What opportunities are there in our sector to expand our product offer and open up to a new customer base?

Concept Validation

Our process

Although this project was based on an analysis of a market and associated service and product providers, the approach we used was virtually identical to any other project we undertake, such is the benefit of using an agile Design Thinking methodology. Initially we deconstructed our clients’ product so we had a benchmark on which to compare others in the market. The next step was to collate a list of companies operating in the same/similar space to our client, from there we were able gather significant data on relevant products and service providers.

 

Out of 76 market suppliers, the most relevant were rated and scaled for appropriateness and opportunity, which reduced the list to 25. From there, a further deep dive exploration filtered the potential opportunities to five.

 

We also conducted a full communications audit rating of over 25 companies on everything from identity and tone of voice, to thought leadership and social sentiment. We then visualised these for comparison, revealing a completely new opportunity in one of those areas.

 

The outcome

The final report made recommendations for building, acquiring or partnering with a number of the shortlisted companies and how this would be related to the core offering.

 

The client was delighted with the results as it gave them a wealth of information and informed opinion in a short period in order to make good strategic decisions. It also went beyond the brief and gave the market sentiment on each of the target companies so they understood what a potential partnership would mean to their business and share price.