Leveraging its unique consumer perspective and research and strategy consulting capabilities, Frank N. Magid Associates helps clients identify new product development opportunities based on an analysis of a company's unique value propositions and brand equity, consumer needs and the competitive landscape. A successful product development strategy addresses key questions including:
- What new product opportunities exist in the market based on consumer needs, competitive gaps and evolving technologies?
- What product opportunities best differentiate the client from competitors?
- Which product concepts best align with the company's unique value propositions and brand?
- What is the size of the revenue opportunity and future growth trends?
- How does the target market respond to the features, design, and packaging of various product concepts?
Leveraging Magid's Product Development and Marketing Expertise to Ensure the Successful Product Launch for a Major Beverage Company
One of the largest beverage companies in the US partnered with Frank N. Magid Associates to analyze the viability of an innovative beverage concept and determine how to optimize the product ingredients, taste, packaging and other critical attributes. Magid conducted qualitative concept testing and taste tasting to understand the operational, competitive and market obstacles to the product concept, and applying its understanding of the industry, Magid used the qualitative research findings to inform recommendations in terms of investment, product viability, appearance, taste, ingredients and texture. Magid also identified the functional and emotional benefits that the beverage fulfilled to maximize its appeal to consumers, and developed recommendations regarding the messaging, branding and positioning that would most resonate with the target market. Magid’s recommendations resulted in continued steps to develop a product formulation and launch strategy.