New Product Opportunity IdentificationCatalyst Strategies brings a disciplined approach to finding our clients' next source of new product and service revenue. We identify and screen potential options to effectively prioritize use of limited resources and increase probability of market success.
We help answer questions such as:
- How should you prioritize the product ideas floating around the company, from the founder's pet project to a customer's idea from the suggestion box?
- What is the potential market size for your new product idea?
- What are the best target markets for your product?
- Which products will increase new customer acquisition?
- Which products represent the best cross-sell or upsell opportunities for existing customers?
- Which product/service ideas represent your greatest revenue, profit or share opportunity?
Extensive Research
New product opportunity identification starts with a clear understanding of target markets and needs gaps. Catalyst Strategies researches existing and prospective customer attitudes, needs, and behaviors. We leverage the experience and ideas from the company's personnel. These insights produce a robust list of potential products or services.
Early in the process, we establish concept evaluation criteria to assure that the team is clear on goals. The screening criteria are as individual as each client, taking both market and company requirements into consideration.
Ensuring New Product Success
Catalyst Strategies' rigorous process typically includes evaluating market size and growth rates, competitive climate, market dynamics, as well as fit with a company's competencies and brand. Our process also involves defining potential launch options, financial requirements, and the likely payback for a successful launch.
Finally, once product/service concepts are identified, we define a clear and concise set of market-based requirements. We work with the product team to make feature trade-offs based on market needs, profitability requirements, and the realities of resource constraints.
Catalyst Strategies can help you discover your next source of new product or service revenue.
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