Product & Offer Development

Product development and innovation is critical to the long term success.

Success in new product and service development comes from leveraging the right insights.  We work with clients at each stage of their product development cycle to uncover and embed a clear understanding of the insights that drive of choice and ongoing customer engagement.

What we do

Market Sizing & Segmentation

In-market success depends on products being adopted by a large enough number of consumers, and often enough, for business viability. Using different data sources and research methods, we identify the market potential for new products, and if there are profitable subsegments within the market. For resource restrained launches, knowing profitable subsegments helps clients sequence their market launch. Know if there are different markets within a market also assists with future innovation and market development.

Ideation & Concept Testing

Product development is risky. Many new products fail within their first year in the market. Sometimes the failure is due to poor execution of the launch strategy, and often it is due to launching products that do not deliver a valued benefit to consumers or are poorly designed. To increase return on innovation investment, we work with our clients at each stage from ideation to testing to uncover the concepts with the strongest chances of success and how to improve their market uptake.

Offer Optimisation

Product development often requires understanding what features to offer and for some features, what level to provide.  Offering everything to everyone is rarely an option or profitable.  To determine the best configuration of product features to offer, we conduct in-market analysis to understand how different features are valued, followed by customised research to decide which features are most valued and which features consumers are willing to trade-off. This stage of product development can yield future innovations.

Price Setting

Setting the right price for a new or existing product needs to reflect a client’s objectives. Is the objective rapped penetration, lower penetration with higher-margin, or to help position an offer among a business repertoire of offers? While pricing research may exist for a defined offer, it may also require understanding what features consumers are willing to pay for, or trade-off for a lower price. Using a breadth of techniques, we tailor our approach to help clients find the price for achieving their objectives.

Post-Launch Evaluation

Post-launch research is critical in providing insights for developing follow-up marketing and sales support; providing insights for future product launches; and insights that will lead to product innovations which will build long-term sales and profitability. If a launch fails to achieve its objectives, post-launch research provides the insights that will help to revive the product or learn how not to repeat the same mistakes.

Case Studies & Insights

How to do Market Research | A Practical Guide

Unless you are in a government backed monopoly that has no customer related performance requirements, then undertaking market research is important to your business. Market research brings the insights a business needs about the outside world into the business, so...

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Driving sales with customer experience

How can a mature business turn around their declining retail sales?  By creating a distinctive in-store customer experience that is based on a deep understanding of the customer journey that is distinctive and encourages customers to return. Businesses can always...

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Cutting through the clutter to engage with GPs

How can a government agency clearly communicate and engage with doctors about training and staying up to date with the latest evidence-based practices?  By designing an approach that understood how medicine-related communication and training were prioritised, managed...

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Learn more about how we provide solutions.

 

We'd love to hear from you.

 

Phone 02 9660 0827

Mobile 0404 707 752

Email engage@erisstrategy.com.au

Annandale, NSW, 2038

 

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