Product Research – Helping an Automotive Manufacturer Develop New Products With Good Market Demand in the Existing Product Line
Enhancing Profits by Producing Commodities Meeting the Market Requirements
About the Client
The client is an American multinational automotive corporation headquartered in Detroit, Michigan. The company employs around 23,000 people and does business in over 23 countries.
The Business Challenge
As the US automotive market continues to mature, automotive players are poised to witness a major transformation that deals with implementation of new technologies, and the adoption of practices to deliver customer satisfaction. To be competitive in this dynamic world, companies must determine the value of their existing and new products in the market.
New product development and marketing is not an easy task, especially when it comes to launching a new technology product. Given the multitude of new products available in the market, it becomes extremely difficult to set yourself apart from the global competition. Knowing how to launch a new product is half the battle, but businesses sometimes get caught up in the marketing effort itself and lose sight of what is more important- the product itself.
A product research strategy is important and involves a true investment of time and energy, especially when you are planning for a new product launch that is expected to be successful and well received by your audience. Hence, it’s always crucial to do effective product research to formulate a smart approach.
Top Challenges Faced by Automotive Manufacturer
Problem Statement 1
The client was facing predicaments in analyzing the customer needs and adoption of technology, due to which they were lagging when compared to their peers. Hence, the client wanted to analyze the needs of current and potential customers, their levels of satisfaction with what the competitors are offering, and their consumption habits.
Problem Statement 2
With the evolving customer attitudes, the client faced major challenges in positioning themselves in the evolving automotive market. The client wanted to analyze the segments that their product is geared towards and predict future buying habits of customers.
Problem Statement 3
Cost reduction was another major motive of the client in leveraging product research engagement. With accurate product research, the client wanted to reduce costs by using lower-cost materials, eliminating features that the market does not need and by redesigning the product to simplify the manufacturing process.
Solutions Offered and Value Delivered
The product research experts at Infiniti performed product research to help the client sell their products profitably and tackle the industry challenges.
The initial phase in the product research engagement revolved around analyzing and collecting all the industry data. The product research experts also looked for new product launch and technologies used by the client’s competitors. The helped the client gauge their competition in the market.
Understanding the target audience was the second phase of product research engagement. With accurate market research, the client was able to gain valuable insights into who their target customers were, and what they want.
The final phase of the engagement revolved around conducting focus group research. Focus groups research helped the company gather a group of potential users, share a product prototype, and monitor how the potential users react. This qualitative data further helped the client understand how a user will interact with their product and the existing pain points of the customers.
The product research engagement offered by the experts at Infiniti Research helped the client to develop new products with good market demand in the existing product line. Moreover, it helped the modification and renovation of existing products to make them highly competitive and agreeable to consumers. This subsequently helped the client to draw the best sales returns. Altogether, it helped widen the market for the product.
What is product research and development?
Launching a new product can be an exciting time for any company. Whether it is the first product the company has offered or an addition to an already existing line, the product launch is an excitement. Before presenting your product to the masses, every company needs to do to thorough product research to prepare for the big reveal.
The goal behind any organization investing time and effort in product research is primarily to quantify or increase the business knowledge. And if the business has plans to introduce new products in the market or try any new function, it won’t be wise on its part to just gather information about the product and market them. Rather, understanding the market requirements and competitor offerings can help better market the product.
Importance of Product Research
Gaining competitive Edge – Those companies that undertake regular product research have been found to have a higher chance of succeeding in the world market compared to their competitors.
Manifold increase in sales – There is a direct and undefined connection between the efforts undertaken by an organization for product research and the improved performance of a company. Thus, product research subsequently improves the sales rate.
Innovations – An innovation of a product can help in developing in technologies that are high in value, develop designs as well as strategies for the organization that could be the beginning for the sustenance of prospective value helping to get a competitive edge.
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