying on either wishful thinking or back-of-the-envelope guesstimating. Empirical data should support each major phase of innovation — Discovery, Design, and Development.

You need answers

In developing and launching new products or services, you'll consider these critical questions:
  • Is this product new-to-the-world (see above), or just new to us?
  • What is the core value proposition, or customer benefit?
  • How big is the market in terms of revenues and profits?
  • How fast is the market growing?  How big will it be within 3-5 years?  Longer-term?
  • What factors could impact growth and/or profitability?
  • What is the geographic scope of the potential market?
  • Is new investment coming into this industry?  If so, from where?
  • Are there other players in the market?  Have we competed against them before, or are they new to us?
  • What role, if any, does government play?  NGOs and nonprofits?
  • What are the adjacent segments, and how do they fit?
  • What business models are being used by the most successful players?  What seems to have not worked as well?
  • How would the new product fit with our existing businesses?
  • What investment would be required?
  • What are the market entry barriers we will need to overcome?
  • What barriers can we create to impede others entering the market?

How can TKA help you?

We help you by:
  • Mapping the key segments within the market, and their relationships
  • Identifying the most relevant and productive sources of data for the market
  • Capturing and analyzing quantitative metrics and qualitative indicators to create a dynamic model of the market
  • Scanning for opportunities in both core target segments and adjacencies
  • Evaluating those opportunities against current capabilities, business ecosystem trends, and probable future scenarios
  • Developing full business case ROI analyses suitable for presenting to management and/or funding sources
  • Serving as an objective sounding board and source of reality checks
  • Assisting with go-to-market strategy development