Product/Service Innovation
During the recent economic contraction, most companies have now done all the cost-cutting possible without cutting muscle and bone. The future belongs to those who innovate. This can be done either by developing new markets for existing products, or by developing new products.
Innovation that is evidence-based has a much greater chance of success than that done solely by 'back-of-the-envelope' figuring.
You need answers
In developing and launching new products (or services), you'll want some hard answers:
- Is this a new-to-the-world product, 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 it growing? How big is it likely to be within 3-5 years?
- 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 not-for-profits?
- What are the adjacent segments, and how do they fit?
- What business models are being used by the most successful players? What seems to not have worked as well?
- How would the product fit with our existing businesses?
- What investment would be required?
- What barriers to entry will need to overcome?
- What barriers can we create to impede others in entering the market?
What we do
TKA can help by:
- Mapping the key segments within the market, and their relationships
- Identifying the most relevant and productive sources or data for the market
- Capturing and analyzing market 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 environment trends, and likely future scenarios
- Developing full ‘business case’ ROI analyses suitable for presentation to management and/or funding sources
- Assisting with market entry strategy development
