Developing a niche product to the mainstream market
Situation:
Innovation team was concered that if a competitor captured and expanded a nich produt segment first, it would put them at a long-term disadvantage. The innovation team recognized that they didn't have the internal resources or processes to understand all the dimensions of the opportunity (market, consumer, revenue, legal, product family, branding and more) at the early stage of opportunity definition.
What We Did:
Newlogic developed a comprehensive characterization of the business opportunity and structured a multi-faceted, multi-year, response to capture and grow the niche into a strategy growth opportunity. Newlogic's contribution included definitions of the market size, customer profiles, product concepts and brand proposals. Together with a financial modeling our deliverables enabled the innovation team to support the significant strategic investment in a distruptive innovation.
Results:
Our work dramatically increased the market value of what is currently a niche category of products. The company's investment includes intellectual property and product designs based on consumer preferences that support the company's major brands. They are establishing a defensible position in the earliest stages of product development. Their strategy now includes capturing ongoing, and growing, sales through multiple product generations in order to establish and expand their brand positions.
